provides a conceptual framework simple enough tobe used and yet exact and complex enough to accommodate continuing insights intothe workings of organizations."-Academy of Management Review, "Even those who have read most of it could benefit from reading it againas a whole. should achieve the status of a classsictext quickly.
One could almost say that he is the field."-Journal of Economic Issues, ".a work of scholarship written for posterity by one of the leadingsocial scientists of our time. provides a conceptual framework simple enough to be used and yet exact and complex enough to accommodate continuinginsights into the workings of organizations."-Academy of Management Review, "Even those who have read most of it could benefit from reading it again as a whole.
should achieve the status of a classic text quickly. ".a work of scholarship written for posterity by one of the leading social scientists of our time. It will be of interest to scholars and students of economics, organization, management, and law. 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. Applications of both kinds are numerous and growing. Many testable implications and lessons for public policy accrue to this framework. That complicates the study of economic organization, but a richer and more relevant theory of organization is the result. 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. 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. The analytical action resides in the details of transactions and the mechanisms of governance. Alternative feasible forms of organization-firms, markets, hybrids, bureaus-are examined comparatively. 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. Transaction cost economics takes issue with one of the fundamental building blocks in microeconomics: the theory of the firm. 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. 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.
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