EconPapers    
Economics at your fingertips  
 

An investigation of Oliver Williamson's analysis of the division of labour

Robert McMaster and Michael J. White

Cambridge Journal of Economics, 2013, vol. 37, issue 6, 1283-1301

Abstract: In 2009 Oliver Williamson was jointly awarded the Nobel Prize in Economics for his analysis of economic governance. Williamson was central to the emergence of the transaction cost framework as an important aspect of social scientific analysis. Part of this approach makes important efficiency predictions and prescriptions regarding the division of labour within firms in contemporary capitalist economies. This discounts issues of power and privileges 'firm-specific human assets' as the key organisational driver. Indeed, Williamson's approach intentionally conflates the employment relation with exchanges for 'intermediate' goods. This article seeks to investigate Williamson's explanatory claims through a UK-based panel dataset using a dynamic logit modelling approach. The findings question Williamson's central argument. The results, instead, are more consistent with the idea of the industry-specificity of labour and highlight the importance of firm size. Copyright , Oxford University Press.

Date: 2013
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1093/cje/bet030 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:cambje:v:37:y:2013:i:6:p:1283-1301

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Cambridge Journal of Economics is currently edited by Jacqui Lagrue

More articles in Cambridge Journal of Economics from Cambridge Political Economy Society Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().

 
Page updated 2025-03-19
Handle: RePEc:oup:cambje:v:37:y:2013:i:6:p:1283-1301