Transaction-Cost Economics: Past, Present, and Future?

26 Pages Posted: 4 Jun 2010

See all articles by Robert S. Gibbons

Robert S. Gibbons

Massachusetts Institute of Technology - Sloan School and Department of Economics; National Bureau of Economic Research (NBER)

Abstract

Oliver Williamson is the founder and chief developer of transaction-cost economics (TCE). In this brief essay, on the occasion of his Nobel Memorial Prize, I offer a partial discussion of Williamson's contributions by first summarizing some of the accomplishments of TCE-past and then sketching some of the opportunities for TCE-future. Most of the topics in both sections (TCE-past and TCE-future) start with a quotation from Williamson's early work that I think still speaks volumes today. That is, while fellow travelers and successors have acted on one set of Williamson's insights, helping to produce the accomplishments of TCE-past, another collection of Williamson's insights has gone relatively unremarked, creating some of the opportunities for TCE-future.

Suggested Citation

Gibbons, Robert S., Transaction-Cost Economics: Past, Present, and Future?. Scandinavian Journal of Economics, Vol. 112, Issue 2, pp. 263-288, June 2010. Available at SSRN: https://ssrn.com/abstract=1616930 or http://dx.doi.org/10.1111/j.1467-9442.2010.01609.x

Robert S. Gibbons (Contact Author)

Massachusetts Institute of Technology - Sloan School and Department of Economics ( email )

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MIT
Cambridge, MA 02142
United States
617-253-0283 (Phone)
617-258-6855 (Fax)

National Bureau of Economic Research (NBER)

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