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© 1996 Oxford University Press

research-article

Revisiting Legal Realism: The Law, Economics, and Organization Perspective

OLIVER E. WILLIAMSON

Haas School of Business, Department of Economics, Law School, University of California Berkeley, CA 94720, USA

Abstract

Although American Legal Realism fell on hard times, the objections of the Realists with legal formalism had substance earlier in the century and have substance today. As developed in this paper, there are many parallels between Legal Realism and older style institutional economics. Both failed for lack of operationalization.

The New Institutional Economics works out of a law, economics, and organizations perspective and takes operationalization much more seriously. This same approach could be applied to the concerns of Legal Realism, bringing added value in the process.


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