An inquiry into the explanatory virtues of transaction cost economics
AbstractThe 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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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 39561.
Date of creation: 2011
Date of revision:
Publication status: Published in Journal of Philosophical Economics 1.5(2011): pp. 120-147
transaction cost economics; Oliver Williamson; explanatory power; explanatory virtues; twentieth century economics;
Find related papers by JEL classification:
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
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