Social Capital: Asset Reduction or Transmission Parameter?With a transaction costs economics approach

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Abstract

Transaction costs economics is one of the most dominant areas of modern institutionalism which is associated with the issue of organization. Williamson, in what he called an ingenious method, shows that transaction costs consequences are dependent on the organization of transactions in the market. And ‘hierarchies’ are a function of specific assets (the degree of asset limitation to a specific user). On the other hand, social capital is one of the factors which reduce the transaction costs. In some studies, the social capital is considered as a transition parameter which reduces the transaction cost of organizational structures, but this study, considering other performed studies, shows that it is better to consider social capital as a kind of asset reduction that reduces the cost of indirect entrance methods.

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References

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Journal of Iranian Economic Issues
Volume 1, Issue 2
March 2015
Pages 1-16

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History

  • Receive Date: 08 May 2014
  • Revise Date: 08 July 2014
  • Accept Date: 06 August 2014

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