Economic Analysis: Theory and Practice

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Transaction resources of the economy: Debatable issues

Vol. 18, Iss. 2, FEBRUARY 2019

Received: 5 December 2018

Received in revised form: 14 December 2018

Accepted: 26 December 2018

Available online: 28 February 2019


JEL Classification: B52

Pages: 292–307

Marushchak I.V. Volgograd State University (VolSU), Volgograd, Russian Federation

ORCID id: not available

Subject The article addresses the theoretical analysis of transactional (intangible) resources of economic development and debatable issues arising therefrom.
Objectives The aim is to analyze the debatable issues pertinent to the definition of transaction function.
Methods The study relies on general scientific methods, as well as the institutional, evolutionary, systems, and comparative analysis.
Results The study substantiates the expediency of refusal of strict distinction between resources and production factors, since these concepts perform the conventional function of demarcation of orthodox and heterodox studies. It shows that the interpretation of transactional resources as intangible assets appropriated from the external environment is incorrect, because many of them can only be a result of cultivation within firms. I introduce the concept of transactional blockers as antagonists of transactional resources, manifested in destructive forms, like deinstitutionalization, disorganization, disinformation, etc.
Conclusions The obtained results will significantly improve the scientific understanding of intangible aspects of economic processes, move from studying the role of individual intangible resources (institutions, information, etc.) to creating a synthetic theory of transactional development of economic systems.

Keywords: transactional resource, transaction cost, hard and soft resources, institutional theory, resource-based view


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