Gadget App

Leiden Law School

Other notable early authorized sociologists included Hugo Sinzheimer, Theodor Geiger, Georges Gurvitch and Leon Petrażycki in Europe, and William Graham Sumner in the U.S. The most prominent financial analyst of law is 1991 Nobel Prize winner Ronald Coase, whose first main article, The Nature of the Firm , argued that the reason for the existence of firms (companies, partnerships, and so forth.) is the existence of transaction prices. Rational individuals trade by way of bilateral contracts on open markets till the costs of transactions imply that utilizing companies to supply things is more cost-effective. His second main article, The Problem of Social Cost , argued that if we lived in a world with out transaction prices, individuals would discount with one another to create the identical allocation of resources, regardless of the method a court would possibly rule in property disputes. Coase used the example of a nuisance case named …