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The Firm versus the Market: Dehomogenizing the Transaction Cost Theories of Coase and Williamson

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  • Bylund, Per L.

Abstract

It has become commonplace in management research to refer to "transaction cost theory," a joint Coase–Williamson approach to economic organizing. This off-the-cuff usage overlooks their differences by treating Coase as a pre-Williamsonian. I argue that their theoretical frameworks are different, and that they use different theoretical assumptions leading to different views of transaction costs, markets, and the firm. These differences are wide enough that they should be considered two distinct theoretical approaches to the firm. I outline their differences and elaborate on the implications of reconsidering Coase's distinct theory for management and strategy research.

Suggested Citation

  • Bylund, Per L., 2021. "The Firm versus the Market: Dehomogenizing the Transaction Cost Theories of Coase and Williamson," Strategic Management Review, now publishers, vol. 2(1), pages 79-118, February.
    • Handle: RePEc:now:jnlsmr:111.00000018
    DOI: 10.1561/111.00000018
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    Cited by:

    1. Frolov, Daniil, 2019. "From transaction costs to transaction value: Overcoming the Coase-Williamson paradigm," MPRA Paper 95959, University Library of Munich, Germany.
    2. Osei Bonsu, Kwadwo, 2021. "Axiomatic Formulation Of The Optimal Transaction Cost Theory In The Legal Process Through Cobb-Douglas Optimization," Economic and Regional Studies (Studia Ekonomiczne i Regionalne), John Paul II University of Applied Sciences in Biala Podlaska, vol. 14(3), September.
    3. Bonsu Kwadwo Osei, 2021. "Axiomatic Formulation of the Optimal Transaction Cost Theory in the Legal Process Through Cobb-Douglas Optimization," Economic and Regional Studies / Studia Ekonomiczne i Regionalne, Sciendo, vol. 14(3), pages 385-389, September.

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