Lost in Transaction? Oliver Williamson's Nobel Prize and the problem of governance
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Abstract
After having been a candidate for a while, in 2009 «half» a Nobel Prize has been assigned to Oliver Williamson. It is another important acknowledgement, beside the prizes to Simon, Coase, Becker, and North of the relevance of the interdisciplinary approach to economics, with particular reference to organizations and the law. After having summarized the core contributions of Oliver Williamson we analyze the complex relationship between efficiency and power for the economic analysis of institutions.
Keywords
- Oliver Williamson
- Transaction Costs Economics
- Efficiency and Power
