The economics Nobel selection committee evidently isn’t the only body impressed with Oliver Williamson’s Transaction Cost Economics (TCE). Personally, I have always liked transaction cost economics because I found the construct consistent with my own intuition. Put succinctly, watch out because someone might be looking to screw you over.
Evidently, the students in my Economics 450, Economics of the Firm course, share my enthusiasm.
Here is a full accounting of their written responses from this term’s course evaluations:
Q: What was the best topic in this course?
TCE! Williamson changed my life :-)
INNOVATION and ENTREPRENEURSHIP.
I love Williamson’s TCE forever and ever. I also really liked talking about McDonalds. I dont think the Innovation and Econ was particulary central to the class but I really enjoy it too!