The Mechanisms of Governance
Book Details
Format
Hardback or Cased Book
ISBN-10
0195078241
ISBN-13
9780195078244
Publisher
Oxford University Press Inc
Imprint
Oxford University Press Inc
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Jun 20th, 1996
Print length
448 Pages
Weight
712 grams
Dimensions
24.10 x 16.40 x 3.40 cms
Product Classification:
Economic theory & philosophyMicroeconomicsOrganizational theory & behaviour
Ksh 32,150.00
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Offering a new economic perspective to organizational studies, this work shows that decision-makers in firms respond to economic factors that affect both the structure of the individual firm and the structure of the industry within which the organization operates.
New Institutional Economics is a new way to look at how organizations function. Rather than seeing the firm as a "black box", Williamson shows how decision makers respond to economic factors WITHIN the firm -- what he calls "transaction cost economics" (TCE). In this series of studies, Williamson shows how complexity expands in organizations because of bounded rationality and opportunism; that is the "bad news" of his message. The "good news" is that individuals within organizations become perceptive of resulting hazards they may and do encounter, and are adept at fashioning their organizations to cope creatively with difficult situations. This creativity accounts for diversity among organizations, in which governance structures are adapted to firm - or industry-specific hazards.
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