“We shall also concern ourselves with the institutional order built up from transactions, but our focus will be less narrowly economic than the one adopted by Williamson. Like him, we shall argue that institutional structures aim partly at achieving transactional efficiencies and that where such efficiencies are effectively achieved they act somewhat like a magnetic field – a mathematician would call them ‘attractors’ – drawing the uncommitted transaction into a given institutional orbit. Yet in contrast to Williamson’s, our concept of transactions is underpinned by an explicit rather than an implicit theory of information production and exchange which yields a different way of classifying them as well as a distinctive approach to their governance. We find ourselves in consequence in the realm of political economy rather than of economics tout court.”

Variant: To summarize, the production of information and its use in transactions both incur costs and are thus subject to economizing. In the 1970s, there occurred a revival of interest among economists in the economics of transaction, and Oliver Williamson in particular, building on the earlier work of Ronald Coase and John Commons, has explored the different institutional arrangements that govern transactional choices.
Source: Knowledge Assets, 1998, p. 235

Source: "Institutional Economics," 1931, p. 654

Karl Popper, The Open Society and its Enemies, Vol I Plato Chapter 5: Nature and Convention. P. 67
The Open Society and Its Enemies (1945)
Context: In speaking of sociological laws or natural laws of social life I have in mind such laws as are formulated by modern economic theories, for instance, the theory of international trade, or the theory of the trade cycle. These and other important sociological laws are connected with the functioning of social institutions. These laws play a role in our social life corresponding to the role played in mechanical engineering by, say, the principle of the lever. For institutions, like levers, are needed if we want to achieve anything which goes beyond the power of our muscles. Like machines, institutions multiply our power for good or evil. Like machines, they need intelligent supervision by someone who understands their way of functioning and, most of all, their purpose, since we cannot build them so that they work entirely automatically.

Source: "Institutional Economics," 1931, p. 652

Source: The Religion of the Future (2014), p. 295

President Ilham Aliyev&#x27;s opening letter to participants of the Third Meeting of the Heads of Anti-Corruption Organizations and Ombudsmen of the Economic Cooperation Organization Member States (6 June 2017) http://www.today.az/print/news/politics/161995.html <br class="br">Anti-corruption policy

"From the new institutional economics to organization economics: with applications to corporate governance, government agencies, and legal institutions" (2010).

Source: Economics Of The Welfare State (Fourth Edition), Chapter 4, State Intervention, p. 93

Frank Dobbin (1994), "Organizational Models of Culture: The social construction of rational organizing principles," in: Diana Crane (ed) The Sociology of Culture: Emerging theoretical perspectives. Oxford: Basil Blackwell. p. 138; As cited in: Kieran Healy (1998)