ASSESSING THE PARAMETERS OF INSTITUTIONAL FAILURE OF NON-EQUILIBRIUM ECONOMY
The paper deals with parametric study of institutional failure. The author argues that this assessment category has a very big research potential, identifies the main manifestations of institutional failure: lack of system standards, their low efficiency, corruption, opportunistic behavior, high transaction costs, and defines benchmark for assessing institutional failure: assessment of international organizations and assessment of national government agencies. It is noted that assessment parameters of institutional failure are synthetic in nature. The paper highlights the advantages and disadvantages of the proposed assessment parameters in institutional management. It is stated that institutional failure of non-equilibrium economy is lower when it minimizes the overall and maximizes the unit transaction costs in the economy. The research results in the conclusion that institutional failure in the Russian economy is growing.