Williamson laid the foundation for future practical activities when he was studying. In the summer in Superior, every student will engage in some kind of physical labor. During his study, Williamson painted houses, laid sewers for excavators, worked as an assistant to automobile assemblers, and found a job in the laboratory of a local refinery. All these have formed his ability to participate in social life in the future.
1955, Williamson became a project engineer of the American government because of his first job after receiving a bachelor's degree from Massachusetts Institute of Technology. This enabled him to frequently visit the government departments and enterprises involved in the project. He was deeply moved by the quality of the pioneers of those big enterprises and fully understood how the bureaucracy worked. This job also gives him the opportunity to visit Japanese, Korean and Taiwan Province provinces, as well as other parts of the world. This provided quite rich practical experience for his later research.
After receiving his doctorate, he worked in the research and teaching of industrial organizations at the University of California, Berkeley and the University of Pennsylvania. After that, he started his practical work again in September. 1966. He served as a special assistant to the antitrust minister in Washington. 1 1 month's work has given him ample opportunities to handle a series of important anti-monopoly cases, and he has also deeply understood the problems that will arise in enterprise mergers and acquisitions. These experiences are very important for him to form his own academic thoughts in the future.
Pay attention to interdisciplinary research. As a Bachelor of Science from MIT, Williamson has a solid foundation in mathematics and physics. After receiving his doctorate, his main research field is industrial organization. 1in the summer of 965, when he was studying how to evaluate the scale boundary of manufacturers with the maximum workload, he met Amen Aqin, gary becker, harold demsetz and other scholars interested in property rights economics at UCLA, and began to have a greater interest in property rights theory. During his work in the anti-monopoly department, he worked closely with a group of outstanding young lawyers hired by the evaluation department of the department from Stanford and Harvard, which made him know more about the law. When he returned to the University of Pennsylvania to implement the Ph.D. program of new public policy analysis, he finally had a brand-new vision, which made him turn to transaction cost economics.
His research began with this branch of the labor organization. Working with him is his graduate student Jeffrey Harry. Harry's wife, a lawyer, warned that this study must pay attention to the relationship between organization and labor law. In this way, the book market and organization have gradually formed.
During the period of 1977- 1978, Williamson paid close attention to the latest research results of contract law in the legal field while working in the Center for Advanced Research in Behavioral Science. Mcnair's distinction between classicism and neoclassicism in contract types inspired his research ideas, and thus published an important paper, Transaction Cost Economics: Management of Contract Relationship.
Because of his outstanding achievements in interdisciplinary research, wexler was appointed as the dean of the School of Organization and Management of Yale University, which merged the School of Law and the School of Organization and Management in 1983. Williamson attached great importance to publishing in his academic career. From 1973, he was the deputy editor-in-chief of Bell Magazine, and he still serves as the editor and deputy editor-in-chief of the magazine. He made transaction cost economics a new direction of Bell magazine, and thus made the magazine develop rapidly. Judging from the awards of papers from 1975 to 1979, Bell Magazine ranks eighth among all economic journals.
After working at Yale University, he founded a new publication, Journal of Law, Economics and Organization, to encourage interdisciplinary research. Wexler is convinced that the intersection of law, economics and organizational theory must be rich countries and other countries.
Of course, wexler also has shortcomings in politics. Although his publications are rigorous and logical. But the words are obscure. This is recognized by the economics community. Even he himself does not deny this. The term "new institutional economics" comes from oliver williamson 1975, which is also called "mathematical institutional economics", "theoretical institutional economics", "modern institutional economics" or "new institutional economics". Its main purpose is to draw a clear line with the "old" institutional economics of Van Buren, Kang Mangsi and Mitchell.
The so-called new institutional economics is completely different from the traditional institutional economics represented by Van Buren, Kang Mangsi and Galbraith. It uses the method of mainstream economics to analyze the research system, so it has become a new field that contemporary mainstream economics schools can accept. Coase, the founder of this branch, won the Nobel Prize in Economics at 199 1. Since then, Douglas North has also won the Nobel Prize in Economics with 1993.
On June 10, 2009, the Academy of Sciences of the Royal Swedish Academy announced that it would award the 2009 Nobel Prize in Economics to American economists elinor ostrom and oliver williamson in recognition of their contributions to economic management analysis.
The Royal Swedish Academy issued a statement saying that Ostrom won the prize for "analysis in economic management, especially in public resource management" and Williamson won the prize for "analysis in economic management, especially in enterprise boundary issues".