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Transaction Cost Economics: The Precursors


  • Oliver E. Williamson


"Theories commonly progress through four stages, from informal to pre-formal to semi-formal and fully formal. This paper reports on the earliest stage of transaction cost economics that extended from the 1920s to the 1970s. That the gestation stage lasted so long is partly because transaction cost economics departed significantly from the then-prevailing economic orthodoxy. Also, and related, it is an interdisciplinary undertaking. As reported herein, transaction cost economics selectively combines economics, organisation theory and law and is the product of the contributions of some of the finest minds in those three fields." Copyright (c) 2008 The Author. Journal compilation (c) Institute of Economic Affairs 2008.

Suggested Citation

  • Oliver E. Williamson, 2008. "Transaction Cost Economics: The Precursors," Economic Affairs, Wiley Blackwell, vol. 28(3), pages 7-14, September.
  • Handle: RePEc:bla:ecaffa:v:28:y:2008:i:3:p:7-14

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    Cited by:

    1. Doris Morales & Ahmad H. Juma´h & Antonio Llorens-Rivera & Félix Cue & Ángel Ruiz, 2012. "Tendencias del traslado de actividades en las manufactureras en Puerto Rico y el título de propiedad sobre la planta física, 2005-2011," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 2, pages 1-1, December.
    2. Martin Ricketts, 2010. "The Governance of Financial Transactions," Chapters,in: Macroeconomic Theory and its Failings, chapter 12 Edward Elgar Publishing.

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