Oliver E. Williamson (1932-2020): An Institutionalist Researcher

Abstract

Coase showed the boundaries of the firm and market. Williamson pushed again the boundaries (of the theory) of firm and market especially considering bounded rationality, asset specificity, and opportunism. However, the work is still incomplete (as well as our list of works and influences of Professor Williamson). Williamson recommended for the future: “I think that the new generation of scholars can recognize that their predecessors have made headway. But there are also limitations and big challenges ahead. So let’s push the boundaries” (Gindis and Hodgson 2007:384-385).