Harold Demsetz Quote

The legal substructure is private; the use of payments to influence the behavior of others is neither prohibited nor frowned upon. But the ' frictions" that perfect decentralization assumes away, must be lived with in laissez-faire.


p. 21 - Economic, Political, and Legal Dimensions of Competition. 1980

Picture Quote 1

The legal substructure is private; the use of payments to influence the behavior of others is neither prohibited nor frowned upon. But the '...

Picture Quote 2

The legal substructure is private; the use of payments to influence the behavior of others is neither prohibited nor frowned upon. But the '...

Picture Quote 3

The legal substructure is private; the use of payments to influence the behavior of others is neither prohibited nor frowned upon. But the '...

Picture Quote 4

The legal substructure is private; the use of payments to influence the behavior of others is neither prohibited nor frowned upon. But the '...