The Mechanisms of Governance

by OliverE.Williamson (Author)

• New

  Paperback
  1999

  $38.65

  This book brings together in one place the work of one of the most respected economic theorists, on a field which he has played a large part in originating: the New Institutional Economics. Transaction cost economics, which

• New

  Hardcover
  1996

  $267.83

  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.