Other notable early authorized sociologists included Hugo Sinzheimer, Theodor Geiger, Georges Gurvitch and Leon Petrażycki in Europe, and William Graham Sumner within the U.S. The most outstanding financial analyst of law is 1991 Nobel Prize winner Ronald Coase, whose first major article, The Nature of the Firm , argued that the rationale for the existence of firms (corporations, partnerships, and so forth.) is the existence of transaction prices. Rational individuals commerce via bilateral contracts on open markets till the costs of transactions mean that using firms to supply issues is cheaper.
Legal positivists, however, would say that we cannot know with actual confidence what “pure” regulation or “universal” legislation is. In finding out regulation, we can most effectively study by simply taking a look at what the written legislation says, or by analyzing how it has been utilized. In response, natural-regulation thinkers would argue that if we care about justice, … Read More