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Is there a role for transaction cost economics if we view firms as complex adaptive systems?

Опубликовано на портале: 15-12-2002
Contemporary Economic Policy. 2000.  Vol. 18. No. 4. P. 369-385. 
This article assesses the usefulness of transaction cost economics when we view economic organizations, such as firms, as complex adaptive systems. Modern complexity science is a radically different in orientation to neoclassical economics, which deals with decision making in contexts that are presumed to be simple and, therefore, disconnected from complex reality. However transaction cost economics can be related to aspects of modern complexity science: bounded rationality, opportunism, and asset specificity are all associated with behavioral complexity.