The Economics of Organization: The Transaction Cost Approach

@article{Williamson1981TheEO,
  title={The Economics of Organization: The Transaction Cost Approach},
  author={O. Williamson},
  journal={American Journal of Sociology},
  year={1981},
  volume={87},
  pages={548 - 577}
}
  • O. Williamson
  • Published 1981
  • Economics
  • American Journal of Sociology
  • The transaction cost approach to the study of economic organization regards the transaction as the basic unit of analysis and holds that an understanding of transaction cost economizing is central to the study of organizations. Applications of this approach require that transactions be dimensionalized and that alternative governance structures be described. Economizing is accomplished by assigning transactions to governance structures in a discriminating way. The approach applies both to the… CONTINUE READING
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