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Methodological Divergence between Coase and Williamson in the History of Transaction Cost Economics

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Title: Methodological Divergence between Coase and Williamson in the History of Transaction Cost Economics
Authors: Mikami, Masahiro1 Browse this author
Authors(alt): 三上, 真寛1
Keywords: Transaction Cost Economics
Realism in Assumptions
Opportunity Cost
Issue Date: 30-Nov-2011
Publisher: Graduate School of Economics and Business Administration, Hokkaido University
Journal Title: Economic Journal of Hokkaido University
Volume: 40
Start Page: 41
End Page: 57
Abstract: The work of Ronald H. Coase is often referred to as an original yet primitive version of Williamson's transaction cost economics. However, if we examine both author's seminal texts, Coase's argument differs in noteworthy respects from Williamson's transaction cost economics. Tracing the short history of transaction cost economics, this study clarifies three conflicting characteristics of Williamson's and Coase's versions of transaction cost economics: instrumentalist vs. realistic methodologies, calculative vs. realistic views of economic agents, and the notion of transaction cost as an analytical device vs. being a real cost for agents.
Type: bulletin (article)
Appears in Collections:Economic Journal of Hokkaido University > Vol.40

Submitter: 三上 真寛

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