The Nature of the Firm: Origins, Evolution, and Development [Paperback]

Oliver E. Williamson (Editor), Sidney G. Winter (Editor)

Book Description

ISBN-10: 0195083563 | ISBN-13: 978-0195083569 | Publication Date: May 6, 1993

In 1937, Ronald H. Coase published "The Nature of the Firm," a classic paper that raised fundamental questions about the concept of the firm in economic theory. Coase proposed that the comparative costs of organizing transactions through markets rather than within firms are the primary determinants of the size and scope of firms. Coase won the 1991 Nobel Prize in Economics for this work. This volume derives from a conference held in 1987 to commemorate the fiftieth anniversary of the publication of Coase's classic article. The first chapter affords an overview of the volume. It is followed by a republication of the 1937 article, and by the three lectures Coase presented at the conference. These lectures provide a lively and informative history of the origins and development of his thought. Subsequent chapters explore a wide-range of theoretical and empirical issues that have arisen in the transaction cost economic tradition. They illustrate the power of the transaction cost approach to enhance understanding not only of business firms, but of problems of economic organization generally. In addition to Coase's work, contributors include Sherwin Rosen, Paul Joskow, Oliver Hart, Harold Demsetz, Scott Masten, Benjamin Klein, as well as the volume's editors, Oliver E. Williamson, and Sidney G. Winter. The Nature of the Firm includes Coase's acceptance speech for his Nobel Prize in Economics.

Editorial Reviews

Review

"Our advice to anyone interested in organizations and organization theory is don't miss this book. It includes some of the past, present, and future of a major line of thought regarding the nature of the firm. It is an important contribution to the expanding interest in organization theory."--Journal of Management

"Particularly timely given Coase's receipt of the 1991 Nobel Prize for economics....For students and noneconomists, the volume provides an accessible route into the now enormous literature on economic organization....Specialists, on the other hand, will find ample grist for their analytical mills."--Business History Review

"The evolution of the theory is interesting, several important issues are discussed, and the suggestions for future research are illuminating. For those not familiar with this literature, the book provides a clear exposition of its origins and key ideas."--Business History

"Many of the papers are exccellent. The book is accessible to advanced undergraduates and graduate students and valuable for specialists in the field. It is that rare conference volume which is interesting, enlightening, and important."--Journal of Economic Literature

"A lively debate on economic approaches to the firm....It is unlikely that there is a better book than this one for understanding what the economics mainstream and periphery have to say today on the organization and governance of the firm."--Administrative Science Quarterly

About the Author

Oliver E. Williamson is at University of California, Berkeley. Sidney G. Winter is at United States General Accounting Office, Washington D.C. .

Product Details

• Paperback: 256 pages
• Publisher: Oxford University Press, USA (May 6, 1993)
• Language: English
• ISBN-10: 0195083563
• ISBN-13: 978-0195083569
• Product Dimensions: 9.1 x 6.1 x 0.6 inches
• Shipping Weight: 1.1 pounds (View shipping rates and policies)
• Average Customer Review: 4.5 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #605,110 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

13 of 13 people found the following review helpful:

5.0 out of 5 stars Excellent Starting Point, August 23, 2003

By 

Michael Greinecker (Vienna, Austria) - See all my reviews
(REAL NAME)   

This review is from: The Nature of the Firm: Origins, Evolution, and Development (Paperback)

This book serves as an excellent introduction to the transaction cost motivated theories of the firm. The whole field started with the 1937 paper by Coase, which one can find here. Three other papers by Coase give a good background on how he came to write that paper and what its implications and influences are. His Nobel lecture is also included. They all make a nice reading and clear up some misunderstandings about Coase's work. Coase is an excellent writer.

The other papers are very good too. I especially liked the one by Harold Demsetz. It points out that there are some important shortcomings to the transactionialist view and outlines a alternative theory of the firm.

Almost all papers can be read without much knowledge about economics and without math, so anyone with an interest in the topic should take a look.

7 of 12 people found the following review helpful:

4.0 out of 5 stars Readings on the "Firm", July 2, 2000

By 

"h9619232" - See all my reviews

This review is from: The Nature of the Firm: Origins, Evolution, and Development (Paperback)

The papers imprinted there include Coase's "The Nature of the Firm" and his Nobel Lecture as well. The works of O. Williamson, O. Hart, S. Rosen, S. Winter, etc on the nature of the firm are also there.

One thing worth to note is that three of the papers are the lectures given by Coase in the 1987 conference (which is due to the 50th anniversery of the publication of his "The Nature of the Firm") are also included. The sub-title of this book speaks for itself.

But I don't know why Cheung's "The Contractual Nature of the Firm" is omitted.