{"product_id":"the-mechanisms-of-governance","title":"The Mechanisms of Governance","description":"\u003cp\u003eThis book brings together in one place the work of one of our most respected economic theorists  on a field in which he has played a large part in originating: the New Institutional Economics. Transaction cost economics  which studies the governance of contractual relations  is the branch of the New Institutional Economics with which Oliver Williamson is especially associated.  Transaction cost economics takes issue with one of the fundamental building blocks in microeconomics: the theory of the firm. Whereas orthodox economics describes the firm in technological terms  as a production function  transaction cost economics describes the firm in organizational terms  as a governance structure. Alternative feasible forms of organization--firms  markets  hybrids  bureaus--are examined comparatively. The analytical action resides in the details of transactions and the mechanisms of governance.  Transaction cost economics has had a pervasive influence on current economic thought about how and why institutions function as they do  and it has become a practical framework for research in organizations by representatives of a variety of disciplines. Through a transaction cost analysis  The Mechanisms of Governance shows how and why simple contracts give way to complex contracts and internal organization as the hazards of contracting build up. That complicates the study of economic organization  but a richer and more relevant theory of organization is the result. Many testable implications and lessons for public policy accrue to this framework. Applications of both kinds are numerous and growing.  Written by one of the leading economic theorists of our time  The Mechanisms of Governance is sure to be an important work for years to come. It will be of interest to scholars and students of economics  organization  management  and law.\u003c\/p\u003e","brand":"My Store","offers":[{"title":"Default Title","offer_id":44965401854005,"sku":"ByrdShop_0195078241","price":70.25,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0627\/8139\/0901\/files\/9780195078244.jpg?v=1770495545","url":"https:\/\/atxbooks.com\/products\/the-mechanisms-of-governance","provider":"ATX Books","version":"1.0","type":"link"}