By Bohnenblust H.F.
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2004), ‘The Transformation of an Academic Discipline’, Journal of Legal Education, 54 (December), 471–98. Fischer, Stanley (1977), ‘Long-term contracting, sticky prices, and monetary policy: comment’, Journal of Monetary Economics, 3, 317–24. Fuller, Lon L. (1954), ‘American legal philosophy at mid-century’, Journal of Legal Education, 6 (4), 457–85. Galanter, Marc (1981), ‘Justice in many rooms: courts, private ordering, and indigenous law’, Journal of Legal Pluralism, 19, 1–47. Georgescu-Roegen, Nicholas (1971), The Entropy Law and Economic Process, Cambridge, MA: Harvard University Press.
27 Enforcement costs may decline relative to those under other forms of regulation because fishers have a stake in the preservation of the stock as shareholders in the right to fish and self-monitor. There are efficiency advantages to first possession. Assigning quotas to those with knowledge and past experience in the fishery is consistent with granting rights to the low-cost users. This practice reduces the need for subsequent reallocation and therefore, economizes on transaction costs. Reserving the fishery rents to fishers, rather than granting them to the state via auctions, also, enhances long-term incentives of fishers for protection of the stock and provides incentives for investment.
Reduced to its most concise expression, the fundamental sociological law of political parties . . [is this]: It is organization which gives birth to the dominion of the elected over the electors, of the mandatories over the mandators, of the delegates over the delegators. Who says organization, says oligarchy’ (Michels, 1962: 365; emphasis added). Entrenchment efforts by the leadership is what explains the Iron Law of Oligarchy. This grim assessment is not, however, the end of the story. 10 Michels the sociologist thus makes ‘rational spirit’ recommendations that were 50 years ahead of his time.