
The Mechanisms of Governance
Oliver E. Williamson
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Origins, Evolution, and Development
by Oliver E. Williamson, Sidney G. Winter
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In 1937, Ronald H. Coase published "The Nature of the Firm," a classic paper that raised fundamental questions about the concept of the firm in economic theory. Coase proposed that the comparative costs of organizing transactions through markets rather than within firms are the primary determinants of the size and scope of firms. Coase won the 1991 Nobel Prize in Economics for this work.
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