Monday, September 27, 2010

Happy 78th Birthday Oliver Williamson

Winner of the Nobel Prize in Economics last year (with Elinor Ostrom) for his groundbreaking work on the institutional structures of hierarchies, including both firms and governments, and his transaction cost analysis of different kinds of contracts, particularly the distinction between standard contracts and asset-specific contracts (which are contracts that require the deployment of special goods that could not easily be put to other uses should the contract fail).

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