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...Transaction cost economics in real time richard n langlois the university of connecticut u storrs ct usa this paper attempts to place theq boundaries thejirm within context passage more precisely it resurrects and places a modem frame some insights chsical marshallian theories organization reinterpretation those centers around capabilities view jirm taken together with governance costs ofjirm market determine short run ovw change as firms markets learn which implies kind information or knowledge trandewing firm s capability w vice versa these dynamic govern ance are persuading negotiating coordinating teaching others they arise face notably txchnological organizational innovation fit not having you need when them provide an explanation for vertical integra tion that is arguably general than dominant literature uncertainty divwgent views ofthe future common ownership multiple stages production supwior institutional arrangement systemic asset specrfity neither necessary nor suffient be t...