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Understanding Industrial and Corporate Change$
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Giovanni Dosi, David J. Teece, and Josef Chytry

Print publication date: 2004

Print ISBN-13: 9780199269426

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199269426.001.0001

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Hierarchies, Markets and Power in the Economy: An Economic Perspective

Hierarchies, Markets and Power in the Economy: An Economic Perspective

(p.109) Hierarchies, Markets and Power in the Economy: An Economic Perspective
Understanding Industrial and Corporate Change

Oliver E. Williamson

Oxford University Press

This chapter adopts the transaction cost economics perspectives for purposes of examining hierarchies, markets, and power in the economy. Transaction cost economics works out of an economizing perspective in which markets and hierarchies are alternative modes of governance, and the object is to ascertain which transactions go where and why. The role of power in this setup is strictly limited — partly because it is tautological. Power needs to be operationalized, whereupon the refutable implications that accrue to this perspective can be derived.

Keywords:   transaction cost economics, hierachies, markets, power

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