ICLE’s We Are What We Read: Law & Economics Scholarship Past and Present series reviews both foundational and contemporary works in law & economics and evaluates their place in the field’s canon. Written by ICLE scholars, affiliates, and fellows, each review considers what qualifies the work as law & economics scholarship, as well as its lasting or emerging contributions to the field. By revisiting classics and engaging with recent innovations, We Are What We Read illuminates how law & economics defines itself, adapts to new challenges, and continues to shape legal theory, policy, and analysis.
In “Production, Information Costs, and Economic Organization,” Armen Alchian and Harold Demsetz ask when joint production works better inside a firm than across markets, and...
