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Theory of Transaction in Institutional Economics: A History [Hardback]

(Universitą della Svizzera italiana, Switzerland)
  • Formāts: Hardback, 92 pages, height x width: 234x156 mm, weight: 294 g, 14 Line drawings, black and white; 14 Illustrations, black and white
  • Sērija : Routledge Studies in the History of Economics
  • Izdošanas datums: 09-Jul-2020
  • Izdevniecība: Routledge
  • ISBN-10: 0367194694
  • ISBN-13: 9780367194697
  • Hardback
  • Cena: 191,26 €
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  • Formāts: Hardback, 92 pages, height x width: 234x156 mm, weight: 294 g, 14 Line drawings, black and white; 14 Illustrations, black and white
  • Sērija : Routledge Studies in the History of Economics
  • Izdošanas datums: 09-Jul-2020
  • Izdevniecība: Routledge
  • ISBN-10: 0367194694
  • ISBN-13: 9780367194697

Despite abundant literature on transaction costs, there is little to no in-depth analysis regarding what the transaction is or how it works. Drawing on both mainstream and heterodox literature and a variety of interdisciplinary sources, this monograph traces the history of transaction costs in institutional economics, mapping the topicality and use of the idea of transaction in institutional economics literature over time, explicating how historical context affects this idea.


Vatiero treats the idea of ‘transaction’ as a construct with legal, competitive and political dimensions, and connects different approaches within institutional economics. The book covers the contributions of key thinkers from different schools, including Veblen, Coase, North, Williamson, Dixit.


This book will be of interest to advanced students and researchers of the history of economic thought, institutional economics, microeconomic theory, and law and economics.

Recenzijas

"Vatieros liberal combination of insights from the old and new institutionalisms is characteristic of what could be called the Siena approach to institutional economics." - David Gindis, University of Hertfordshire, HOPE reviews

"The book and the research direction advanced by the author is in many respects more ambitious and consequential than one is led to believe from the title of the volume, it is not merely history but possibly also the future of the theory of transactions." - Paul Dragos Aligica, Oeconomia

Preface ix
The roadmap xi
1 Mapping the meaning of "transaction"
1(16)
1.1 The ideas of transaction in Coase (1937) and (1960)
2(3)
1.2 John Commons's formulation of transaction
5(4)
1.3 Each transaction is "coercive"-- the contribution of Robert Lee Hale to transactional theory
9(3)
1.4 The "specific" transaction a la Williamson
12(5)
2 The three dimensions of a transaction
17(16)
2.1 The concept of transaction in the textbook perfect competition context
17(2)
2.2 Introducing the legal dimension of a transaction
19(4)
2.3 Introducing the competitive dimension of a transaction
23(4)
2.4 Introducing the political dimension of a transaction
27(3)
2.5 What should be next? Go back to the past
30(3)
3 The legal dimension of transactions
33(16)
3.1 The adversarial (or "positional") nature of legal positions
34(3)
3.2 Positional goods: a primer
37(6)
3.3 Freedom as a positional good
43(2)
3.4 The inevitable costs of defining rights
45(4)
4 The competitive dimension of transactions
49(16)
4.1 The role of the outside market in the emergence of holdup risk
50(3)
4.2 Oliver Hart's assignment of residual control rights
53(2)
4.3 Oliver Williamson's fundamental transformation
55(3)
4.4 The "trade-off" between Hart and Williamson: a reappraisal of the General Motors--Fisher Body case
58(3)
4.5 The road ahead: reconciling Hart with Williamson
61(4)
5 The political dimension of transactions
65(12)
5.1 The political argument over corporate governance
67(2)
5.2 The role of labour protection policies
69(2)
5.3 The role of competition policies
71(2)
5.4 The role of innovation policies
73(1)
5.5 Blockholding and politics
74(3)
6 Concluding remarks and one (just one, but remarkable) research proposal
77(4)
References 81(10)
Index 91
Massimiliano Vatiero (Ph.D., University of Siena) is an Assistant Professor of Political Economy at the Department of Economics and Management (DEM) of the University of Trento (Italy), and is "Brenno Galli" Chair of Law and Economics at the Law Institute (IDUSI) of the Universitą della Svizzera Italiana, Switzerland.