"We shall also concern ourselves with the institutional order built up from transactions, but our focus will be less narrowly economic than the one adopted by Williamson. Like him, we shall argue that institutional structures aim partly at achieving transactional efficiencies and that where such efficiencies are effectively achieved they act somewhat like a magnetic field – a mathematician would call them ‘attractors’ – drawing the uncommitted transaction into a given institutional orbit. Yet in contrast to Williamson’s, our concept of transactions is underpinned by an explicit rather than an implicit theory of information production and exchange which yields a different way of classifying them as well as a distinctive approach to their governance. We find ourselves in consequence in the realm of political economy rather than of economics tout court."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
p. 235; As cited in: Ortiz et al. (2006)
https://en.wikiquote.org/wiki/Max_Boisot
Revision History
No revisions have been submitted for this quote.
Categories
Max Boisot
Max Henri Boisot (11 November 1943 – 7 September 2011) was a British architect and management consultant who was professor of Strategic Management at the ESADE business school in Barcelona. Boisot was known for his ideas about the information economy, the Information Space, social capital and social learning theory.
17 quotes on TrueQuotesView all quotes by Max Boisot →
Related Quotes
"Knowledge management often generates theories that are too general or abstract to be easily testable. In some cases, …"
"Data itself can be thought of as an energetic phenomenon that links us in our capacity as knowing subjects to an exte…"
"The thinking that underpins strategic planning is a legacy of more stable times when the environment was changing suf…"
"Strategic intent describes a process of coping with turbulence through a direct, intuitive understanding of what is o…"
"Although in practice innovative coding is hard to disentangle from innovative theorizing, the latter, over time, has …"
"The production of information and its use in transactions both incur costs and are thus subject to economizing. In th…"
"In spite of such limitations, the New Institutional Economics research programme, given its willingness to acknowledg…"
"Failure to properly conceptualize the nature of knowledge assets condemns firms."
"[Knowledge assets are] stocks of knowledge through which different value added services flow."
"Data is discrimination between physical states of things (black, white, etc.) that may convey or not convey informati…"