Legal Precursors of Transaction Cost Economics
D. Gordon Smith, Legal Precursors of Transaction Cost Economics, Tʜᴇ Eʟɢᴀʀ Cᴏᴍᴘᴀɴɪᴏɴ Tᴏ Tʀᴀɴsᴀᴄᴛɪᴏɴ Cᴏsᴛ Eᴄᴏɴᴏᴍɪᴄs 66 (2009).
This essay traces the legal precursors of transaction cost economics by focusing on three prominent faculty of the University of Wisconsin: John R. Commons, J. Willard Hurst, and Stewart Macaulay.
Published as "Commons, Hurst, Macaulay, and the Wisconsin legal tradition", chapter 7 of the Elgar Companion to Transaction Cost Economics.
THE ELGAR COMPANION TO TRANSACTION COST ECONOMICS