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Oliver Williamson: Founder of the New Institutional Economics

Author

Listed:
  • Tamara Todorova

    (American University in Bulgaria, Bulgaria)

Abstract

Oliver Williamson is one of the most prominent thinkers of the 20th century. In the 1960s economic theory viewed the firm as a black box. Williamson opted to open this box trying to explain the key processes within the firm. The firm structure is a transaction cost saving mechanism. Analyzing the firm inevitably leads to market contracting and the theory of contract. Williamson is the most thorough analyst of opportunistic behavior in economic literature. We review the key contributions of Williamson’s theory of the firm, vertical integration, and transaction costs, which serve as the basis for the new institutional economics.

Suggested Citation

  • Tamara Todorova, 2022. "Oliver Williamson: Founder of the New Institutional Economics," Scientific Conference of the Department of General Economic Theory, University of Economics - Varna, issue 1, pages 279-286.
    • Handle: RePEc:vrn:oitcon:y:2022:i:1:p:279-286
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    More about this item

    Keywords

    Oliver Williamson; Transaction costs; Opportunism; New institutional economics;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law

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