Theoretical isolation and explanatory progress: transaction cost economics and the dynamics of dispute

Two related goals are pursued. First, the development of, anddebates around Oliver Williamson's version of transaction costeconomics are organised in terms of an emerging metatheoreticalframework. It proposes looking at economic theorising and itschanges in terms of rival theoretical isolations which are oftenresponses to challenging explanatory questions. As a side product,Williamson's strategy of theorising is portrayed. Second, usingtransaction cost economics as an illustration and as a sourceof inspiration, the paper amends and refines the earlier frameworkof theoretical isolation by incorporating notions of explainingand explained items; notions of progress (in questions as wellas increased causal penetration and increased degree of unification);and the notion of the dynamics of dispute.