Transaction Cost Economics and Beyond

<p>In recent years transaction cost economics have come to dominate the discussion of the nature and organization of firms. In <em>Transaction Costs Economics and Beyond</em> Michael Dietrich offers a critical exploration of transaction costs. He argues that whilst they have much to offer they are still an inadequate basis for a general theory of the firm. Drawing on theories of organizational behaviour as well as economics he concludes by offering a theory of the firm that allows for both hierarchical and creative decision making.</p>