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by The mission of the Law Library of Congress is to provide authoritative authorized analysis, reference and instruction companies, and entry to an unequalled collection of U.S., overseas, comparative, and worldwide law. The most distinguished economic analyst of law is 1991 Nobel Prize winner Ronald Coase, whose first major article, The Nature of the Firm , argued that the reason for the existence of companies (companies, partnerships, etc.) is the existence of transaction costs. Rational people commerce via bilateral contracts on open markets till the costs of transactions mean that utilizing corporations to provide things is more cost-effective. His second major article, The Problem of Social Cost , argued that if we lived in a world without transaction costs, folks would cut price with each other to create the same allocation of resources, regardless of the method a courtroom might rule in property disputes. Coase used the example of a nuisance case named Sturges v Bridgman, where a loud sweetmaker and a quiet physician have been neighbours and went to court to see who ought to have to move.
The strength of our programs coupled with our in depth alumni network ensure that graduates can enter the market working within the …