Oliver Williamson

Oliver Williamson was an influential American economist and Nobel laureate known for his work on transaction cost economics. He explored how businesses organize themselves to minimize costs associated with exchanging goods and services. His ideas emphasized the importance of trust, contracts, and firm structures in economic relationships. Williamson's research helped explain why some transactions occur within companies rather than through the market, shedding light on business strategies and competition. His insights have had a significant impact on economics, law, and organizational theory, providing a framework for understanding how institutions shape economic behavior.