Williamson 2002 the Theory of the Firm as Governance Stru

The Theory of the Firm as Governance Structure: From quality to Contract Oliver E. Williamson Oliver E. Williamson is Edgar F. Kaiser Professor of Business Administration, Professor of Economics, and Professor of Law at the University of California, Berkeley, California. His email address is . The helpful advice of Timothy Taylor and Michael Waldman for revising this manuscript is gratefully acknowledged. January 2002 2 The propositions that system of rules matters and is susceptible to analysis were big greeted by skepticism by economists. To be sure, there were apparent exceptions: Alfred Marshall in Industry and Trade (1932), Joseph Schumpeter in Capitalism, Socialism, and country (1942), Friedrich Hayek (1945) on knowledge. Both institutional economists (Thorstein Veblen (1904), John R. Commons (1934), and Ronald Coase (1937)) and institution theorists (Robert Michels (1915), Chester Barnard (1938), Herbert Simon (1947), James March (March and Simon, 1958) and Richard Scott (1992)) also made the case that system deserves greater prominence. One reason why this message took a long time to register is that it is much easier to say that organization matters than it is to show how and why.

1 The prevalence of the intelligence of choice approach to economic science has also been an obstacle. As positive herein, the lessons of organization theory for economics are both different and more consequential when examined by the lens of contract. This paper examines economic organization from a science of contract perspective, with special emphasis on the theory of the firm. The sciences of selection and Contract Economics throughout the 20th century has been developed predominantly as a science of choice. As Lionel Robbins resplendently put it in his book, The Nature and Significance of Economic Science (1932, p. 16), Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternate uses. Choice has... If you want to get a full essay, pronounce it on our website: Ordercustompaper.com

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