Transaction-Cost Economics: Past, Present, and Future?
Oliver Williamson is the founder and chief developer of transaction-cost economics (TCE). In this brief essay, on the occasion of his Nobel Memorial Prize, I offer a partial discussion of Williamson's contributions by first summarizing some of the accomplishments of TCE-past and then sketching some of the opportunities for TCE-future. Most of the topics in both sections (TCE-past and TCE-future) start with a quotation from Williamson's early work that I think still speaks volumes today. That is, while fellow travelers and successors have acted on one set of Williamson's insights, helping to produce the accomplishments of TCE-past, another collection of Williamson's insights has gone relatively unremarked, creating some of the opportunities for TCE-future. Copyright © The editors of the "Scandinavian Journal of Economics" 2010 .
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Volume (Year): 112 (2010)
Issue (Month): 2 (June)
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