An inquiry into the explanatory virtues of transaction cost economics
An inquiry into the explanatory virtues of transaction cost economics
Author(s): Lukasz HardtSubject(s): Philosophy, Social Sciences, Economy, Special Branches of Philosophy, Sociology, Philosophy of Science, Social Theory, Socio-Economic Research
Published by: Editura Rosetti International
Keywords: Oliver Williamson; explanatory power;
Summary/Abstract: The aim of this paper is twofold. First, we offer a methodological reflection on how the explanatory virtues of economic theories can be assessed in a systematic way. Second, we use that theoretical apparatus to study the explanatory virtues of Transaction Cost Economics (TCE, henceforth). Precisely, we are primarily interested in assessing the progress within TCE with respect to its explanatory power rather than directly comparing TCE’s explanatory virtues to alternative theories. The paper offers also some general insights into the way we compare economic theories.
Journal: Journal of Philosophical Economics
- Issue Year: V/2011
- Issue No: 1
- Page Range: 120-147
- Page Count: 28
- Language: English