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Atmosphere, private ordering, and industrial pluralism: Williamson's evolving science of organization

Author

Listed:
  • Virgile Chassagnon

    (CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes)

Abstract

The major contribution of Oliver Williamson, who was a 2009 Nobel Prize co-Laureate in economics, consists of proposing a heuristic analysis of governance structures, namely, the firm, the market, and what he will later call the ‘hybrid forms'. This cardinal issue in organizational economics has made it possible to propose rigorous arbitration tools for the famous ‘make or buy' decisions in modern market economies based on asset specificity and quasi-rents. However, Williamson's work goes far beyond these contributions alone. His contribution is based on a multidisciplinary theoretical background in building the science of organization. This is the important but sometimes neglected aspect of Williamson's work that I wish to highlight in this paper in memory of Williamson in regard to three major pieces on atmosphere (and informal organization), private ordering, and industrial pluralism. In doing so, I also propose reconsidering the different stages of Williamson's evolving science of organization from recent neo-institutional works.

Suggested Citation

  • Virgile Chassagnon, 2022. "Atmosphere, private ordering, and industrial pluralism: Williamson's evolving science of organization," Post-Print halshs-03335382, HAL.
    • Handle: RePEc:hal:journl:halshs-03335382
    DOI: 10.1017/S1744137421000618
    as

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