If, like me, you are spending some of your summer reading law review articles, you may find the following translations helpful.
For “it is likely that,” read “I would like if it were true that …”
For “has the greatest institutional competence,” read “is currently staffed by people who agree with me.”
For “excluding transaction costs,” read “excluding reality.”
For “including transaction costs,” read “including a fudge factor.”
For “we,” read “I.”