Transaction costs of interaction of economic subjects

The transaction expenses of economic entities interaction is an important factor in the development of modern economy. The two moments are relevant for explaining the essence of the studied issue: the discrepancy of economic interests and uncertainty phenomenon. The uncertainty is defined not only as fragmentariness of provided information, but also as limited opportunities of its processing and information "overload". The dual nature of transactional expenses is caused by the mechanism of economic system functioning, the mechanism of economic relations and the way of coordinating economic interests in the conditions of institutional changes. In this context transactional expenses should be considered as expenses of functioning of the market and interaction of economic subjects of agents of the market relations in the conditions of economic changes. In the market system the transactional expenses connected with the problem of coordination, arise due to the need to determine the prices and other details of transactions, to provide knowledge of potential buyers, sellers and their location, and to bring them together for transactions. In this context the transaction expenses should be considered as expenses of institutional changes, on the one hand, and coordination expenses, on the other hand.