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Spreading the Word: Transaction Cost Economics in the Conversation of Economics
Author(s) -
PESSALI HUASCAR,
FERNÁNDEZ RAMÓN
Publication year - 2012
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/j.1536-7150.2012.00834.x
Subject(s) - transaction cost , new institutional economics , conversation , schools of economic thought , argumentative , positive economics , institutional economics , economics , institutionalism , economics education , applied economics , sociology , law and economics , neoclassical economics , microeconomics , law , political science , higher education , politics , communication , economic growth
A bstract Transaction cost economics is a key topic in many conversations in business and economics related disciplines, much as a result of Oliver Williamson's intellectual crusade. By claiming a “distinct worldview,” he develops arguments of association and differentiation to established worldviews, like traditional microeconomics, earlier institutionalism, Austrian and radical economics, and also within the new institutional economics itself, in order to advance his theory. His resourcefulness defies straight argumentative decisions, catering to different audiences whilst trying to break new ground. Surely Williamson has not pleased everyone, but his discourse is greatly responsible for placing TCE in the everyday parlance of economics.