What is Nobel laureate Oliver Williamson referring to when he says "Do the gears mesh,are the parts lubricated,is there needless slippage or other loss of energy? Do the parties to exchange operate harmoniously,or are there frequent misunderstandings and conflicts?"

Question

Quizplus · Accepted Answer

Oliver Williamson is referring to transaction costs, which include the costs of coordinating and ensuring smooth exchanges between parties, such as avoiding misunderstandings and conflicts.

What Is Nobel Laureate Oliver Williamson Referring to When He