코스의 닫힌 시스템과 제도가 있는 열린 시스템

Abstract

Coase (1937, 1960) set off analytical structure to account for institution in orthodox economics. Although transaction cost has been the linchpin which analytical studies hinged on to study system indeterminacy of imperfect institution, the complexity and ineptness of orthodox economics when conducting analysis on system indeterminacy of imperfect property rights seem increasingly evident. In this study, closed system approach is defined to be analytical approach which relies on optimization-equilibrium analysis when to explain indeterminacy of imperfect property rights. It is distinguished from open system approach. Equivalence proposition between perfect property rights and sympathy-consent-free states is introduced to vindicate the existence sympathy-consent dimension and relation exchange as consequence. That is, the indeterminacy of imperfect property rights becomes able to be accounted for by actions of relation exchange in SCD (sympathy-consent dimension). Such actions of relation exchange in SCD are vindicated to constitute OSI (open system with institution).