By Michael Dietrich
Dietrich bargains a serious exploration of transaction expenditures, arguing that whereas they've got a lot to provide, they're nonetheless an insufficient foundation for a normal thought of the enterprise.
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Additional info for Transaction cost economics and beyond
The widespread concern with sexual morals, drinking habits, religious attitudes, bad language and thrift was an attempt on the one hand to destroy pre-industrial habits and moralities, and on the other to inculcate attitudes of obedience towards the factory regulations, punctuality, responsibility with materials and so on. Pollardâ s (1965:254) comment is apposite in this respect: men who were non-accumulative, non-acquisitive, accustomed to work for subsistence, not for maximisation of income, had to be made obedient to the cash stimulus, and obedient in such a way as to react precisely to the stimuli provided.
One answer is that â at the end of the eighteenth century managers were frequently chosen from within the entrepreneurâ s family (in an effort to gain trustworthiness)â (Salaman 1981:34â 5). The recognition of this is important for two reasons. First is an issue that was introduced in Chapter 2: the existence of transaction costs, and therefore firms, is claimed by Williamson to be contingent upon the existence of bounded rationality, opportunism, and asset specificityâ in the absence of any of these factors firms are not required.
This means that a zero-sum world exists where transaction-organisation costs redistribute a given aggregate surplus. The analysis is therefore centred on bargaining and policing costs that are generated when a particular party attempts to appropriate quasi-rents, the appropriate organisational form being technically most efficient in terms of the bargaining and policing costs involved. It is usually argued that internal organisation possesses a secrecy advantage in this respect. What is not considered, however, is the possibility that different arrangements can endogenise monopoly advantages.