Is it safe to conclude that it is always beneficial to have a legal system
In the unbundling institutions paper we saw that the value of undertaking production to producerjwas: Uj(ej) =F(P)a????1????mi????ej;whereejis the idiosyncratic individual cost of undertaking the project,miwas the cost of writing the financing contract (i=dfor debt contract ori=efor equity contract),awas the return…