Explain how it overcame the Coase Theorem’s transaction costs? Why don’t we use this institution today?How did Icelanders solve this problem?
1) Consider some of our historical case studies. (a) Regarding “Hammurabi’s Code”, what was the economic problem? How did it address this problem? (b) Regarding the “Writ of Right”, explain how it overcame the Coase Theorem’s transaction costs? Why don’t we use this institution today? (c) Regarding feud law, in the Icelandic system it was […]