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1、3.TransactionCostEconomicsOLIVERE.WILLIAMSONTransactioncosteconomicsisanefforttobetterunderstandcomplexeconomicorganizationbyselectivelyjoininglaw,economics,andorganizationtheory.Asagainstneoclassicaleconomics,whichispredominantlyconcernedwithpriceandoutput,reliesextensiv
2、elyonmarginalanalysis,anddescribesthefirmasaproductionfunction(whichisatechnologicalconstruction),transactioncosteconomics(TCE)isconcernedwiththeallocationofeconomicactivityacrossalternativemodesoforganization(markets,firms,bureaus,etc.),employsdiscretestructuralanalysis,an
3、ddescribesthefirmasagovernancestructure(whichisanorganizationalconstruction).Realdifferencesnotwithstanding,orthodoxyandTCEareinmanywayscomplements—onebeingmorewell-suitedtoaggregationinthecontextofsimplemarketexchange,theotherbeingmorewell-suitedtothemicroanalyticsofcompl
4、excontractingandnonmarketorganization.Ibeginbycontrastingthelensofcontract(outofwhichTCEworks)withthelensofchoice(orthodoxy).Verticalintegration,whichistheparadigmprob-lemforTCE,isthenexamined.TheoperationalizationofTCEisdiscussedinSection3.Variationsonathemearesketchedin
5、Section4.PublicpolicyisdiscussedinSection5.Concludingremarksfollow.1.THELENSESOFCHOICEANDCONTRACT1BigIdeasHalVarianhasrecentlydistinguishedbetweenimportantideasandBigIdeasanddescribesRonaldCoase’sclassicpaper,“TheNatureoftheFirm”(1937)asaBigIdea(2002,p.C2).Althoughthereis
6、widespreadagreementonthis,thenatureofthebigideatookalongtimetoregister.Thusasof1972,thirty-fiveyearsafterthepublicationof“TheNatureoftheFirm,”Coasedescribedhis1937articleas“muchcitedandlittleused”(1972,p.63).Itwasmuchcitedbecauseitwasontosomethingimportant,perhapsevenbig.B
7、utitwaslittleusedbecausethebigideawasonlydimlyperceivedand/orlackedoperationalization(Coase,1992,pp.716–718).1ThissubsectionisbasedonWilliamson(2002b).41C.MenardandM.M.Shirley(eds.),HandbookofNewInstitutionalEconomics,´41–65.C2005Springer.PrintedintheNetherlands.42Oliver
8、E.WilliamsonTheessenceoftheCoasiancontributionhasbeenvariouslydescribed(Williamson,1994,p.202;No
