The Mechanisms of Governance
By (author) Oliver E. Williamson
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Mechanisms of Governance by Oliver E. Williamson
Book DescriptionThis book brings together in one place the work of one of our most respected economic theorists, on a field which he has played a large part in originating: the New Institutional Economics. 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 one of the fundamental building blocks in microeconomics: the theory of the firm. Whereas orthodox economics describes the firm in technological terms, as a production function, transaction cost economics describes the firm in organizational terms, as a governance structure. Alternative feasible forms of organization-firms, markets, hybrids, bureaus-are examined comparatively. The analytical action resides in the details of transactions and the mechanisms of governance. Transaction cost economics has had a pervasive influence on current economic thought about how and why institutions function as they do, and it has become a practical framework for research in organizations by representatives of a variety of disciplines. Through a transaction cost analysis, The Mechanisms of Governance shows how and why simple contracts give way to complex contracts and internal organization as the hazards of contracting build up. That complicates the study of economic organization, but a richer and more relevant theory of organization is the result. Many testable implications and lessons for public policy accrue to this framework. Applications of both kinds are numerous and growing. Written by one of the leading economic theorists of our time, The Mechanisms of Governance is sure to be an important work for years to come. It will be of interest to scholars and students of economics, organization, management, and law.
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Book DetailsISBN: 9780195132601
(234mm x 154mm x 30mm)
Imprint: Oxford University Press Inc
Publisher: Oxford University Press Inc
Publish Date: 15-Apr-1999
Country of Publication: United States
Books By Author Oliver E. Williamson
Mechanisms of Governance, Hardback (February 1996)
Offering a new economic perspective to organizational studies, this work shows that decision-makers in firms respond to economic factors that affect both the structure of the individual firm and the structure of the industry within which the organization operates.
Organization Theory, Paperback (May 1995)
This edition contains a new article by Oliver Williamson entitled, "Transaction Cost Economics and Organization Theory".
Nature of the Firm, Paperback (July 1993)
This volume features a series of essays which arose from a conference on economics, addressing the question: what is the nature of the firm in economic analysis? This paperback edition includes the Nobel Lecture of R.N. Case.
Economic Intstitutions of Capitalism, Paperback (December 1985)» View all books by Oliver E. Williamson
"An extraordinarily impressive achievement and must reading for all serious students of law, economics, and organization".--Paul L. Joskow, Professor of Economics, Massachusetts of Technology.
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Author Biography - Oliver E. Williamson
Oliver E. Williamson is the Edgar F. Kaiser Professor of Business, Professor of Economics, and Professor of Law at the University of California at Berkeley. He is the author of numerous works in which law, economics, and organization are joined.
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