The Mechanisms of Governance

Capa
Oxford University Press, 29 de fev de 1996 - 448 páginas
1 Resenha
This book brings together in one place the work of one of our most respected economic theorists, on a field in 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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Conteúdo

The Mechanisms of Governance
3
Overview
21
Chester Barnard and the Incipient Science of Organization
29
Transaction Cost Economics
54
Concepts and Applications
89
Using Hostages to Support Exchange
120
Spontaneous and Intentional Governance
145
Corporate Finance and Corporate Governance
171
Organizations
215
Calculativeness Trust and Economic Organization
250
Delimiting Antitrust
279
Strategizing Economizing and Economic Organization
307
The Institutions and Governance of Economic Development
322
Controversy and Perspectives
345
Glossary
377
Index
411

The Politics and Economics of Redistribution and Inefficiency
195

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Página 8 - An economist by training thinks of himself as the guardian of rationality, the ascriber of rationality to others, and the prescriber of rationality to the social world.

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Sobre o autor (1996)

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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