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
engineer government graduation jobs later married met project
My first jobs after graduation in 1955 were as a project engineer for G.E. and later with the U.S. government in Washington, D.C., where I met and married my wife, Dolores Celini.
self effort behaviour
Opportunism is self interest seeking with guile often involving subtle forms of deceit, especially calculated efforts to mislead, distort, disguise, obfuscate, or otherwise confuse. This vastly complicates the problems of economic organisation. Plainly if it were not for opportunism all behaviour could be rule governed
learning question teaching
Teaching can be learning, especially if student curiosity with the question 'What's going on here?' can be elicited.
contract gains orthodoxy resource whereas
The lens of contract focuses predominantly on gains from trade whereas orthodoxy is focused on resource allocation.
corporate discretion managerial managers pursue slack
Managerial discretion can take many forms, some very subtle. Individual managers may run slack operations; they may pursue subgoals that are at variance with corporate purposes; they can engage in self-dealing.
corporate discretion managerial managers pursue slack
Managerial discretion can take many forms, some very subtle. Individual managers may run slack operations; they may pursue subgoals that are at variance with corporate purposes; they can engage in self-dealing.
attracted became becoming began changed high initial math school science talking
My initial thoughts of becoming a lawyer changed in high school as I became more attracted to math and science and began talking about being an engineer.
classic concept costs firm market nature paper study
Ronald Coase, in his classic 1937 paper on 'The Nature of the Firm,' was the first to bring the concept of transaction costs to bear on the study of firm and market organization.
appear historic hypothesis result series trial
The hypothesis that economic organization is the resultant of a series of historic accidents is intructive in that many organizational innovations appear to be the result of trial and error.
economic examine exchange federal good government informed itself mainly ought reserve securities treasury
The organization of the government itself is something which we ought to examine in a more self-conscious way - the Federal Reserve and the Treasury and the Securities and Exchange Commission. The mission that each of them has is mainly economic but should be informed by good organizational practices.
efficient expected feasible gain mode net otherwise showing superior
The presumption that an extant mode is efficient if the expected net gain is negative can nevertheless be rebutted by showing that the obstacles to implementing an otherwise superior feasible alternative are 'unfair.'
assets attend exposed markets supported vertical
Vertical intergration is an organizational response to the contracting difficulties that attend intermediate product markets where trades that are supported by transaction-specific assets are exposed to hazard.