Klein on Nobel Winner Oliver Williamson and Hayekian Economics

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

Oliver Williamson & Friedrich Hayek

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

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Strictly speaking, there is no ‘economic motive’ but only economic factors conditioning our striving for other ends. — F. A. Hayek

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