We incorporate interdisciplinary New Institutional and Transaction Costs Economics and suggest a framework for assessing efficiency of farms and agrarian organizations. Our new approach includes: study of farm and agrarian organizations as governing rather than production structure; assessment of comparative efficiency of alternative market, contract, internal, and hybrid modes of governance; analysis of level of transaction costs and their institutional, behavioral, dimensional, technological and natural factors; determination of criteria of farm efficiency and its effective boundaries; specification of economic role of government and needs for public interventions in agrarian sector; assessment of comparative efficiency of alternative forms of public involvement.
Keywords: efficiency of farms and agrarian organizations; market, private and public governance.
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