Showing papers by "Oliver E. Williamson published in 2002"
TL;DR: This article examined economic organization from a science of contract perspective, with special emphasis on the theory of the firm, and found that the lessons of organization theory for economics are both different and more consequential when examined through the lens of contract.
Abstract: The propositions that organization matters and that it is susceptible to analysis were long greeted by skepticism by economists. One reason why this message took a long time to register is that it is much easier to say that organization matters than it is to show how and why. The prevalence of the science of choice approach to economics has also been an obstacle. As developed herein, the lessons of organization theory for economics are both different and more consequential when examined through the lens of contract. This paper examines economic organization from a science of contract perspective, with special emphasis on the theory of the firm.
989 citations
TL;DR: In this article, the authors sketch some of these developments, with emphasis on private ordering, and show that the gap between these two paradigms has been closing and that interest in contract-based approaches has been building up.
Abstract: James Buchanan (2001 p. 29) avers that "mutuality of advantage from voluntary exchange is ... the most fundamental of all understandings in economics." He further contends that this fundamental understanding is better realized by examining economics through the lens of contract rather than the lens of choice (Buchanan, 1975). Because the latter has been the reigning paradigm in economics during the 20th century (Lionel Robbins, 1932; Melvin W. Reder, 1999), the lens of contract is (understandably) less fully developed. Interest in contractual approaches has nevertheless been building up, whence the gap between these two has been closing. This paper sketches some of these developments, with emphasis on private ordering.
184 citations
Book•
31 May 2002
TL;DR: Checks and balances and credible commitment comparative economic organization - within and between countries the institutional environment for economic growth, institutional environments for telecommunications investment, institutional conditions for multinational investment as discussed by the authors.
Abstract: Checks and balances and credible commitment comparative economic organization - within and between countries the institutional environment for economic growth the institutional environment for telecommunications investment the institutional environment for multinational investment.
53 citations
Journal Article•
TL;DR: In this paper, the authors discuss market failures and market failures in the context of market failures, and propose a method to detect market failures using market failure detection and market collapse detection.
Abstract: В этой статье Уильямсон использует концепцию трансакционных издержек для анализа природы вертикальной интеграции. Автор классифицирует и последовательно рассматривает виды провалов рынка (market failures), которые делают выгодной интернализацию производства.
1 citations