Transaction Cost Economics and Beyond
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Transaction Cost Economics and Beyond
In recent years transaction cost economics have come to dominate the discussion of the nature and organization of firms. In Transaction Costs Economics and BeyondMichael Dietrich offers a critical exploration of transaction costs. He argues that whilst they have much to offer, they are still an inadequate basis for a general theory of the firm. Drawing on theories of organizational behaviour as well as economics, he concludes by offering a theory of the firm that allows for both hierarchical and creative decision making.
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