Metaphors of Transaction Cost Economics

Huáscar Fialho Pessali

56 citations0/0 files storedReview of Social Economy

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Abstract

Metaphors are part of our daily lives as they help us understand the world. Economics, as with other areas of knowledge, cannot go without metaphors. Transaction Cost Economics (TCE)—a prominent theoretical framework on economic organisation—is no different: it has been built on a set of metaphors. This article gathers and discusses three of the key metaphors of TCE—transaction costs as frictions, human beings as “contractual men,” and economic selection between mechanisms of governance. How they fit together and help the construction of TCE are the issues at hand.

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References

2003Metaphors We Live By 1987The Economic Institutions of Capitalism 2019American Economic Review 1986The Economic Institutions of Capitalism 1986The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration 1991Comparative Economic Organization: The Analysis of Discrete Structural Alternatives 1975Markets and Hierarchies 2000The New Institutional Economics: Taking Stock, Looking Ahead

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