An Inquiry into the Explanatory Virtues of Transaction Cost Economics

Journal of Philosophical Economics, V:1, 120-147

28 Pages Posted: 14 Jun 2012

See all articles by Lukasz Hardt

Lukasz Hardt

University of Warsaw - Department of Economics and Business

Date Written: November 27, 2011

Abstract

The aim of this paper is twofold. First, we offer a methodological reflection on how the explanatory virtues of economic theories can be assessed in a systematic way. Second, we use that theoretical apparatus to study the explanatory virtues of Transaction Cost Economics (TCE, henceforth). Precisely, we are primarily interested in assessing the progress within TCE with respect to its explanatory power rather than directly comparing TCE’s explanatory virtues to alternative theories. The paper offers also some general insights into the way we compare economic theories.

Keywords: Oliver Williamson, explanatory power, transaction cost economics

JEL Classification: B41

Suggested Citation

Hardt, Lukasz, An Inquiry into the Explanatory Virtues of Transaction Cost Economics (November 27, 2011). Journal of Philosophical Economics, V:1, 120-147, Available at SSRN: https://ssrn.com/abstract=1965158

Lukasz Hardt (Contact Author)

University of Warsaw - Department of Economics and Business ( email )

Warsaw, 00-241
Poland

HOME PAGE: http://www.wne.uw.edu.pl/lhardt

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