Transaction Cost Economics: An Introduction

33 Pages Posted: 18 Oct 2010

See all articles by Oliver E. Williamson

Oliver E. Williamson

University of California, Berkeley - Business & Public Policy Group

Date Written: 2007

Abstract

This overview of transaction cost economics is organized around the "Carnegie Triple" – be disciplined; be interdisciplinary; have an active mind. The first of these urges those who would open up the black box of economic organization to do so in a modest, slow, molecular, definitive way, with the object of deriving refutable implications and submitting these to empirical testing. The second recommends that the student of economic organization be prepared to cross disciplinary boundaries if and as this is needed to preserve veridical contact with the phenomena. The injunction have an active mind is implemented by being curious and asking the question "What is going on here?"

JEL Classification: D2, D73, D86, L2

Suggested Citation

Williamson, Oliver E., Transaction Cost Economics: An Introduction (2007). Economics Discussion Paper No. 2007-3, Available at SSRN: https://ssrn.com/abstract=1691869 or http://dx.doi.org/10.2139/ssrn.1691869

Oliver E. Williamson (Contact Author)

University of California, Berkeley - Business & Public Policy Group ( email )

545 Student Services Building
Berkeley, CA 94720
United States
510-642-8697 (Phone)
510-642-4700 (Fax)

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