If you believe that markets operate in Alan Greenspan fashion, then you don’t inquire into the details. Oliver E. Williamson Read Quote
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. Oliver E. Williamson Read Quote
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. Oliver E. Williamson Read Quote
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. Oliver E. Williamson Read Quote
The transaction cost approach maintains that some projects are easy to finance by debt and ought to be financed by debt. These are projects for which physical-asset specificity is low to moderate. Oliver E. Williamson Read Quote
Teaching can be learning, especially if student curiosity with the question ‘What’s going on here?’ can be elicited. Oliver E. Williamson Read Quote
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. Oliver E. Williamson Read Quote
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. Oliver E. Williamson Read Quote
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. Oliver E. Williamson Read Quote
The lens of contract focuses predominantly on gains from trade whereas orthodoxy is focused on resource allocation. Oliver E. Williamson Read Quote
