Commemorating Oliver Williamson, a founding father of transaction cost economics

This contribution commemorates Oliver Williamson, who recently passed away, as one of the founding fathers of Transaction Cost Economics (TCE). It does so by touching on some of the details of his personal life and connecting these with his professional career. The latter was devoted to putting the...

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Bibliographic Details
Published in:Journal of institutional economics 2022-04, Vol.18 (2), p.181-193
Main Authors: Sent, Esther-Mirjam, Kroese, Annelie L. J.
Format: Article
Language:English
Subjects:
Academic careers
Costs
Economic theory
Economics
Economists
Interdisciplinary aspects
Organization theory
Personal profiles
Secondary schools
Students
Vertical integration
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Summary:This contribution commemorates Oliver Williamson, who recently passed away, as one of the founding fathers of Transaction Cost Economics (TCE). It does so by touching on some of the details of his personal life and connecting these with his professional career. The latter was devoted to putting the study of institutions on the economic agenda. Closer scrutiny reveals that three phases may be identified. Williamson first developed an interest in analysing vertical integration. During the second phase, he elaborated this interest in TCE, and during the third, he positioned his contributions within the area of institutional economics. Furthermore, the article considers the various influences of institutional and organizational economists on Williamson. Finally, the article considers the reception, criticism, and further elaborations of Williamson's contributions.
ISSN:1744-1374
1744-1382
DOI:10.1017/S1744137421000606