Williamson’s Back Door: Transaction Costs and the Efficient Firm

Craig Freedman

History of Economics Review, 2004, vol. 40, issue 1, 108-117

Abstract: Oliver Williamson has made an acknowledged contribution to the theory of the firm by incorporating Coase’s idea of transaction costs in his analysis. However, by identifying market efficiency with the minimisation of transaction costs, Williamson has linked rhetorically two concepts which are not by necessity connected.

Date: 2004
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DOI: 10.1080/18386318.2004.11681192

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