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Business : Economics of Organizations, 4 questions - Essay Example

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Economics of Organizations Q1 Assess the view that the history of business organization is explained by changes in the transactions cost problems faced by their managers. One of the prominent views of the business organization is the view that considers its history as explained by the transaction cost problems faced by its managers…
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Business Essay: Economics of Organizations, 4 questions
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Download file to see previous pages 87). The cumulative perspective on these elements then has emerged in what is termed transaction cost economics. Transaction cost economics considers that the cost of transactions has a direct impact of the choices of growth strategies that firms adopt or internalize (Williamson 1981, p. 87). These transaction costs emerge, as individuals do not have perfect knowledge of all elements involved in the transaction. What occurs then is that the organization that adopts these transaction costs most effectively is the organization that gains the most success (Williamson 1981, p. 87). To a large extent, such transaction perspectives on the history of business seem to be valid from certain perspectives. One considers that transaction cost problems greatly reflect current business practices. The transaction cost perspective on the history of business organization then emerges largely in contrast to the neoclassical model. Williamson (1981, p. 87) argued that there were a variety of distinguishing elements between the transaction perspective and the neoclassical approach. ...
27). It would seem then that the transaction implementation of governance structures more comprehensively explains business organization. Another of the prominent supports of the transaction cost perspective has been in terms of behavioral assumptions. And indeed, Daniel Kahneman was recently awarded the Nobel Prize for his work in behavioral economics, attesting to the general academic acceptance of transaction perspective on the history of organizations (‘Maps of Bounded Rationality’, 2012). While previous economic theories emphasized rational markets, transaction market perspectives consider that markets must be understood in terms of bounded rationality. Bounded rationality assumes that individuals or organizations will operate within the bounded structures of their minds. The recognition that markets to a degree are irrational attests to the recognition that transaction costs have perhaps been a more accurate determinant of business organization than previous models, namely the neo-classical emphasis on hyper-rationality. Essentially, these classical perspectives, as evidenced in Adam Smith’s invisible hands of the market, as well as comparative advantage theories, argued that the market functions in rationally determined ways. The transaction cost perspective takes on a view of business organization and markets as subject to more modern perspectives, including behaviorism. In addition to corporate governance, and behavioral assumptions, the view that transaction costs explain the history of business organization is supported by a number of other elements. One such element is remediableness. Within this spectrum of ...Download file to see next pagesRead More
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