“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

Source: Economic, Political, and Legal Dimensions of Competition. 1980, p. 21

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Harold Demsetz7
American economist 1930–2019

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