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The Mechanisms of Governance (Hardcover, New)
Loot Price: R6,464
Discovery Miles 64 640
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The Mechanisms of Governance (Hardcover, New)
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This book brings together in one place the work of one of our most
respected economic theorists, on a field in which he has played a
large part in originating: the New Institutional Economics.
Transaction cost economics, which studies the governance of
contractual relations, is the branch of the New Institutional
Economics with which Oliver Williamson is especially associated.
Transaction cost economics takes issue with one of the fundamental
building blocks in microeconomics: the theory of the firm. Whereas
orthodox economics describes the firm in technological terms, as a
production function, transaction cost economics describes the firm
in organizational terms, as a governance structure. Alternative
feasible forms of organization--firms, markets, hybrids,
bureaus--are examined comparatively. The analytical action resides
in the details of transactions and the mechanisms of governance.
Transaction cost economics has had a pervasive influence on current
economic thought about how and why institutions function as they
do, and it has become a practical framework for research in
organizations by representatives of a variety of disciplines.
Through a transaction cost analysis, TheMechanisms of Governance
shows how and why simple contracts give way to complex contracts
and internal organization as the hazards of contracting build up.
That complicates the study of economic organization, but a richer
and more relevant theory of organization is the result. Many
testable implications and lessons for public policy accrue to this
framework. Applications of both kinds are numerous and growing.
Written by one of the leading economic theorists of our time, The
Mechanisms of Governance is sure to be an important work for years
to come. It will be of interest to scholars and students of
economics, organization, management, and law.
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