American Economical Association
The idea of the Organization as Governance Structure: From Choice to Contract Author(s): Oliver E. Williamson
Supply: The Log of Monetary Perspectives, Volume. 16, Number 3 (Summer, 2002), pp. 171-195 Published by: American Economic Affiliation
Stable URL: http://www.jstor.org/stable/3216956
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Record of Economic Perspectives? Amount
16, Quantity 3? Summer time
2002? Web pages
matters and that it is susceptible
long greeted by skepticism
in Market and Control
Friedrich Hayek (1945) in his writings in knowledge.
(1904), Ruben R. Commons
(1934) and Ronald Coase (1937) and
Chester Barnard (1938),
Herbert Sue (1957a), Adam March (March and Sue, 1958) and Richard Scott deserves greater prominence.
(1992) also manufactured the case that organization
reason this message took quite a long time to register is the fact it is very much matters than it is to present how and why. one particular The
to say that firm
herein, the teachings of corporation
theory pertaining to economics
several and more consequential
system. This paper examines
from a science
1 A Behavioral
Theoryof theFirm(Cyert and March, 1963) was one particular obvious early on candidate intended for an economic theory of companies. It deals, however , with more fine-grained trends? such as guessing department store rates to the cent? than were of interest to the majority of economists. For the discussion, find Williamson (1999b). The latest and developing interest in behavioral economics? which deals more with the theory of consumer behavior compared to the theory with the firm? could be interpreted being a delayed response to the lessons in the " Carnegie school" linked to Cyert, 03 and Claire.
Williamson isEdgarF. Kaiser Teacher of Business Administration, Mentor of and Professor of Law, almost all at the University or college of Washington dc, Berkeley. His e-mail
addresses is ([email protected] berkeley. edu).
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of Economic Points of views
century has become developed
within the Nature and Significance of Economic Technology (1932, g. 16), " Economics which
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