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 attractbeginchange Change image and share on social
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.' Oliver E. Williamson alternativeefficientexpect share on social
If you believe that markets operate in Alan Greenspan fashion, then you don't inquire into the details. Oliver E. Williamson alandetailfashion Change image and share on social
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. Oliver E. Williamson bearbringclassic Change image and share on social
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 accidenteconomicerror Change image and share on social
The field of 'economics and organization' is still young and needs support. I have been a chaired professor much of my academic life and know that such chairs are important for recruiting and retaining faculty. Oliver E. Williamson academicchaireconomics share on social
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 corporatedealdiscretion share on social
Teaching can be learning, especially if student curiosity with the question 'What's going on here?' can be elicited. Oliver E. Williamson curiosityelicitlearn Change image and share on social
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 approachassetcost Change image and share on social
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. Oliver E. Williamson arrowaskgood share on social
