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Revisiting Legal Realism: The Law, Economics, and Organization Perspective

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  • Williamson, Oliver E

Abstract

Although American Legal realism fell on hard times, the objections of the Realists with legal formalism had substance earlier in the century and have substance today. As developed in this paper, there are many parallels between Legal Realism and older style institutional economics. Both failed for lack of operationalization. The New Institutional Economics works out of a law, economics, and organizations perspective and takes operationalization much more seriously. This same approach could be applied to the concerns of Legal Realism, bringing added value in the process. Copyright 1996 by Oxford University Press.

Suggested Citation

  • Williamson, Oliver E, 1996. "Revisiting Legal Realism: The Law, Economics, and Organization Perspective," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 5(2), pages 383-420.
    • Handle: RePEc:oup:indcch:v:5:y:1996:i:2:p:383-420
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    Cited by:

    1. Benito Arruñada, 2012. "Property as an economic concept: reconciling legal and economic conceptions of property rights in a Coasean framework," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 59(2), pages 121-144, July.
    2. Benito Arruñada, 2010. "Institutional Support of the Firm: A Theory of Business Registries," Working Papers 508, Barcelona School of Economics.
    3. Fatima Dirani & Tatiana Ponomarenko, 2021. "Contractual Systems in the Oil and Gas Sector: Current Status and Development," Energies, MDPI, vol. 14(17), pages 1-14, September.
    4. Bernard Baudry & Virgile Chassagnon, 2016. "The regulation of collective labour relationships : an assessment of the Oliver Williamson's private ordering-public ordering divide," Working Papers halshs-01371848, HAL.
    5. Damien Talbot, 2008. "Les institutions créatrices de proximités," Post-Print hal-02364234, HAL.
    6. Damien Talbot, 2008. "Les institutions créatrices de proximités. Institutions as creators of proximities," Revue d'économie régionale et urbaine, Armand Colin, vol. 0(3), pages 289-310.
    7. Siegwart Lindenberg, 2013. "Cognition and governance: why inventices have to take a back seat," Chapters, in: Anna Grandori (ed.), Handbook of Economic Organization, chapter 3, Edward Elgar Publishing.

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