The two Coasian traditions

Abstract

Starting from the observation that the modern theory of the firm is branching out in at least two directions, this article argues that the existing differences lie in their underlying ontology. On the basis of the discussion of Bhaskar (1978) it is argued that underneath the neoclassical ‘nexus of contracts’- approach to the firm is an ontology that differs from that of the more heterodox Williamsonian transaction-cost economics. From the difference in terms of ontology flows differences in terms of conceptualizations of behaviour, mode of explanation etc. It is furthermore argued that the historical root of these differences is traceable is Coase's 1937-paper, ‘The nature of the firm’.

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