A Tribute to Oliver Williamson: Williamson's Impact on the Theory and Practice of Management

Abstract

Although unknown to most CEOs, at least until his recent recognition by the Nobel Economics Prize Committee, Oliver Williamson has had a large impact on management theory and practice. There are many organization and strategy questions where his research is highly relevant. Williamson has spent much of his career trying to understand how things ought to be organized to promote efficiency, minimize manageable contractual risk, and achieve profitability. He developed transaction cost economics as a framework to assist managers in making critical strategic decisions.