Non-Contractual Relations in Business Re-examined: A Critical Assessment if Macaulay's Legal Realism

Matthew Braham
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Matthew Braham: Institute of Law and Economics, Faculty of Law, University of Hamburg, Hamburg, Germany

Homo Oeconomicus, 2000, vol. 16, 436-472

Abstract: The last two decades have seen a spawning literature on social norms in the anthropology and sociology of law as well as in the economic analysis of law and in institutional economics ß la Williamson. Much of this literature refers back to a seminal paper by Stewart Macaulay in which it is claimed that there is ample evidence that business transactions are primarily non-contractual. This essay reviews this claim.

Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:hom:homoec:v:16:y:2000:p:436-472

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