The Mechanisms of Governance
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Product details:
- Publisher OUP USA
- Date of Publication 20 June 1996
- ISBN 9780195078244
- Binding Hardback
- No. of pages448 pages
- Size 241x164x34 mm
- Weight 712 g
- Language English
- Illustrations line figures 0
Categories
Short description:
Oliver Williamson has helped to create a new perspective that economists use to understand the ways that organizations function. Traditionally, economists have viewed firms as "black boxes" that maximize some economic function (like profit). Williamson shows that decision makers in firms respond to economic factors - what he calls "transaction costs" - within the firm that affect both the structure of the individual firm and the structure of the industry within which the organization operates.
MoreLong description:
New Institutional Economics is a new way to look at how organizations function. Rather than seeing the firm as a "black box", Williamson shows how decision makers respond to economic factors WITHIN the firm -- what he calls "transaction cost economics" (TCE). In this series of studies, Williamson shows how complexity expands in organizations because of bounded rationality and opportunism; that is the "bad news" of his message. The "good news" is that individuals within organizations become perceptive of resulting hazards they may and do encounter, and are adept at fashioning their organizations to cope creatively with difficult situations. This creativity accounts for diversity among organizations, in which governance structures are adapted to firm - or industry-specific hazards.
These papers have been slightly modified and linking passages have been added to them to impose a sort of unity on them. The book is therefore an extremely convenient collection on the overall theory and some of the applications of transaction cost economics as understood by the leading exponent of those economics ... it is on the understanding of the existence of the firm and its behaviour that he has made his greatest mark ... I believe that what is read will speak for itself and for good law and economics more eloquently than I can manage here.
Table of Contents:
Prologue
PART I: OVERVIEW
Chester Barnard and the Incipient Science of Organization
Transaction Cost Economics
PART II: CONCEPTS AND APPLICATIONS
Comparative Economic Organization: The Analysis of Discrete Strucutural Alternatives
Credible Commitments: Using Hostages to Support Exchange
Economic Institutions: Spontaneous and Intentional Governance
Corporate Finance and Corporate Governance
The Politics and Economics of Redistribution and Inefficiency
PART III: ORGANIZATIONS
Transaction Cost Economics and Organization Theory
Calculativeness, Trust, and Economic Organization
PART IV: PUBLIC POLICY
Delimiting Antitrust
Strategizing, Economizing, and Economic Organization
The Institutions and Governance of Economic Development and Reform
PART V: CONTROVERSY AND PERSPECTIVES
Transaction Cost Economics Meets Posnerian Law and Economics
Transaction Cost Economics and the Evolving Science of Organization
Glossary
