A Quote by Oliver E. Williamson
Ronald Coase, in his classic 1937 paper on 'The Nature of the Firm,' was the first to bring the concept of transaction costs to bear on the study of firm and market organization.
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A firm, therefore, consists of the system of relationships which comes into existence when the direction of resources is dependent on an entrepreneur... As a firm gets larger, there may be decreasing returns to the entrepreneur function, that is, the costs of organising additional transactions within the firm may rise.
I think I have met nearly all the Laureates in Economics. Among the few I haven't met, I suppose I'd most like to meet Ronald Coase because of his legendary power to persuade his colleagues of the validity of the Coase Theorem.
I tend to regard the Coase theorem as a stepping stone on the way to an analysis of an economy with positive transaction costs.
Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm, these market transactions are eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-co-ordinator, who directs production.
My father realised that for me to become a publisher in his firm would have been the end of the firm!
The study of economic organization commonly proceeds as though market and administrative modes of organization were disjunct. Market organization is the province of economists. Internal organization is the concern of organization theory specialist. And never the twain shall meet.
A writer is obviously at his most natural and relaxed when he writes in the first person. Writing is a personal transaction between two people, conducted on paper, and the transaction will go well to the extent that it retains its humanity.
I have a firm faith in art, a firm confidence in its being a powerful stream which carries a man to a harbor, though he himself must do his bit too.
Does a firm persuasion that a thing is so, make it so?" He replied, "All poets believe it does. And in ages of imagination, this firm persuasion removes mountains; but many are not capable of firm persuasion of anything.
Regardless of how it's done, transaction costs will continue to plummet as computers get more powerful. Low transaction costs are a wonderful thing if you're in the transaction business. They're wonderful for consumers too, making it cheaper and easier to buy things and creating new things to buy.
I recall a conversation with the CEO of large electrical equipment MNC in which he began by asking me to guess how many innovation centres his firm had around the world. My guess was nowhere near the 160 that turned out to be the answer. Not surprisingly this CEO recognized that his firm's ability to innovate was being hampered by the huge size of their footprint which brought few benefits as it was inefficient, there was duplication across sites and competition between them. In this and most other cases, the costs of the expanded footprint outweigh the benefits.
May it be my privilege to have the happiness of establishing the commonwealth on a firm and secure basis and thus enjoy the reward which I desire, but only if I may be called the author of the best possible government; and bear with me the hope when I die that the foundations which I have laid for its future government, will stand firm and stable.
Ronald Reagan knew his own mind. He had firm principles - and, I believe, right ones. He expounded them clearly, he acted upon them decisively.
I hope I come across as supportive and encouraging as well as being firm when I need to be firm.
The superior man is firm in the right way and not merely firm.
In fact, a large part of what we think of as economic activity is designed to accomplish what high transaction costs would otherwise prevent or to reduce transaction costs so that individuals can negotiate freely and we can take advantage of that diffused knowledge of which Friedrich Hayek has told us.
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