جستارهای اقتصادی (Mar 2006)
Transaction Cost Economics
Abstract
Introducing the transaction cost economics (TCE), the article, as itsmain concerns, tries to explain the method of making the concept oftransaction cost operational and applying it in empirical studies. Inthis paper, the writer tries to provide some answers to thesequestions: How do followers of institutionalism and transaction costeconomists use this concept in practice and empirical studies? Andbasically, do they have any coherent method to deal with subjectmatters of economics or that institutional approach is only storytelling?New institutional economics (NIE) are divided into two main areas;institutional environment and institutional arrangement. TCE isrelated to the institutional arrangement and Williamson has related itinto governance structure. Coase's article entitled "The Nature of theFirm" is the beginning of this approach which emphasizes the firmmust be considered as a governance structure, rather than aproduction function or a technological construction. TCE tends tomake the concept of transaction cost operational and for achievingthis purpose, uses the idea of firm as a governance structure anddevelop "discriminating alignment" hypothesis.
