科斯提出交易费用解释了制度之存在,但其未将之操作化,令庇古式外部性理论借之还魂了。张五常将租值消散、交易费用与制度费用等同视之,避免了此一缺憾。在此理解下,法律是合约安排,而非吓阻诱因。法律作为合约安排,才能合理解释物权效力与过失责任之现实存在。更重要的是,法律作为合约,必然要求了法律的规范体系性,而法律作为诱因,则令法律工具化,失去其规范之本质。法律内在价值,例如自由或正义,也只有在此才有意义。 Coase put forward transaction costs to explain the existence of the system, but it has not been operationalized, so that Pigou externality theory has come to an end. Chang Wu Chang tenants will be dissipated, transaction costs and system costs equivalent to the same, to avoid this shortcoming. In this understanding, the law is a contractual arrangement, not a deterrent. Law as a contractual arrangement can a reasonable explanation of the real existence of property rights and fault liability. More importantly, as a contract, law necessarily requires the normative system of law, while law as an inducement causes the law to be instrumentalized and loses the essence of its norms. The intrinsic value of law, such as freedom or justice, also makes sense here.