MECHANISMS OF GOVERNANCE OF SUSTAINBLE DEVELOPMENT Cover Image

MECHANISMS OF GOVERNANCE OF SUSTAINBLE DEVELOPMENT
MECHANISMS OF GOVERNANCE OF SUSTAINBLE DEVELOPMENT

Author(s): Hrabrin Bachev
Subject(s): Economy
Published by: Reprograph
Keywords: institutions; market; private; public and hybrid modes; agrarian sustainability

Summary/Abstract: In this paper we incorporate the interdisciplinary New Institutional and Transaction Costs Economics (combining Economics, Organization, Law, Sociology, Behavioural and Political Sciences), and suggest a framework for analyzing the mechanisms of governance of sustainable development. Our new approach takes into account the role of specific institutional environment; and the behavioural characteristics of individual agents (personal preferences, bounded rationality, tendency for opportunism, trust, risk aversion); and the transaction costs associated with the various forms of governance; and the critical factors of economic activity and exchanges (such as appropriability, frequency, uncertainty, and asset specificity of transactions); and the comparative efficiency of market, private, public and hybrid modes; and the potential of production structures for adaptation; and the comparative efficiency of alternative modes for public intervention. Agricultural sector is used to illustrate that new approach and support with examples.

  • Issue Year: IV/2009
  • Issue No: 08
  • Page Range: 169-184
  • Page Count: 16
  • Language: English