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Williamson's Influence on Economic Theory - Essay Example

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This essay "Williamson's Influence on Economic Theory" explains the concept of boundaries of a firm that can be traced back to 1937 when Ronald Coase suggested that a firm either have a choice to make or buy products for sale. There have been evidence that Oliver Williamson has been right in suggesting that vertical integration is influenced by its complexity and asses specificity…
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Williamsons Influence on Economic Theory
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Download file to see previous pages he issues include inter-firm relations, trans-nationalization, regional culture, various production systems, regional culture, flows of knowledge through social networks, closely tied personal and business lives, embeddedness in surrounding society, external control and ownership, and contractual relations. Boundaries are demarcations of the firm’s structure that comprises an organization. All the above make demarcation of a firm difficult to ascertain. Boundaries are important in defining how and when things are done in the firm and establish rules and norms for inclusion or seclusion. It also determines parameters of organizational influence depending on the degree of the sector and its power over external influences. This means that the boundaries of a firm demand detailed scrutiny to arrive at a more accurate definition of a boundary. The boundaries can be defined in a range of dimensions that include ownership, hierarchy, control, power and social bonds. According to Taylor and Oinas (2006), boundaries are defined in five different contexts. Boundaries with local economic systems, employees, the broader social environment, network partners and markets,
The concept of the boundary of the firm is extreme in its scope and cannot be covered in this discussion. Therefore, the discussion would be biased to Transition Cost Economics (TCE) based boundary described by economics Nobel Prize winner Oliver Williamson. Transaction costs differences occurring in transactions help determine the structure of modern firms. Transaction cost economists, like Williamson, use the theory to explain vertical integration, outsourcing, and corporate governance.
He advances the theory started by Ronal Coase in 1937. Williamson argues that the firms or organizations are not just a collection of tangible or intangible assets but entities with the capacity to organize and run transactions. To understand Williamson's theory, it is important to know and understand some of the key concepts. ...Download file to see next pagesRead More
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