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Law and Economics

In: The Economics of Transaction Costs

Author

Listed:
  • P. K. Rao

    (Global Development Institute)

Abstract

When it is costly to transact, the role of institutions surfaces very prominently. Institutions are composed of legal regimes, rules and standards, conventions and informal traditions, and enforcement features (North, 1992). This generalized view of enforcement allows a combination of legal and informal enforcement mechanisms to establish and sustain different sets of property rights. Institutional features and property rights affect the efficiency of markets and overall economic performance. The role of law and the need for an ‘efficient’ legal system as a prerequisite for the minimization of transaction costs (TC) in modern societies deserves particular emphasis, however.

Suggested Citation

  • P. K. Rao, 2003. "Law and Economics," Palgrave Macmillan Books, in: The Economics of Transaction Costs, chapter 6, pages 109-127, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59768-6_6
    DOI: 10.1057/9780230597686_6
    as

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