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This paper examines the main issues of the impact of the efficiency of basic economic institutions (protection of property rights, protection of creditors' rights and protection of competition) on the sustainable development of market economies. The author analyzes substantial theories of economic growth, factors of economic growth in the Russian economy, theories of "old" and "new" institutionalism, the mechanism of action of public transactional costs in the institutional environment, productive institutions of market economy, the impact of formal and informal institutions on the economic development of Russia. The main idea is that a favorable institutional environment and effective market institutions are economically beneficial to the national economy. It is designed for undergraduate economists, postgraduate students, teachers, and researchers.
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