Transaction Cost Economics: Recent Developments

Transaction Cost Economics: Recent Developments 184 BOOK REVIEW basic transaction cost position contrasting it with power approaches and relates both to the analysis of formal hierarchies. The argument is that transaction cost economics already provides us with a set of powerful concepts and instruments but they need to be dimensionalised in order to become fully operational. He compares the efforts made to dimensionalise transaction cost economics with the failure to operationalise power approaches. The notion of operational content underpin- ning these claims requires unpacking. He links it especially strongly to predictive success. Moreover, the benchmark for operational adequacy often appears to be mainstream orthodox economic theory. No criticisms regarding operational ad- equacy are levelled against orthodox approaches. There seems to be a residual commitment to the method of orthodox economics. Operationalising transaction cost economics appears at times to correspond to the project of making transaction cost economics consistent with the method of orthodox economic theory. What is perhaps most concerning here is that in recent years the most cogent accounts, and critiques, of orthodox economics have been precisely pitched at the methodological level. In particular the uncritical acceptance of a deductivist method has been seen as an effective block on the development of a http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Industrial Organization Springer Journals

Transaction Cost Economics: Recent Developments

Loading next page...
 
/lp/springer_journal/transaction-cost-economics-recent-developments-MlTJda6yMw
Publisher
Kluwer Academic Publishers
Copyright
Copyright © 1999 by Kluwer Academic Publishers
Subject
Economics; Industrial Organization; Microeconomics
ISSN
0889-938X
eISSN
1573-7160
D.O.I.
10.1023/A:1007748914733
Publisher site
See Article on Publisher Site

There are no references for this article.

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 12 million articles from more than
10,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Unlimited reading

Read as many articles as you need. Full articles with original layout, charts and figures. Read online, from anywhere.

Stay up to date

Keep up with your field with Personalized Recommendations and Follow Journals to get automatic updates.

Organize your research

It’s easy to organize your research with our built-in tools.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

Monthly Plan

  • Read unlimited articles
  • Personalized recommendations
  • No expiration
  • Print 20 pages per month
  • 20% off on PDF purchases
  • Organize your research
  • Get updates on your journals and topic searches

$49/month

Start Free Trial

14-day Free Trial

Best Deal — 39% off

Annual Plan

  • All the features of the Professional Plan, but for 39% off!
  • Billed annually
  • No expiration
  • For the normal price of 10 articles elsewhere, you get one full year of unlimited access to articles.

$588

$360/year

billed annually
Start Free Trial

14-day Free Trial