Seminar 3: Oliver Williamson
In this seminar we look at the way in which Oliver Wiliamson built on the work of Ronald Coase, to look more closely at the role of transaction costs. This has led to the growth of what is referred to as ‘new institutional economics’, which we consider here. The economics underpinning this approach depart from neo-classical economics and what we consider here are the policy implications that result from this departure.
Williamson ‘Transaction Cost Economics: The Governance of Contractual Relations’ (1979) 22(2) Journal of Law and Economics 233
Williamson ‘The New Institutional Economics: Taking Stock, Looking Ahead,” (2000) 38(3) Journal of Economic Literature 595
Williamson’s Nobel Prize lecture: http://www.nobelprize.org/nobel_prizes/economics/laureates/2009/williamson_lecture.pdf