The 1930s saw advances in all three areas of literature. All of these literatures reflects an increasing awareness over time of the importance of transaction costs. Like so much of org studies, that sounds much more complex than it is. Loosely, technology is the skills, tools and raw materials through which you manufacture your goods or services. Transaction cost analysis replaces the usual concern with technology and production expenses with an examination of the costs of planning, adapting, and monitoring task completion.
Bounded rationality needs to be separated from hyperrationality and irrationality.
Because hyperrationality is a theoretical construct, all contracts are limited by bounded rationality, just as people are. All contracts are inherently incomplete. But they do. This paper focuses especially on asset specificity. With human assets, goods are not transferred across any boundaries.