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The history of transaction cost economics
and its recent developments
ŁUKASZ HARDT
University of Warsaw
Polish Academy of Sciences
Abstract: The emergence of transaction cost economics (TCE) in the
early 1970s with Oliver Williamson’s successful reconciliation of the so-
called neoclassical approach with Herbert Simon’s organizational theory
can be considered an important part of the first cognitive turn in
economics. The development of TCE until the late 1980s was
particularly marked by treating the firm as an avoider of negative
frictions, i.e., of transaction costs. However, since the 1990s TCE has
been enriched by various approaches stressing the role of the firm in
creating positive value, e.g., the literature on modularity. Hence, a
second cognitive turn has taken place: the firm is no longer only seen as
an avoider of negative costs but also as a creator of positive knowledge.
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