The legal substructure is private; the use of payments to influence the behavior of others is neither prohibited nor frowned upon. But the ' frictions" that perfect decentralization assumes away, must be lived with in laissez-faire. (Harold Demsetz)

The legal substructure is private; the use of payments to influence the behavior of others is neither prohibited nor frowned upon. But the ' frictions" that perfect decentralization assumes away, must be lived with in laissez-faire.

Harold Demsetz

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behavior decentralization influence legal nor perfect private substructure use others laissez-faire

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