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Cambridge Journal of Economics 28:319-346 (2004)
Cambridge Journal of Economics, Vol. 28, No. 3, © Cambridge Political Economy Society 2004; all rights reserved

Theoretical isolation and explanatory progress: transaction cost economics and the dynamics of dispute

Uskali Mäki

Address for correspondence: Department of Philosophy, Erasmus University of Rotterdam, PO Box 1738, 3000 DR Rotterdam, The Netherlands; email: umaki{at}fwb.eur.nl

Two related goals are pursued. First, the development of, and debates around Oliver Williamson's version of transaction cost economics are organised in terms of an emerging metatheoretical framework. It proposes looking at economic theorising and its changes in terms of rival theoretical isolations which are often responses to challenging explanatory questions. As a side product, Williamson's strategy of theorising is portrayed. Second, using transaction cost economics as an illustration and as a source of inspiration, the paper amends and refines the earlier framework of theoretical isolation by incorporating notions of explaining and explained items; notions of progress (in questions as well as increased causal penetration and increased degree of unification); and the notion of the dynamics of dispute.

Key Words: Transaction cost economics, Oliver Williamson, Theoretical isolation, Explanation, Progress, Controversy

JEL classifications: B2, B4, B52

Manuscript received December 11, 2000; final version received July 24, 2002.


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