Oliver Williamson: Founder of the New Institutional Economics

Tamara Todorova ()

Scientific Conference of the Department of General Economic Theory, 2022, issue 1, 279-286

Abstract: Oliver Williamson is one of the most prominent thinkers of the 20th century. In the 1960s economic theory viewed the firm as a black box. Williamson opted to open this box trying to explain the key processes within the firm. The firm structure is a transaction cost saving mechanism. Analyzing the firm inevitably leads to market contracting and the theory of contract. Williamson is the most thorough analyst of opportunistic behavior in economic literature. We review the key contributions of Williamson’s theory of the firm, vertical integration, and transaction costs, which serve as the basis for the new institutional economics.

Keywords: Oliver Williamson; Transaction costs; Opportunism; New institutional economics (search for similar items in EconPapers)
JEL-codes: B31 D02 D23 D86 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vrn:oitcon:y:2022:i:1:p:279-286

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