Transaction cost economics and business administration
AbstractThis paper traces the origins of transaction cost economics to three seminal people who had an intense interest in business: Ronald Coase, Chester Barnard, and Herbert Simon. By contrast with the neoclassical theory of the firm, which is a top-down construction, the transaction cost economics theory of the firm is a bottom-up construction--which is to say that it is much more microanalytic (the transaction is made the basic unit of analysis) and is comparative in its mode of analysis. Several top-down maxims that have their origins in economic theory are examined in a bottom-up way, which serves to uncover conceptual and/or implementation problems with each. I furthermore examine growing applications of transaction cost reasoning to business administration and within the social sciences.
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Bibliographic InfoArticle provided by Elsevier in its journal Scandinavian Journal of Management.
Volume (Year): 21 (2005)
Issue (Month): 1 (March)
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Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/872/description#description
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- Merkert, Rico, 2010. "Changes in transaction costs over time - The case of franchised train operating firms in Britain," Research in Transportation Economics, Elsevier, vol. 29(1), pages 52-59.
- Watanabe, Kassia & Zylbersztajn, Decio, 2012. "Building Supply Systems from Scratch: The Case of the Castor Bean for Biodiesel Chain in Minas Gerais, Brazil," International Journal on Food System Dynamics, International Center for Management, Communication, and Research, vol. 3(2).
- Oliver E. Williamson, 2005. "The Economics of Governance," American Economic Review, American Economic Association, vol. 95(2), pages 1-18, May.
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