Description: Kenneth J. Arrow Nobel Laureate in Economics Oliver Williamson's work has brought to our attention in a fruitful study the ways that economic and other organizations differ in their behavior from the pure market model? The direct links among individuals and the need to respond in ways which reflect limited ability to cope with uncertainty and complexity has strong implications for the nature of economic contracts, the possibility of markets, and substitution of hierarchical and other direct relations for the price system. I find his work especially important because in introducing a need for new principles in understanding internal organization, he has not lost sight of the importance of external market pressures in the direction of economic activity. The publication of this book is a powerful addition to our knowledge in this area and equally a stimulus to further research.

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