The Talmud derives its authority from the position held by...

The Talmud derives its authority from the position held by the ancient (Pharisee) academies. The teachers of those academies, both of Babylonia and of Palestine, were considered the rightful successors of the older Sanhedrin...At the present time, the Jewish people have no living central authority comparable in status to the ancient Sanhedrins or the later academies. Therefore, any decision regarding the Jewish religion must be based on the Talmud as the final resume of the teaching of those authorities when they existed.