Oliver Williamson 1932 – 2020

Oliver Williamson – the joint 2009 Nobel laureate – passed away last Thursday aged 87.

He is best known for his 1985 book The Economic Institutions of Capitalism.  My original copy actually fell apart a few years ago. It is not an easy book to read. Almost everything I have worked on over the past 4 years has relied very heavily on Williamson’s insights.

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4 Responses to Oliver Williamson 1932 – 2020

  1. Ellie

    RIP. X

    Transaction cost theory is based on the principle that costs will arise when you get someone else to do something for you. 

    Lock down explained?

  2. Mak Siccar

    We stand on the shoulders of great men so that we can see the way forward.

  3. Sinclair Davidson

    Transaction cost theory is based on the principle that costs will arise when you get someone else to do something for you.

    Almost – but not quite. What you describe there is an ‘agency cost’.

  4. Ellie

    I’m slowly learning. Been doing quite a bit of research lately. Edumacating myself, so to speak.

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