American - Economist | September 27, 1932 -
Managerial discretion can take many forms, some very subtle. Individual managers may run slack operations; they may pursue subgoals that are at variance with corporate purposes; they can engage in self-dealing.
Oliver E. Williamson
RunEngageIndividualPursueMay
The hypothesis that economic organization is the resultant of a series of historic accidents is intructive in that many organizational innovations appear to be the result of trial and error.
OrganizationResultAccidentsError
The lens of contract focuses predominantly on gains from trade whereas orthodoxy is focused on resource allocation.
LensFocusedContractTradeResource
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