Administrative Quote by Oliver E. Williamson
“The study of economic organization commonly proceeds as though market and administrative modes of organization were disjunct. Market organization is the province of economists. Internal organization is the concern of organization theory specialist. And never the twain shall meet.”
About This Quote
Source Book: Markets and Hierarchies, 1975
Economic theory treats markets and firms as separate, but real organizations blend both.
In simple terms: Markets and firms intersect in practice.
Recognize hybrid structures in analysis.
Themes
Mood
Type
When to use this quote
- business strategy
- public policy
- academic research
- organizational design
Key Concepts
Questions to Reflect On
- How do firms balance market and internal mechanisms?
- What examples show successful hybrids?
Simplifying to two categories can miss nuances.