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Applying basic economic analysis to the corporate form is useful for a variety of reasons. Not least among these reasons is that it provides a remarkably clear lens through which the problems of corporate law and corporate governance can be viewed with clarity and precision, In particular, economic analysis teaches that the line of demarcation between transactions that take place within firms on the one hand and transactions which take place across markets on the other hand is blurry at the best of times, and completely indistinct at other times.

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