Oliver Williamson
A Nobel laureate known for his work on transaction cost economics and the theory of the firm.
Quotes by Oliver Williamson
The study of economic organization is a study of the institutional framework of firms.
The choice of governance structure is a matter of managing complexity.
The study of economic organization is a study of the institutional arrangements that govern contracting.
The purpose of economic organization is to facilitate adaptation.
The study of economic organization is a study of the institutional framework of governance.
The choice of governance structure is a matter of promoting cooperation.
The study of economic organization is a study of the institutional arrangements that shape economic outcomes.
The purpose of economic organization is to resolve disputes.
The study of economic organization is a study of the institutional framework of economic systems.
The choice of governance structure is a matter of safeguarding investments.
The study of economic organization is a study of the institutional arrangements that facilitate economic growth.
Transaction costs are the friction that shapes economic organization.
Organizations exist to economize on bounded rationality.
Asset specificity is the key to understanding why firms internalize transactions.
Governance structures mitigate opportunism in economic exchanges.
Economics without institutions is incomplete.
The lens of contract illuminates the boundaries of the firm.
In a world of positive transaction costs, hierarchy has its place.
Opportunism requires safeguards; that's the essence of governance.
Bounded rationality means we design institutions to cope with uncertainty.