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The Legal Infrastructure Of Markets: The Role Of Contract And Property Law Essay, Tamar Frankel
The Legal Infrastructure Of Markets: The Role Of Contract And Property Law Essay, Tamar Frankel
Faculty Scholarship
Markets are social institutions that facilitate exchange transactions. Therefore, they require a regime of freedom to exchange-a contract regime. Markets can be made more efficient by reducing the transaction and information costs for market actors. Such a reduction can be effected by standardizing the products exchanged, the terms of the transactions, and the nature of the rights transferred. Information costs can be reduced by publicizing the transactions' and by using the services of intermediaries