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Transactions and Legal Institutionalism – Contracts, Money, Applications

When: —
Venue: Online

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We are pleased to announce the 3rd Seminar Series on Governance, Institutions, and Sustainability jointly hosted by the Centre for Political Economy and Institutional Studies and by the Birkbeck Responsible Business Centre, within the Birkbeck Business School.   

In our rapidly evolving world, the intricate web connecting governance, institutions, and sustainability has become increasingly prominent. We invite scholars, researchers, and practitioners to enhance this very important debate and to join us in exploring the profound intertwining of these critical elements at our upcoming seminar series.

Abstract

Both parts of this article have been published in the Journal of Instititional Economics. Part I reviews major differences in definitions of the transaction concept by leading authors and some of the difficulties involved in its usage. This talk will concentrate on Part II, which takes steps toward a new approach, starting with the legal notion of a contract. This identifies a narrower and more specific type of transaction, empowered by both legal forces and non-legal or cultural norms or rules. The sharper and more specific concept of contracting cost is derived. Contracting costs are the costs of obtaining, formulating, negotiating, and administering legal contracts. They do not include the costs of the work and other inputs required to fulfil a specific contractual agreement. Legal contracts are historically specific phenomena, applying only to modern societies with developed legal institutions. As well as legal sanctions, the law engenders additional forms of motivation based on what is perceived to be legitimate legal authority.

 

Speaker 

Geoffrey Hodgson (Loughborough University London, UK)

 

Convener/Organiser: Dr Luca Andriani

Contact name: Luca Andriani

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