Analytical Review of Conceptual Approaches to the Definition of Transaction Costs in Socio-Humanitarian Discourse

Abstract

The article provides an analytical review of conceptual approaches to defining transaction costs in socio-humanitarian discourse. Various approaches to interpreting the concept of transaction costs are examined, including in such sciences as economics (economic theory), political science, law, and sociology. Alongside the description of traditional aspects, the role of institutional factors in determining the level of transaction costs in different social, political, legal, and economic contexts is also considered. Special attention is paid to the theory of contracts, as well as economic and non-economic factors that influence the formation of transaction costs. It is pointed out that defining transaction costs is of great importance for analyzing the socio-economic sphere, enabling the enhancement of resource management efficiency and the making of effective management decisions, improving interactivity, and determining strategic development directions. The results of the conducted analytical review and definition of key essential concepts in the sphere of transaction costs enable the consideration of this problem in a complex dimension and responding appropriately to the challenges that arise in today’s globalized world.