Oliver E. Williamson

Date of Birth: September 27, 1932

Zodiac Sign: Libra

Date of Death: May 21, 2020

Biography

Oliver Eaton Williamson was an influential American economist renowned for his pioneering work in transaction cost economics and the theory of the firm. Born on September 27, 1932, in Superior, Wisconsin, Williamson made significant contributions to understanding how organizations operate and how economic transactions are governed. He earned his bachelor’s degree in management from the Massachusetts Institute of Technology (MIT), followed by an MBA from Stanford University and a Ph.D. in economics from Carnegie Mellon University. Williamson held academic positions at several prestigious institutions, including the University of California, Berkeley, where he spent the majority of his career. His notable work, “Markets and Hierarchies” (1975), introduced the concept of transaction cost economics, which explores the costs of making an economic exchange. This work challenged traditional economic theories by emphasizing the importance of organizational structures and governance mechanisms in reducing transaction costs. In 2009, Williamson was awarded the Nobel Memorial Prize in Economic Sciences, sharing it with Elinor Ostrom. His groundbreaking research has had a profound impact on various fields, including economics, business administration, and law. Williamson passed away on May 21, 2020, leaving behind a legacy that continues to influence scholars and practitioners alike.

5 Interesting Facts about Oliver E. Williamson

1. Oliver E. Williamson was awarded the Nobel Memorial Prize in Economic Sciences in 2009.

2. His seminal book, “Markets and Hierarchies,” was published in 1975 and is considered a cornerstone in the field of transaction cost economics.

3. Williamson was a professor at the University of California, Berkeley for over two decades.

4. He earned his Ph.D. in economics from Carnegie Mellon University in 1963.

5. Williamson’s work has been widely cited across multiple disciplines, including economics, business, and law.

5 Most Interesting Quotes from Oliver E. Williamson

1. “In the beginning, there were markets.”

2. “Transaction cost economics is an effort to understand better the economics of organization.”

3. “Human actors are subject to bounded rationality and opportunism.”

4. “Firms exist because they can organize transactions more efficiently than could be achieved by market exchange.”

5. “Governance is the means by which order is accomplished in a relation in which potential conflict threatens to undo or upset opportunities to realize mutual gains.”

Highest Net Worth Achieved

The highest net worth achieved by Oliver E. Williamson is not publicly documented. As an academic, his contributions were more intellectual than financial.