- Email: [email protected]
Technology and transaction cost economics
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360
O.E. Williamson, R reply
e list
of consensus
on (1961, p. xxiv)] does not
technology of transacting’ to develop new apparatus for studyi
judgment. ever, as Smith makes re t since refer to various asset to technology but are of organizational interest beta some may conclude at misconstrues the message. of production and the technology of tran latter refers mainly to economizing on tra ng in comparative institutional analysis. lassical economics used to be u There is always a d condition of neglect will y preoccupation undervaluation of the nevertheless urge that the technology of tran most interesting issues of economic organizatio Others have ma& ihis p&t previousiy. Thus A&. *Coleobserved in 1968 that the economic importance of organizational innovations was great] undervalued - both in relation to the weight ascribed to and the researc attention accorded to technological innovations and capital flows. condition continues and warra e. last example may he1
362
O.E. Wibmson, A reply
innovators are ne interpretation of these remarks is that technologi of their just deserts by incidental distributors, such as ho occupy critical positions in the marketing of rsonal computers. innovators, why not y tilt the distribution of returns in favor of technological innovators, who are already present in abundance? That engi display a technology-favoring predilection is understandable. omists and business historians should do the investment decision ca ons of all kinds -
eth, 1971,Essays in the theory of riskg (North-Holland,Amsterdam). Arrow, enneth, 1985, Informational structure o e b American &onomic Review 75, 303407. ry trying to accomplish?, in: K. Arrow and S. Blackwell,Oxlord) 28-76.
Arrow,
tion, and vertical inteard University Press~Cambridge, e managerial revolution in
erican business
strative coopdinati
n Economic Review 58,
O.E. Wikunson,
A reply
363
Georgescu-Roegen,Nicholas, 1971, The entropy law and economic process ( arvard University Press, Cambridge,MA). Grossman, Sanford and Oliver Hart, 1986, IL’he costs and benetits of ownxship: A theory of verticaland lateralintegration,Journal of Political Economy94,691-719. mplete contractsand the theory of the firm,Journal of Law, Eccmm&, Jean Tirole, 1988, The theory of the firm, in: Richard Schmalenseeand Rober; Willig,eds., Handbook of industrialorganization(North-Molland,Amsterdam). transition to factory production in c History47, 71-96. &story 46,585-623. Law Review47,691-816. the theory of the firm, Unpublished Ph.D. dissertation(Universityof Pennsylvania,Philadelphia, Nelson, Richardand Sidney Winter, 1982,An evolutionary theoryof econeagiccha*rge\ University Press,Cambridge,MA). Riordan, Michael and Oliver Williamson, 1985, Asset specificityand economic organization, InternationalJournal of IndustrialOrganization 3,365378. an, 1976, Perspectiveson technology (CambridgeUniversity Press,Cambridge). 1961,Administrativebehavior,2nd ed. (Macmillan,New York). 1974, Economic theory and its discontents, American Economic Review 64, 320-322. information,Unpublishedmanuscript. Stinchcom Arthur,1987, Organizations Teece, David, 1986,Profiting from technol cal innovation, Research Policy 15,285-305. Williamson, Oliver E., 1979, Transaction-mst economics: -The governance of contractual relations, Journalof Law and Economics 2223-61. Williamson, Oliver E, 1980, The organization of work, Journal of Economic Behavior and
Organization 1, b-31. Williamson, Oliver E.. 1985, The economic institutions of capitalism (The Free Press, New
York).
of
. %
.
.
0
.
.
s
__
Y
3
360
O.E. Williamson, R reply
e list
of consensus
on (1961, p. xxiv)] does not
technology of transacting’ to develop new apparatus for studyi
judgment. ever, as Smith makes re t since refer to various asset to technology but are of organizational interest beta some may conclude at misconstrues the message. of production and the technology of tran latter refers mainly to economizing on tra ng in comparative institutional analysis. lassical economics used to be u There is always a d condition of neglect will y preoccupation undervaluation of the nevertheless urge that the technology of tran most interesting issues of economic organizatio Others have ma& ihis p&t previousiy. Thus A&. *Coleobserved in 1968 that the economic importance of organizational innovations was great] undervalued - both in relation to the weight ascribed to and the researc attention accorded to technological innovations and capital flows. condition continues and warra e. last example may he1
362
O.E. Wibmson, A reply
innovators are ne interpretation of these remarks is that technologi of their just deserts by incidental distributors, such as ho occupy critical positions in the marketing of rsonal computers. innovators, why not y tilt the distribution of returns in favor of technological innovators, who are already present in abundance? That engi display a technology-favoring predilection is understandable. omists and business historians should do the investment decision ca ons of all kinds -
eth, 1971,Essays in the theory of riskg (North-Holland,Amsterdam). Arrow, enneth, 1985, Informational structure o e b American &onomic Review 75, 303407. ry trying to accomplish?, in: K. Arrow and S. Blackwell,Oxlord) 28-76.
Arrow,
tion, and vertical inteard University Press~Cambridge, e managerial revolution in
erican business
strative coopdinati
n Economic Review 58,
O.E. Wikunson,
A reply
363
Georgescu-Roegen,Nicholas, 1971, The entropy law and economic process ( arvard University Press, Cambridge,MA). Grossman, Sanford and Oliver Hart, 1986, IL’he costs and benetits of ownxship: A theory of verticaland lateralintegration,Journal of Political Economy94,691-719. mplete contractsand the theory of the firm,Journal of Law, Eccmm&, Jean Tirole, 1988, The theory of the firm, in: Richard Schmalenseeand Rober; Willig,eds., Handbook of industrialorganization(North-Molland,Amsterdam). transition to factory production in c History47, 71-96. &story 46,585-623. Law Review47,691-816. the theory of the firm, Unpublished Ph.D. dissertation(Universityof Pennsylvania,Philadelphia, Nelson, Richardand Sidney Winter, 1982,An evolutionary theoryof econeagiccha*rge\ University Press,Cambridge,MA). Riordan, Michael and Oliver Williamson, 1985, Asset specificityand economic organization, InternationalJournal of IndustrialOrganization 3,365378. an, 1976, Perspectiveson technology (CambridgeUniversity Press,Cambridge). 1961,Administrativebehavior,2nd ed. (Macmillan,New York). 1974, Economic theory and its discontents, American Economic Review 64, 320-322. information,Unpublishedmanuscript. Stinchcom Arthur,1987, Organizations Teece, David, 1986,Profiting from technol cal innovation, Research Policy 15,285-305. Williamson, Oliver E., 1979, Transaction-mst economics: -The governance of contractual relations, Journalof Law and Economics 2223-61. Williamson, Oliver E, 1980, The organization of work, Journal of Economic Behavior and
Organization 1, b-31. Williamson, Oliver E.. 1985, The economic institutions of capitalism (The Free Press, New
York).