The Coasean firm in law and economics

Article Abstract:

Ronald Coase's theory of the nature of firms has had direct and indirect implications on corporate law. His was the first economic theory to point out the principal-agent nature of the firm and take a nexus-of-contract view of corporations. The truly revolutionary contribution of Coase's theory was its recognition that price movements do not affect firms and that the hierarchical direction of the firm itself may provide more economical means of making resource allocation decisions than strict price-related decisions. The theoretical response to Coase's theories and the implications for corporate law are discussed.

Business enterprises, Law and economics, Law and economics (Jurisprudence)

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Choosing law by contract

Article Abstract:

Corporation contractual choice of law provides for more efficient business practices and promotes economic stability. These corporate contractual choices should therefore be treated like any other contractual choice of law by state legislators and judges. The interests of the states would seemingly make this obvious, but the personal interests of legislators has kept it from occurring. A constitutional amendment that guarantees the corporate contractual choice of law is needed to promote economic growth and stability throughout the country.

Laws, regulations and rules, Practice, Contracts, Conflict of laws, Jurisdiction, State courts

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Limited liability unlimited

Article Abstract:

The author proposes a solution to the problems of vicarious liability which exist under current corporate law governing limited liability business forms. Some business forms do not neatly fit into statutory schemes. The proposal for states to create statutory contractual entities is explored from economic, political, and philosophical perspectives.

States, Models, Beliefs, opinions and attitudes, Corporation law, Limited liability

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