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An inquiry into the explanatory virtues of transaction cost economics

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  • Hardt, Lukasz

Abstract

The aim of this paper is twofold. First, we offer a methodological reflection on how the explanatory virtues of economic theories can be assessed in a systematic way. Second, we use that theoretical apparatus to study the explanatory virtues of Transaction Cost Economics (TCE, henceforth). Precisely, we are primarily interested in assessing the progress within TCE with respect to its explanatory power rather than directly comparing TCE’s explanatory virtues to alternative theories. The paper offers also some general insights into the way we compare economic theories.

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File URL: http://mpra.ub.uni-muenchen.de/39561/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 39561.

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Date of creation: 2011
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Publication status: Published in Journal of Philosophical Economics 1.5(2011): pp. 120-147
Handle: RePEc:pra:mprapa:39561

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Related research

Keywords: transaction cost economics; Oliver Williamson; explanatory power; explanatory virtues; twentieth century economics;

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  1. Fischer, Stanley, 1977. "`Long-term contracting, sticky prices, and monetary policy' : A comment," Journal of Monetary Economics, Elsevier, vol. 3(3), pages 317-323, July.
  2. Pessali, Huascar F., 2006. "The rhetoric of Oliver Williamson's transaction cost economics," Journal of Institutional Economics, Cambridge University Press, vol. 2(01), pages 45-65, April.
  3. Klaes, Matthias, 2001. "Begriffsgeschichte: between the Scylla of Conceptual and the Charybdis of Institutional History of Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 23(02), pages 153-179, June.
  4. Klaes, Matthias, 2000. "The Birth of the Concept of Transaction Costs: Issues and Controversies," Industrial and Corporate Change, Oxford University Press, vol. 9(4), pages 567-93, December.
  5. Richard Lipsey, 2001. "Successes and failures in the transformation of economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 8(2), pages 169-201.
  6. Williamson, Oliver E., 1988. "Technology and transaction cost economics : A reply," Journal of Economic Behavior & Organization, Elsevier, vol. 10(3), pages 355-363, October.
  7. Francine Lafontaine & Margaret Slade, 2007. "Vertical Integration and Firm Boundaries: The Evidence," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 629-685, September.
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