This paper uses as its theoretical starting point the concept of the firm as a nexus of contracts. It examines the full range of contracts which go into forming this nexus: those formally negotiated, those adopted by custom or practice, and those imposed as legal defaults. The concept of...

This paper attempts to derive basic principles of ethical conduct in economic life from a relatively simple model of exchange. Economic exchange is seen as any exchange of value. It is not limited to money exchanges. In many social exchanges money may not even play a role. The theoretical...