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| Author: | Williamson, O.E. |
| Title: | Transaction cost economics and business administration |
| Journal: | Scandinavian Journal of Management
2005 : MAR, VOL. 21:1, p. 19-40 |
| Index terms: | administration economics management transaction costs |
| Language: | eng |
| Abstract: | This study traces the origins of transaction cost economics to three seminal people who an intense interest in business: Ronald Coase, Chester Barnard and Herbert Simon. By contrast with the neoclassical theory of the firm, which is a top-down construction, the transaction cost economics theory of the firm is a bottom-up construction - which is to say that it is much more microanalytic (the transaction is made the basic unit of analysis) and is comparative in its mode of analysis. |
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