Concept of Transaction Costs in the Theory of O. E. Williamson
Keywords:
Transaction costs, Ronald Coase, Oliver WilliamsonAbstract
Launched briefly by Coase, the transaction costs concepts attracted attention and developed further in works of many scholars. The real importance, though, it acquired in the works of O. Williamson, who founded the economics of transaction costs (TRC) and the neo-institutionalism. Although, the original idea of Coase is subject of wide interpretations by the different authors, which raised the issue of continuity in its study. The present paper focuses on Williamson’s concept striving to reveal some specifics and differences in both interpretations.References
B Wellman, SD Berkowitz (1988). Social structures: A network approach. Cambridge, MA: Harvard University Press. URL: https://books.google.com/books?hl=en&lr=&id=XIw4AAAAIAAJ&oi=fnd&pg=PR7&dq=Social+Structures+A+Network+Approach+Wellman&ots=Mt2YGhU2NX&sig=J7P-ONH5YaWsE05ZD2h_RunOC5o
OE Williamson, SG Winter (1993). The nature of the firm: origins, evolution, and development. Oxford University Press. URL: https://books.google.com/books?hl=en&lr=&id=VXIDgGjLHVgC&oi=fnd&pg=PP13&dq=The+nature+of+the+firm+origins+evolution+and+development+Williamson&ots=RKd1kjoQv_&sig=6XK1R4x4UuH3a6EQ56-dKbgiBgg
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Copyright (c) 2020 Plamen D. Tchipev (Author)
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