44: Transaction Costs and Boundaries of the Firm - Williamson and Malone (Part 3)

We wrap up our discussion of Oliver E. Williamson's famous 1981 article, "The Economics of Organization: The Transaction Cost Approach" with an exploration of related works and on-going research. Included is a review of Tom Malone et al.'s predictive look at "Electronic Markets and Electronic Hierarchies," written in 1987 when the promises of information technology were becoming reality. How well did their predictions hold up 30 years later?