Description
Praise for this modern classic-a pathfinding micro-analysis of economic organization both within and between markets and hier- archies:"Oliver Williamson's work has brought to our attention in a fruitful study the ways that economic and other organizations differ in their behavior from the pure market model. The direct links among individuals and the need to respond in ways which reflect limited ability to cope with uncertainty and complexity has strong implications for the nature of economic contracts, the possibility of mar- kets, and substitution of hierarchical and other direct relations for the price sys- tem. I find his work especially important because in introducing a need for new principles in understanding internal organization, he has not lost sight of the im- portance of external market pressures in the direction of economic activity. The publication of this book is a powerful addition to our knowledge in this area and equally a stimulus to further research."-Kenneth J. ArrowNobel Laureate in EconomicsISBN:0029347807
