Firms Empowered to Resolve Conflicts, Improve Organizational Culture
The article explores how organization theories enhance transaction cost economics, focusing on Oliver Williamson's theory of firms. Williamson's ideas, distinct from other firm theories, delve into authority within firms, conflicts, workplace environment, and long-term agreements. By combining insights from organization theory, Williamson aims to develop a scientific understanding of how firms operate. His research sheds light on the differences and similarities between these different theories, advancing the goal of constructing a comprehensive science of organization.