the (proclaimed by others) progenitor of the law and economics movement.
The appeal of the Coase theorem, and to lesser extent the “Theory of the Firm,” to legal scholars is somewhat puzzling. While many law professors resisted the impulse to explain the world in terms of implicit contracts and around alleged costs (the even more speculative reliance on alternative uses of factors of production has been, to my knowledge, ignored), more subscribed. This is odd. One might have thought that lawyers would viscerally sense the importance of history, of power, of institutional arrangements — of lots of things besides
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