Book ChapterDOI
Kenneth Arrow and the New Institutional Economics
Oliver E. Williamson
- pp 584-599
TLDR
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).read more
Citations
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The significance of human resource management: a reconsideration of the evidence
TL;DR: A review of the seminal and important works in the HRM canon can be found in this paper, where the authors assess the academic merits of each approach and reach a series of conclusions on the problems and potential of the s...
Book ChapterDOI
Corporate Culture and the Nature of the Firm
TL;DR: In economics, it is arguable that complete reductionism is not possible (Hodgson, 1993b; Udehn, 1987; as discussed by the authors, p. 18).
Book ChapterDOI
Revisiting Legal Realism: The Law, Economics, and Organization Perspective
TL;DR: The contrast between American Legal Realism and the law and economics movement, which is perhaps the most important development in legal thought in the last quarter century as discussed by the authors, is dramatic, and it can be explained in large measure by the absence of an intellectual framework for legal realism.
Journal ArticleDOI
The nature of transaction cost economics
TL;DR: The Nature of Transaction Cost Economics as mentioned in this paper is a seminal work in the field of transaction cost economics, and it has been used extensively in many applications in finance and economics, e.g.
The Evolving Science of Organization
TL;DR: The science of organization that is described in this paper has progressively evolved through four successive stages, the first stage is associated with Ronald Coase and entails "informal" analysis, the second stage involves "preformai" and "semiformal" analysis and are associated with transaction cost economics.
References
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Book
The Structure of Scientific Revolutions
TL;DR: The Structure of Scientific Revolutions as discussed by the authors is a seminal work in the history of science and philosophy of science, and it has been widely cited as a major source of inspiration for the present generation of scientists.
Journal ArticleDOI
The Nature of the Firm
TL;DR: In this paper, it is shown that a definition of a firm may be obtained which is not only realistic in that it corresponds to what is meant by a firm in the real world, but is tractable by two of the most powerful instruments of economic analysis developed by Marshall, the idea of the margin and that of substitution.
Journal ArticleDOI
The Economic Institutions of Capitalism
TL;DR: The Economic Institutions of Capitalism as mentioned in this paper is a seminal work in the field of economic institutions of capitalism. Journal of Economic Issues: Vol. 21, No. 1, pp. 528-530.
Book
The Problem of Social Cost
TL;DR: In this paper, it is argued that the suggested courses of action are inappropriate, in that they lead to results which are not necessarily, or even usually, desirable, and therefore, it is recommended to exclude the factory from residential districts (and presumably from other areas in which the emission of smoke would have harmful effects on others).
The structure of scientific revolutions
TL;DR: The structure of scientific revolutions (1962) / Thomas Samuel Kuhn (1922-1996) is a book about the history of science and its discontents.