Kenneth J. Arrow Nobel Laureate in Economics Oliver Williamson's work has brought to our attention in a fruitful study the ways that economic and other organizations differ in their behavior from the pure market model? The direct links among individuals and the need to respond in ways which reflect limited ability to cope with uncertainty and complexity has strong implications for the nature of economic contracts, the possibility of markets, and substitution of hierarchical and other direct relations for the price system. I find his work especially important because in introducing a need for new principles in understanding internal organization, he has not lost sight of the importance of external market pressures in the direction of economic activity. The publication of this book is a powerful addition to our knowledge in this area and equally a stimulus to further research.Administrative Science Quarterly
No student of organizations should fail to read this book....ought to provide food for argument and further research for at least the next decade.Contemporary Sociology
...presents a concise, coherent, and powerful framework that will greatly enhance our thinking about complex organization, corporate conspiracy, public and business policy, and regulation....One of its major strengths is the merger of economic and sociological literature while invoking the information paradigm....highly rewarding.Challenge
...deserves serious attention from anyone who is interested in public policy toward private enterprise.
About the Author
Oliver E. Williamson
is Charles and William L. Day Professor of Economics and Social Science at the University of Pennsylvania and Director of the University's Center for Study of Organizational Innovation? A Guggenheim Fellow and former Special Economic Assistant to the Antitrust Division of the U.S. Department of Justice, he is author of The Economics of Discretionary Behavior
and Corporate Control and Business Behavior.