The Coase Theorem and Philosophical Foundations of Law&Economics
The Coase Theorem and Philosophical Foundations of Law&Economics
Author(s): Mariusz GoleckiSubject(s): Economy, Law, Constitution, Jurisprudence
Published by: Masarykova univerzita nakladatelství
Keywords: The Coase theorem; law and economics; institutionalism; efficiency; nomos; cosmos; taxis; managerial transaction; welfare economics; transaction cost economics; X-efficiency; procedural efficiency;
Summary/Abstract: In this paper I will claim that methodology of law and economics should be changed from adopting economic analysis of law, namely implementing price theory and welfare economics (economization of law) to the scientific efforts aiming at an interdisciplinary project embracing law and economics as well as jurisprudence. The basis for such a project is purported by the Coase theorem, but may also be found in writings of Hayek and „old institutionalists”, such as Veblen, Hale and Commons. The purpose of this paper is thus twofold: firstly, to present briefly the most powerful and popular version of law and economics being at the same time influential legal theory- the Chicago school. Secondly, to analyze the existing alternative approaches to economics of law, related to Austrian school (Hayek), „old institutional” economics (Commons) and transaction cost economics (Coase).
Journal: Masaryk University Journal of Law and Technology
- Issue Year: 2/2008
- Issue No: 2
- Page Range: 209-222
- Page Count: 14
- Language: English