Organizations and Markets
指出现代经济应称为组织经济而非市场经济，批评新制度经济学仅用代理、交易成本等概念解释组织行为，忽略了权威、认同等关键机制，并提出一个基于少数因果机制的简单理论，认为大型组织（如政府）常被讽刺为官僚机构，但实际上是高效系统。
The economies of modern industrialized society can more appropriately be labeled organizational economies than market economies. Thus, even market-driven capitalist economies need a theory of organizations as much as they need a theory of markets. The attempts of the new institutional economics to explain organizational behavior solely in terms of agency, asymmetric information, transaction costs, opportunism, and other concepts drawn from neoclassical economics ignore key organizational mechanisms like authority, identification, and coordination, and hence are seriously incomplete. The theory presented here is simple and coherent, resting on only a few mechanisms that are causally linked. Better yet, it agrees with empirical observations of organizational phenomena. Large organizations, especially governmental ones, are often caricatured as “bureaucracies,” but they are often highly effective systems, despite the fact that the profit motive can penetrate these vast structures only by indirect means.