Law Commons^™

Rings And Promises, Margaret F. Brinig

Journal Articles

The diamond ring rapidly changed from a relatively obscure token of affection to what amounted to an American tradition. It is customary to explain such a shift in demand in terms of an increase in income, a change in relative prices, or a change in tastes. This assumes a stable legal setting that contracts are enforceable. But if the enforceability of a contract is problematic, what formerly was a relatively costly (hence unused) form of private ordering may become more viable (Kronman: 5). This paper looks at the change in America's demand for diamonds during the period 1930-1985, not as …