Abstract
This chapter is motivated by the exciting exchange of ideas during the “Transaction Cost Economics (TCE) and Beyond” Conference in Rotterdam, June 1994. Lengthy discussions with some of the main contributors in the field have helped clarify my views on the main issues, implications, and future directions of the vibrant TCE perspective. It became evident during the Conference that, in contrast to early critiques of the nonoperationaliza-bility and vagueness of the TC concept, proponents of the perspective are currently actively involved in empirical investigation, to the effect that they now believe that enough evidence has been accumulated to throw the ball into the critics’ court (see for example Masten, 1994).
An earlier version of this paper has been presented at the “Transaction Costs Economics and Beyond” Conference in Rotterdam, June 1994. I am grateful to the organizer, John Groenewegen, for the invitation and to the participants for comments and discussion. From the participants to the Conference, I am particularly indebted to G. Dow, G. Hodgson, S. Masten and O. Williamson. For comments on earlier versions I am grateful to E. Penrose and R. Sugden. Errors are mine.
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Pitelis, C. (1996). Seven Reasons why “Beyond” Transaction Cost Economics to Thesmoeconomics. In: Groenewegen, J. (eds) Transaction Cost Economics and Beyond. Recent Economic Thought Series, vol 48. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-1800-9_14
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