Neoclassical Economics, Transaction Costs and the Institutional Turn of Industrial Organization Theory
Abstract: To investigate the anti-monopoly in terms of transaction cost theory, we found the relationship between transaction costs and market failure. We make use of the transaction costs to take into account market failure and government anti-monopoly, but we may pay more attention to the transaction costs on government anti-monopoly beyond the neoclassical economics within Harvard and Chicago Schools, which are implied by zero transaction costs, the former is concerned with market failure, the latter is concerned with efficient market. Once introduce the transaction costs and bounded rationality into government anti-monopoly, we found that transaction costs lead to imperfect goods market and governance structure choice is needed away from traditional monopoly explanation. Hence we combine the transaction costs and anti-monopoly, we gain insights from the real world under positive transaction costs. At the same time, we turn out to be shift from the monopoly inefficiency to saving-transaction costs efficiency. We propose some policy to reduce transaction costs and information asymmetry, promote to enforce transaction cost minimization within comparative institutional analysis framework, and these policy guidelines are necessary to government anti-monopoly for socialist market economies with high level, avoiding the dichotomy between market mechanism and government intervention.
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