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This new blog was started to think about ideas in the area of institutional law and economics. We will be posing as often as possible as we explore ideas in the frame of reference created by A.Allan Schmid, Warren Samuels, Dan Bromley, David Schweikhardt and others from the Great Lakes tradition of Institutional economics. Here are some starting resources: https://msu.edu/user/schmid/instecon.htm https://www.tandfonline.com/doi/pdf/10.1080/00213624.2017.1368314 https://www.canr.msu.edu/people/schmid_a A few initial thoughts based on writings from Al Schmid and his first edition book, Property, Power and Public Choice published in 1978. Lets start with a direct quote, "the system of analysis used here begins with the fact of human interdependence. It is the public choice of property rights (institutions) that control and direct this interdependence and shape the opportunity sets of the interacting parties." In these two sentences, we can unpack a lot of inf...
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