Of transactions and transaction costs: uncertainty, policy, and the process of law in the thought of Commons and Williamson.

From: Journal of Economic Issues | Date: March 1, 2006| Author: Kemp, Thomas | Copyright information

Perhaps one of the reasons why judges do not like to discuss questions of policy, or to put a decision in terms upon their views as law-makers, is that the moment you leave the path of merely logical deduction you lose the illusion of certainty which makes legal reasoning seem like mathematics.

--Oliver Wendell Hohnes, Jr.

Oliver Williamson regularly makes comparisons between his work and the work of John R. Commons (Williamson 1975, xi, 3, 6, 24, 254; 1985, ...

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