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The Economics of Organization: The Transaction Cost Approach
Abstract
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 determination of efficient boundaries, as between firms and markets, and to the organization of internal transactions, including the design of employment relations. The approach is compared and contrasted with selected parts of the organization theory literature.
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Cites
Coase, R. H. (1937) · Economica · doi:10.1111/j.1468-0335.1937.tb00002.x · Cited by 23,972
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Liang, H., Saraf, N., Hu, Q., & Xue, Y. (2007) · MIS Quarterly · doi:10.2307/25148781 · Cited by 3,921
The Adolescence of Institutional Theory
Scott, W. R. (1987) · Administrative Science Quarterly · doi:10.2307/2392880 · Cited by 3,699
Joint ventures: Theoretical and empirical perspectives
Kogut, B. (1988) · Strategic Management Journal · doi:10.1002/smj.4250090403 · Cited by 3,333
Market, Hierarchy, and Trust: The Knowledge Economy and the Future of Capitalism
Adler, P. S. (2001) · Organization Science · doi:10.1287/orsc.12.2.215.10117 · Cited by 1,512
Metadata
- Authors
- Williamson, O. E.
- Venue
- American Journal of Sociology
- Publisher
- University of Chicago Press
- Published
- 1981-11
- Volume
- 87
- Issue
- 3
- Pages
- 548-577
- ISSN
- 0002-9602 (ISSN-L)
- 1537-5390
- OpenAlex
- W1972698480
- Cited by
- 6,438
- References
- 1
- FWCI
- 28.46
- Type
- journal article
- Language
- en
- Open access
- closed
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