Transaction cost economics, which studies the governance of contractual relations, is the branch of the "New Institutional Economics" with which Oliver Williamson is especially associated. Transaction cost economics takes issue with "the theory of the firm", one of the fundamental building blocks in[...]
This long-awaited sequel to the modem classic Markets and Hierarchies develops and extends Williamson's innovative use of transaction cost economics as an approach to studying economic organization by applying it to work and labor as well as the corporation itself. In addition, Williamson explores i[...]
Transaction cost economics has and continues to be a fruitful area of research. There is still much to be done in the field with past research being used in conjunction with the vast number of contractual phenomena that have yet to be investigated in transaction cost economics terms. New challenges [...]