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Concept of Transaction Costs in the Theory of O. E. Williamson

Author

Listed:
  • Plamen Tchipev

    (Plovdiv University “Paisii Hilendarski†and Economic Research Institute at The Bulgarian Academy of Sciences, Sofia, Bulgaria)

Abstract

Launched briefly by Coase, the transaction costs concepts attracted attention and developed further in works of many scholars. The real importance, though, it acquired in the works of O. Williamson, who founded the economics of transaction costs (TRC) and the neo-institutionalism. Although, the original idea of Coase is subject of wide interpretations by the different authors, which raised the issue of continuity in its study. The present paper focuses on Williamson’s concept striving to reveal some specifics and differences in both interpretations.

Suggested Citation

  • Plamen Tchipev, 2020. "Concept of Transaction Costs in the Theory of O. E. Williamson," Nauchni trudove, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 27-40, December.
    • Handle: RePEc:nwe:natrud:y:2020:i:4:p:27-40
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    More about this item

    Keywords

    transaction costs; Ronald Coase; Oliver Williamson;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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