Oliver E. Williamson (1932-2020) former professor of Business Administration, Economics and Law at the University of California (UC) Berkeley, died last May 21 as a result of a pneumonia complicated by previous health problems, seconds reported the Haas School of Business at UC Berkeley in an information on its news portal.

Biographical profile of Oliver Williamson

A 1955 graduate of the MIT Sloan School of Management at the Massachusetts Institute of Technology (MIT), he earned an MBA from Stanford University in 1960 and a PhD from Carnegie Mellon University in 1963. He taught at universities such as Berkeley, Pennsylvania and Yale. 

As José Pla Barber, Professor of Business Management at the Universitat de València, points out, 'Oliver Williamson is considered one of the most representative authors of the New Institutional Economy, and is the standard-bearer of the modern Economy of Organizations'.

Thus, his contributions, which go beyond economic science to include sociology, anthropology and law, focused specifically on the contribution to the systematic treatment of transaction costs and the analysis of the limits of the company.

The multidisciplinary approach applied by Dr. Williamson in the early 1970s was unconventional at that time and, as the University of Berkeley points out in its statement, was described by the author himself as a mixture of Social Sciences with Abstract Economic Theory, reaching not only the formal structure of organizations but also their culture and social norms.

The Theory of Transaction Costs (1975, 1985) has been applied to justify the existence of different forms of organization. In that sense, Dr. Barber highlights that 'the principles of this theory have also been applied to explain the role of corporate culture, internal contracting and management of incentive systems and, especially, the adoption of certain strategic decisions, such as vertical integration, mergers or acquisitions, strategic alliances, internationalization or outsourcing'.

Williamson's relationship with the Universitat de València is long-standing, and it was strengthened in 2003 with his participation in a conference on the influence of his theory on business management organized by Dr. Pla.

He also participated in two sessions of the Strategy master's degree and, in 2010, in a conference at the University Auditorium and his visit to the Universitat de València Science Park.

In recognition of his relevant merits and contributions to the field of business economics, on the initiative of the Department of Business Management 'Juan José Renau Piqueras', and at the proposal of the Faculty of Economics, the Governing Council awarded Professor Oliver E. Williamson the distinction of 'doctor honoris causa' by the Universitat de València.

In this link you can access the documents, images and complete video of the investiture ceremony, held on October 28th 2004: http://links.uv.es/w8tJmZp 

In 2009, Oliver Williamson received the Nobel Prize in Economics for his research on the decision-making process in companies and organizations.

Upon learning of the news of his death, Professor José Pla, who acted as godfather at Dr. Williamson's inauguration ceremony, emphasized that 'everything and his recognition at a global level, was a very close, kind and humble person'.

The dean of the Faculty of Economics, José Manuel Pastor, highlighted the pride of this Faculty of the Universitat de València for having had this outstanding economist on different occasions in this centre, and has deeply regretted his death.

In a statement similar to this, the Principal of the University of Valencia, Mª Vicenta Mestre, expressed her institutional condolences to the Faculty of Economics and, also, to the University of California - Berkeley.