From Law to Legislation: A Natural Process
The Answer Is Transaction Costs
Law: A Spectrum from Community Norms to Judicial Systems
Law exists on a continuum, where 'capital L law' refers to formal legal systems, such as courts and dispute resolution mechanisms, and 'little l law' embodies the informal community expectations that guide behavior. While formal institutions adjudicate disputes based on these community norms, they serve as resources to resolve conflicts. An expansive view of law includes not just statutory and judicial rules but also the societal rules that shape everyday interactions, such as grammar. This perspective highlights the interconnectedness between formal legal frameworks and the underlying community behaviors they reflect.
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