Phrase by 'Oliver E. Williamson'
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Managerial discretion can take many forms, some very subtle. Individual managers may run slack operations; they may pursue subgoals that are at variance with corporate purposes; they can engage in self-dealing.
Author: Oliver E. Williamson - American EconomistRun , Some , Take , Individual
Vertical intergration is an organizational response to the contracting difficulties that attend intermediate product markets where trades that are supported by transaction-specific assets are exposed to hazard.
Author: Oliver E. Williamson - American EconomistWhere , Product , Difficulties , Response
The hypothesis that economic organization is the resultant of a series of historic accidents is intructive in that many organizational innovations appear to be the result of trial and error.
Author: Oliver E. Williamson - American EconomistError , Result , Organization , Accidents
The organization of the government itself is something which we ought to examine in a more self-conscious way - the Federal Reserve and the Treasury and the Securities and Exchange Commission. The mission that each of them has is mainly economic but should be informed by good organizational practices.
Author: Oliver E. Williamson - American EconomistGood , Way , Organization , Government
The lens of contract focuses predominantly on gains from trade whereas orthodoxy is focused on resource allocation.
Author: Oliver E. Williamson - American EconomistTrade , Focused , Contract , Lens
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