(Monday, 15th May 2006)
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This lecture will have two main objectives. First, it will introduce the two principal approaches to the economic organization of the firm: the transaction-cost approach and the capabilities or knowledge-based approach. The lecture will thus serve as an introduction to the lectures of Oliver Williamson and Sidney Winter. Second, as the title suggests, the lecture will set forth the theory of dynamic transactions costs, which one can think of as an attempt to bridge the gap between transaction-cost and capabilities approaches.
Bibliographical references :
Must read reference : Richard N. Langlois (1992), "Transaction-Cost Economics in Real Time," Industrial and Corporate Change 1(1): 99-127.
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Richard N. Langlois and Nicolai J. Foss (1999), "Capabilities and Governance: the Rebirth of Production in the Theory of Economic Organization," Kyklos 52(2): 201-218.
Richard N. Langlois, (2003) "The Vanishing Hand: the Changing Dynamics of Industrial Capitalism," Industrial and Corporate Change 12(2): 351-385.