Revisiting Legal Realism: The Law, Economics, and Organization Perspective

Oliver Williamson

Industrial and Corporate Change, 1996, vol. 5, issue 2, 383-420

Abstract: Although American Legal realism fell on hard times, the objections of the Realists with legal formalism had substance earlier in the century and have substance today. As developed in this paper, there are many parallels between Legal Realism and older style institutional economics. Both failed for lack of operationalization. The New Institutional Economics works out of a law, economics, and organizations perspective and takes operationalization much more seriously. This same approach could be applied to the concerns of Legal Realism, bringing added value in the process. Copyright 1996 by Oxford University Press.

Date: 1996
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