Oliver E. Williamson
Oliver E. Williamson
Oliver Eaton Williamsonis an American economist, a professor at the University of California, Berkeley, and recipient of the 2009 Nobel Memorial Prize in Economic Sciences...
NationalityAmerican
ProfessionEconomist
Date of Birth27 September 1932
CountryUnited States of America
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If you believe that markets operate in Alan Greenspan fashion, then you don't inquire into the details.
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The remediableness criterion is an effort to deal symmetrically with real world institutions, both public and private, warts and all. The criterion is this: an extant mode of organization for which no superior feasible form of organization can be described and implemented with expected net gains is presumed to be efficient.
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My university teacher and mentor Kenneth Arrow remembers me as a student who asked good questions. Although I had not previously thought of myself in that way, on reflection I think that Arrow was right.