Lukasz, Hardt (2009): The history of transaction cost economics and its recent developments. Published in: Erasmus Journal for Philosophy and Economics, , Vol. 2, No. 1 : pp. 29-51.
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The emergence of transaction cost economics (TCE) in the early 1970s with Oliver Williamson’s successful reconciliation of the so called neoclassical approach with Herbert Simon’s organizational theory can be considered an important part of the first cognitive turn in economics. The development of TCE until the late 1980s was particularly marked by treating the firm as an avoider of negative frictions, i.e., of transaction costs. However, since the 1990s TCE has been enriched by various approaches stressing the role of the firm in creating positive value, e.g., the literature on modularity. Hence, a second cognitive turn has taken place: the firm is no longer only seen as an avoider of negative costs but also as a creator of positive knowledge.
|Item Type:||MPRA Paper|
|Original Title:||The history of transaction cost economics and its recent developments|
|Keywords:||transaction cost economics, Oliver Williamson, theory of the firm, modularity literature, cognitive turn|
|Subjects:||D - Microeconomics > D2 - Production and Organizations > D21 - Firm Behavior: Theory
D - Microeconomics > D2 - Production and Organizations > D23 - Organizational Behavior ; Transaction Costs ; Property Rights
B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B21 - Microeconomics
B - History of Economic Thought, Methodology, and Heterodox Approaches > B3 - History of Economic Thought: Individuals > B31 - Individuals
|Depositing User:||Lukasz Hardt|
|Date Deposited:||20. Oct 2009 19:28|
|Last Modified:||12. Feb 2013 06:36|
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