The Black Box Exposed (original) (raw)

Outsourcing and Management, 2007

Abstract

Transaction cost theory leads to all sorts of interesting questions about how management directs an organization. It determines what functions either get outsourced or managed in-house. Transaction cost theory particularly shines in the context of the transition from a manufacturing-dominated economy to an information-dominated one. Most or all costs associated with information can be classified as transaction costs. In fact, much of the essence of transaction costs could be defined as services or information. They must be considered a central theme in an information economy (see figure 4.1).

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