What Is Structural Functionalism
What Is Structural Functionalism
What Is Structural Functionalism
Rational choice value theories, when introduced into the study of law, have
led to the burgeoning movement of law and economics, which has produced
the most systematic analysis of the broad sweep of law and legal rules that
legal scholarship and practice have hitherto seen. The quick march of that
movement—roughly beginning with the Coase theorem (Coase 1988)—
through virtually all areas of law has provoked counterattacks, but none of
these is itself grounded in a value theory systematic enough to permit more
than piecemeal objections. The Coase theorem says, with audacious
generality and simplicity, that if there are no transaction costs to impede
economic cooperation between owners of various resources, then ownership
will not affect production, although it presumably will affect how the profits
from the production are divided. That theorem, along with earlier work of
Ronald Coase and many others, has led to the massive study of transaction
costs.
Stereotypes