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From Law to Legislation: A Natural Process

The Answer Is Transaction Costs

CHAPTER

The Dynamics of Law and Cooperation

This chapter explores the intricate relationship between politics, cooperation, and the development of laws and public goods. It emphasizes how societal norms evolve through decentralized processes rather than top-down legislation, highlighting the distinctions between market mechanisms and political decision-making. The dialogue examines the interplay of common law, community-evolved rules, and individual behavior, reflecting on the complexities that arise in the formation of societal contracts.

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