Transaction-Cost Economics: The Governance of Contractual Relations

  title={Transaction-Cost Economics: The Governance of Contractual Relations},
  author={Oliver E. Williamson},
  journal={The Journal of Law and Economics},
  pages={233 - 261}
  • O. Williamson
  • Published 1 October 1979
  • Economics
  • The Journal of Law and Economics
THE new institutional economics is preoccupied with the origins, incidence, and ramifications of transaction costs. Indeed, if transaction costs are negligible, the organization of economic activity is irrelevant, since any advantages one mode of organization appears to hold over another will simply be eliminated by costless contracting. But despite the growing realization that transaction costs are central to the study of economics,' skeptics remain. Stanley Fischer's complaint is typical… Expand
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