On the Dark Side of Reducing Transaction Costs: Development, Efficiency, Communication
- Authors: Kushnir A.M.1,2,3
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Affiliations:
- Financial University under the Government of the Russian Federation
- A. N. Kosygin Russian State University (Technology. Design. Art)
- Russian University of Transport (RUT-MIIT)
- Issue: Vol 19, No 3 (2023)
- Pages: 127-133
- Section: Economic Theory
- URL: https://journals.eco-vector.com/2541-8025/article/view/568336
- DOI: https://doi.org/10.33693/2541-8025-2023-19-3-127-133
- EDN: https://elibrary.ru/XCYPOC
- ID: 568336
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Abstract
The purpose of this study is to examine the modern features of transaction costs and their impact on the efficiency of the economy. Based on the analysis of different approaches to the phenomenon of transaction costs the following conclusions were argued in the article. 1. The transition from the Gutenberg galaxy to the Zuckerberg galaxy has led to a decrease in some transaction costs and an increase in other transaction costs. 2. Algorithms of digital platforms significantly predetermine consumer choice. 3. The labor market will be in constant flux. This will lead to a significant increase in switching costs for many professionals. 4. Reduced trust and loyalty to digital technologies is in some measure related to the loss of face-to-face contact. 5. Reduced transaction costs are perceived not only as a boon, but also as: A threat to sustainable everyday practices, a prerequisite for reduced market competition, increased risks and crisis shocks in business and cybersecurity, increased bureaucracy in state institutions and corporations, increased property and information inequalities.
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About the authors
Andrei M. Kushnir
Financial University under the Government of the Russian Federation; A. N. Kosygin Russian State University (Technology. Design. Art); Russian University of Transport (RUT-MIIT)
Author for correspondence.
Email: Ku7@bk.ru
ORCID iD: 0000-0002-4318-0190
Scopus Author ID: 57219595324
Dr. Sci. (Econ.), Professor; Professor, Department of Mass Communication and Media Business; Professor, Department of Economics and Management; Professor of the Department of Customs Law and Organization of Customs Affairs, Law Institute
Russian Federation, Moscow; Moscow; MoscowReferences
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