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Synopsis: In the most famous example of the biological process of adaptive radiation, two forces explain the fourteen distinct species of Darwin's finches on the Galápagos and Cocos Islands: First, populations adapt to their respective distinct ecological environments. Second, previously separated populations come in contact and may adapt to mitigate inter-species competition. The result is a complex...
If legal enforcement of contracts were omnipresent, omniscient, and costless, the identity and history of one's partners would be irrelevant, since any problems caused by unreliable partners could be remedied effectively. However, when legal enforcement is localized, imperfect, and costly, different governance structures for contracts carry implications for the sets of acceptable contracting partners...
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