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Foss & Klein: "Austrian Economics and the Transaction Cost Approach to the Firm" [Libertarian Papers]
“Austrian Economics and the Transaction Cost Approach to the Firm” by Nicolai J. Foss and Peter G. Klein, was published today in Libertarian Papers. The article discusses, inter alia, the work of Oliver Williamson, who was today named the winner, along with Elinor Ostrom, of the Sveriges Riksbank Prize in Economic Sciences in Memory... »
It’s Ostrom and Williamson
From The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2009: Elinor Ostrom has demonstrated how common property can be successfully managed by user associations. Oliver Williamson has developed a theory where business firms serve as structures for conflict resolution. Over the last three decades these seminal contributions have advanced economic... »
