"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."
Max Henri Boisot was a British architect and management consultant who was professor of Strategic Management at the ESADE business school in Barcelona. known for his ideas about the information economy, the Information Space, social capital and social learning theory.
"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."
"Knowledge management often generates theories that are too general or abstract to be easily testable. In some cases, simulation modeling can help. [WE have developed] an agent-based simulation model derived from a conceptual framework, the Information Space or I-Space and use it to explore the differences between a neoclassical and a Schumpeterian information environment."
"Following the lead given by new institutional economics, we shall take the transaction as our unit of analysis. For our purposes, a transaction can be thought of as any act of social exchange that depends on information flows for its accomplishment. Transactions can be as simple and brief as the purchase of a packet of cigarettes, or as complex as and extended as those which bind a Zen master to his disciples. Like institutional economists, we are interested in the relationship that can be established between different transactional characteristics and the phenomenon of institutionalization. Our use of the term transaction, however, will extend beyond that of institutional economics where the focus has tended to be primarily on transaction costs and efficiency considerations. These, to be sure, are relevant. But, as we shall see, they are not the whole story."
"The thinking that underpins strategic planning is a legacy of more stable times when the environment was changing sufficiently slowly for an effective corporate response to emerge from methodical organisational routines."
"Strategic intent describes a process of coping with turbulence through a direct, intuitive understanding of what is occurring in order to guide the work of a school. A turbulent environment cannot be tamed by rational analysis alone so that conventional strategic planning is deemed to be of little use. Yet it does not follow that a schools adaptive response must be left to a random distribution of lone individuals acting opportunistically and often in isolation as in a regime of intrapreneurship. Strategic intent relies on an intuitively formed pattern or gestalt — some would call it a vision — to give it unity and coherence"
"Knowledge is a property of agents predisposing them to act in particular circumstances."