Did Oliver E. Williamson propose a new theory for the firm?
Yes
No
No records
He upgraded an existing one
Answer
Yes, Oliver E. Williamson proposed a new theory for the firm. His theory, known as transaction cost economics, argues that firms exist to reduce transaction costs. Transaction costs are the costs of negotiating, monitoring, and enforcing contracts between economic actors. Williamson argued that firms are more efficient than markets at reducing transaction costs because they can use internal hierarchies to coordinate economic activity.
Discovering the Economics Legacy: The Oliver E. Williamson Quiz
More Questions
Was Oliver E. Williamson a pioneer in social science research?
Did Oliver E. Williamson make contributions to economics only?
In which year was Oliver E. Williamson professor at the University of California, Berkeley?
Based on Oliver E. Williamson's work, is economics a purely hard science?
Did Oliver E. Williamson receive globally recognize for his work?
Related Quizzes
Subscribe Now!
Learn something
new everyday
Playing quizzes is free! We send 1 quiz every week to your inbox