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Showing papers by "Oliver E. Williamson published in 1987"




Journal ArticleDOI
TL;DR: In this paper, the authors examine the bias of transaction cost economics in favor of capital managed as against labor managed firms and their failure to deal with "downward opportunism" and "functionalist excesses".
Abstract: Gregory Dow's assessment of transaction cost economics is both thoughtful and provocative. Although we agree on many matters, these remarks focus on our differences. I begin with a brief sketch of the framework out of which transaction cost economics operates. I then examine the purported bias of transaction cost economics in favor of capital managed as against labor managed firms and my alleged failure to deal with ‘downward opportunism’. Dow's claim that transaction cost economics is given to functionalist excesses is considered next. Concluding remarks follow.

195 citations


Book
01 Oct 1987
TL;DR: In this paper, the authors discuss the economic economics of antitrust enforcement and the modern corporation vertical merger guidelines, interpreting the 1982 reforms, and the need for a broader view of the law and economics.
Abstract: Part 1 Mergers: economies as an antitrust defense - the welfare trade-offs the vertical integration of production - market failure considerations antitrust enforcement and the modern corporation vertical merger guidelines - interpreting the 1982 reforms. Part 2 Contracting: the economics of antitrust - transaction cost considerations assessing vertical market restrictions - antitrust ramifications of the transaction cost approach assessing contrast. Part 3 Strategic behaviour: wage rates as a barrier to entry - the Pennington case in perspective predatory pricing - a strategic and welfare analysis pretrial uses of economists - on the use of incentive logic to screen predation. Part 4 Commentary: comments on the political economy of antitrust intellectual foundations of law and economics - the need for a broader view antitrust enforcement - where it has been, where it is going.

39 citations


Book ChapterDOI
01 Jan 1987
TL;DR: Arrow's contributions to the study of complex economic organization have been very influential in helping to shape the New Institutional Economics (NIE) as discussed by the authors, which is also well recognized that Arrow is much more than a virtuoso mathematical economist.
Abstract: Kenneth Arrow’s impeccable credentials as an economic theorist are celebrated in the 1972 Nobel Prize in Economics. Research in general equilibrium and social choice was massively reshaped by his original contributions. It is also well recognized that Arrow is much more than a virtuoso mathematical economist. His contributions to welfare economics include both theoretical and applied aspects. His studies of market and non-market organization include applications as well as pure theory. His interests in studying economic organization in a ‘rational spirit’1 have helped to demonstrate the unity between market and non-market modes.2 What is less widely remarked is that Arrow’s contributions to the study of complex economic organization have been very influential in helping to shape the New Institutional Economics (NIE).

12 citations