...A TRIBUTE TO OLIVER WILLIAMSON: Institutions, Politics, and Non-Market Strategy Rui J. P. de Figueiredo, Jr. liver Williamson is best known for his contributions to economics, and particularly to our understanding of how private firms are defined, operate, and change. Williamson’s primary application addressed the question of why some economic transactions were organized within a private firm, while others took place outside of a firm, in the market. Despite this focus, Williamson’s reach and impact has extended far beyond the domain of private firms and markets. Certainly suitable for a scholar who has been so vocally interdisciplinary in his approach to the study of institutions and organizations, Williamson’s work has also made critical contributions to the understanding of political institutions specifically, and politics more generally. O From Transaction Cost Economics to Transaction Cost Politics At its heart, Williamson’s deep analysis of organization through the “lens of contract” is not restricted to private firms competing for economic profits. The theory and empirical analysis outlined and developed by Williamson, and those working through the framework he provides, focus on issues of governance more broadly: how activities, exchanges, or transactions are appropriately (or at times inappropriately) organized to minimize transaction costs. Put another way, one of Williamson’s signal contributions was to note that the way in which social activity is organized...
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...CONNECT FEATURES Interactive Applications Interactive Applications offer a variety of automatically graded exercises that require students to apply key concepts. Whether the assignment includes a click and drag, video case, or decision generator, these applications provide instant feedback and progress tracking for students and detailed results for the instructor. Case Exercises The Connect platform also includes author-developed case exercises for all 12 cases in this edition that require students to work through answers to assignment questions for each case. These exercises have multiple components and can include: calculating assorted financial ratios to assess a company’s financial performance and balance sheet strength, identifying a company’s strategy, doing five-forces and driving-forces analysis, doing a SWOT analysis, and recommending actions to improve company performance. The content of these case exercises is tailored to match the circumstances presented in each case, calling upon students to do whatever strategic thinking and strategic analysis is called for to arrive at a pragmatic, analysis-based action recommendation for improving company performance. eBook Connect Plus includes a media-rich eBook that allows you to share your notes with your students. Your students can insert and review their own notes, highlight the text, search for specific information, and interact with media resources. Using an eBook with Connect Plus gives your...
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