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The rhetoric of Oliver Williamson's transaction cost economics

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  • PESSALI, HUASCAR F.

Abstract

Bounded rationality, opportunism, the primacy of markets and the action of economizing are building blocks of Oliver Williamson's Transaction Cost Economics (TCE). As in all intellectual exchanges, Williamson has used a range of argumentative devices to set up and negotiate his basic notions and assumptions with economists. Rhetorical analysis is applied here to study his argumentation in a certain institutional context within economics. Negotiations with the mainstream, with the competence view of the firm and within the New Institutional Economics, for instance, have had an impact on the construction of TCE and are given attention here. Difficult decisions have been made in order to forge ahead with TCE, including whether to uphold some notions (e.g. opportunism) at the cost of leaving others behind (e.g. economics of atmosphere). Rhetorical transactions like this have shaped TCE and its recognition in economics and related areas.

Suggested Citation

  • Pessali, Huascar F., 2006. "The rhetoric of Oliver Williamson's transaction cost economics," Journal of Institutional Economics, Cambridge University Press, vol. 2(1), pages 45-65, April.
    • Handle: RePEc:cup:jinsec:v:2:y:2006:i:01:p:45-65_00
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    Cited by:

    1. Lukasz Hardt, 2011. "An inquiry into the explanatory virtues of transaction cost economics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 5(1), pages 120-147, November.
    2. Paulo Calmon & Marcel Moraes Pedroso, 2011. "Incidence of Transaction Costs in Brazilian Health Ministry Programmes," Public Management Review, Taylor & Francis Journals, vol. 13(4), pages 575-593, May.
    3. Panova, Anna A. (Панова, Анна), 2018. "Transaction Cost Theory: Origin and Development [Теория Трансакционнных Издержек: Логика Возникновения И Развития]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 4, pages 90-107, August.
    4. Geoffrey M. Hodgson & Juha-Antti Lamberg, 2018. "The past and future of evolutionary economics: some reflections based on new bibliometric evidence," Evolutionary and Institutional Economics Review, Springer, vol. 15(1), pages 167-187, June.

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