Other notable early legal sociologists included Hugo Sinzheimer, Theodor Geiger, Georges Gurvitch and Leon Petrażycki in Europe, and William Graham Sumner in the united states The most distinguished economic analyst of law is 1991 Nobel Prize winner Ronald Coase, whose first major article, The Nature of the Firm , argued that the rationale for the existence of firms (companies, partnerships, and so forth.) is the existence of transaction prices. Rational individuals commerce by way of bilateral contracts on open markets until the costs of transactions imply that using companies to produce issues is less expensive.

• In the UK the higher