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A Not-so-dismal ScienceA Broader View of Economies and Societies$
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Mancur Olson and Satu Kähköhnen

Print publication date: 2000

Print ISBN-13: 9780198294900

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198294905.001.0001

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Economic Institutions and Development: A View from the Bottom

Economic Institutions and Development: A View from the Bottom

Chapter:
(p.92) 3 Economic Institutions and Development: A View from the Bottom
Source:
A Not-so-dismal Science
Author(s):

Oliver E. Williamson

Publisher:
Oxford University Press
DOI:10.1093/0198294905.003.0004

The transaction‐cost economics approach to governance is outlined, and it is explained how this helps to inform the study of the institutional environment at the level of the firm, and especially the corporate hierarchy. Three core governance concepts—credible commitment, bureaucracy/bureaucratization, and remediableness—are then described. The lessons of each, for understanding the institutional environment (mainly the polity) and economic development and reform are then developed.

Keywords:   economic development, firms, governance, institutions, transaction cost economics

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