The Mechanisms of Governance (Hardback)Oliver E. Williamson (author)
Hardback 442 Pages / Published: 20/06/1996
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New Institutional Economics is a new way to look at how organizations function. Rather than seeing the firm as a "black box", Williamson shows how decision makers respond to economic factors WITHIN the firm - what he calls "transaction cost economics" (TCE). In this series of studies, Williamson shows how complexity expands in organizations because of bounded rationality and opportunism; that is the "bad news" of his message. The "good news" is that individuals within organizations become perceptive of resulting hazards they may and do encounter, and are adept at fashioning their organizations to cope creatively with difficult situations. This creativity accounts for diversity among organizations, in which governance structures are adapted to firm - or industry-specific hazards.
Publisher: Oxford University Press Inc
Number of pages: 442
Weight: 848 g
Dimensions: 241 x 164 x 35 mm
These papers have been slightly modified and linking passages have been added to them to impose a sort of unity on them. The book is therefore an extremely convenient collection on the overall theory and some of the applications of transaction cost economics as understood by the leading exponent of those economics ... it is on the understanding of the existence of the firm and its behaviour that he has made his greatest mark ... I believe that what is read will speak for itself and for good law and economics more eloquently than I can manage here. * Journal of Law and Society *
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