“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 of Alfred Nobel 2009 “for his analysis of economic governance, especially the boundaries of the firm.” Williamson was also Klein’s dissertation chair. Foss & Klein’s article discusses the links between Williamson’s work, the fields of transaction cost economics and organizational economics, and the Austrian school. Other work by Klein related to this field includes his blog Organization and Markets, his classic Review of Austrian Economics article “Economic Calculation and the Limits of Organization,” and his chapter “Risk, Uncertainty, and Economic Organization,” in the recently-published festschrift, Property, Freedom, and Society: Essays in Honor of Hans-Hermann Hoppe.
[Mises cross-post]
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