Paper Summary:

In this article, the writer discusses Oliver Williamson's concept of transaction cost framework. The writer looks at how Williamson's ideas have enlarged upon Ronald Coase's views. Further, the writer looks at the limitations in his ideas regarding transaction costs.

From the Paper:

"Oliver E Williamson's transaction-cost framework owes much to Ronald Coase's original work on the nature of the firm which established the centrality of transaction costs. Masten and Coase argued that firms will exist only in environments in which firms perform better than markets could and suggested that to create space for firms some environments might be plagued by transaction costs that cause markets to perform poorly. Gibbons Coase identified the costs of market transactions later to be termed transaction costs as those costs associated with ..."

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