What was Oliver E. Williamson's significant contribution to?
Quantum physics
Transaction cost economics
Genetic research
Architecture theory
Answer
Oliver E. Williamson was an American economist who made significant contributions to transaction cost economics. He argued that the costs of transacting between economic actors, such as the costs of searching for information, bargaining, and enforcing contracts, could be significant and could affect the efficiency of economic activity. Williamson's work has been influential in a number of fields, including economics, business, and law.
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