Introduction

Alex Robson ()

Chapter 1 in Law and Markets, 2012, pp 1-25 from Palgrave Macmillan

Abstract: Abstract The legal system and its rules and norms facilitate the formation of formal and informal markets on which voluntary, value-creating exchanges and resource movements can take place. As Coase (1991) notes, ‘without the appropriate institutions no market economy of any significance is possible’. Just as understanding markets, the process of trade and the gains from trade are all central to understanding economics, understanding the role that legal rules and institutions play in facilitating economic exchange is a vital part of understanding of the very same phenomena.

Keywords: Transaction Cost; Consumer Surplus; Demand Curve; Legal Rule; Supply Curve (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-35494-4_1

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230354944

DOI: 10.1057/9780230354944_1

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().