Klein on Nobel Winner Oliver Williamson and Hayekian Economics

By Greg Ransom, on October 15th, 2009%

Organization economist Peter Klein on his thesis advisor Oliver Williamson.  I found this section of particular interest:

the black-box approach to the firm that [once] dominated neoclassical economics omits the critical organizational details of production. An equally serious omission is that production is typically treated as a one-stage process, in which factors are instantly converted . . . → Read More: Klein on Nobel Winner Oliver Williamson and Hayekian Economics

Comments are closed   Capital Theory, Oliver Williamson, Organizations

Oliver Williamson & Friedrich Hayek

By Greg Ransom, on October 12th, 2009%

Only a handful of Nobel Prize winners are as well read in the work of Friedrich Hayek as 2009 winner Oliver Williamson.  Note for example the references to Hayek in Williamson’s The Economic Institutions of Capitalism.  Williamson is particularly fond of quoting this passage from one of Hayek’s essays on the nature of explanation:

“Whenever . . . → Read More: Oliver Williamson & Friedrich Hayek

Comments are closed   Nobel Prize, Oliver Williamson
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Socialism is based on the lack of understanding of what it is to which we owe the available wealth that socialists hope to redistribute. — F. A. Hayek
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