Oliver E. Williamson, 1932-2020
Oliver Eaton Williamson, one of the founders of the field of organizational and institutional economics, passed away on May 21, 2020 in Berkeley, California. Among the most influential scholars of the social sciences during the last half century, the genesis and impact of his ideas can be found far beyond the boundaries of his home discipline of economics. Oliver recognized that, because contracts are necessarily incomplete, numerous hazards may arise that impede effective contracting. When these hazards are sufficiently large, arms-length transactional markets will be less efficient than alternative forms of governance such as joint ventures, firms, or government institutions. Oliver's theory of transaction cost economics has contributed foundationally to the shaping of the strategy field.
Oliver was elected to the National Academy of Sciences in 1994 and was awarded the Nobel Prize in Economic Sciences in 2009. He was brilliant in his ideas, demanding in his expectations, munificent with his time, gentle in his critiques, and modest in his fame. The Strategic Management Division mourns his passing. Next month the Division will post a series of short essays honoring his contributions and life.
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Paolo Aversa
Associate Professor of Strategy
Cass Business School, City, University of London
STR Communications Director
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