The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 6/2024. Issues of Economic theory.

Vadim I. Loktionov

Dr. Sci. (Econ.), Leading Researcher, Melentiev Energy Systems Institute of Siberian Branch of the Russian Academy of Sciences (ESI SB RAS), Irkutsk, Russia

ORCID: 0000-0001-8478-3222

SUSTAINABLE DEVELOPMENT CHALLENGES: EMERGENCE OF FACTORS OF INCREASING TRANSACTION COSTS

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The transition to a sustainable economy is based on a radical transformation of the institutional environment, any fundamental change of which creates additional economic and political risks for the functioning of economic entities, increases the level of competition between actors for a dominant position in the market and in society. The article attempts to assess the direction, intensity and structure of changes in transaction costs in the process of the current institutional transition. Based on the analysis of changes in the institutional environment caused by the transition to sustainable development, it was revealed that the launch and acceleration of transformation processes lead to the emergence of a number of factors that contribute to the growth of transaction costs. It is shown that the problem of increasing transaction costs and reducing the efficiency of the national economy is particularly relevant for countries that are pioneers of institutional changes, since due to the nature of the current institutional transition, the possibility of them obtaining competitive advantages due to the “pioneer effect” is not obvious and requires additional research. It is concluded that in order to avoid a decrease in the quality of life of the population in countries that have embarked on the path of sustainable development, it is necessary to continue research in the field of analyzing the consequences of the transition and to determine the optimal pace of transition to sustainable economic structures, taking into account the observance of national interests.

Keywords: sustainable development, transaction costs, institutional environment, institutions, economic development.

JEL: A13, N70, P18, Q42, Q56

EDN: FNIJKP

DOI: https://doi.org/10.52180/2073-6487_ 2024_6_136_155

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 Manuscript submission date: 04.10.2024

For citation:

Loktionov V.I. Sustainable Development Challenges: Emergence of Factors of Increasing Transaction Costs // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2024. № 6. Pp. 136-155. (In Russ.). https://doi.org/10.52180/2073-6487_2024_6_136_155 EDN: FNIJKP

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