Law and economics

Last updated

Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director, George Stigler, and Ronald Coase. The field uses economics concepts to explain the effects of laws, assess which legal rules are economically efficient, and predict which legal rules will be promulgated. [1] There are two major branches of law and economics; [2] one based on the application of the methods and theories of neoclassical economics to the positive and normative analysis of the law, and a second branch which focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes, and overlapping with analyses of the institutions of politics and governance.

Contents

History

Origin

The historical antecedents of law and economics can be traced back to the classical economists, who are credited with the foundations of modern economic thought. As early as the 18th century, Adam Smith discussed the economic effects of mercantilist legislation; later, David Ricardo opposed the British Corn Laws on the grounds that they hindered agricultural productivity; and Frédéric Bastiat, in his influential book The Law , examined the unintended consequences of legislation. However, to apply economics to analyze the law regulating nonmarket activities is relatively new. A European law & economics movement around 1900 did not have any lasting influence. [3] In a 1917 article analyzing the study of law and economics in American universities, Eugene Allen Gilmore concluded, "the relation between law and economics seems either not to be perceived, or, if perceived, not to be regarded as a relationship desirable or feasible of very much cultivation." [4]

Harold Luhnow, the head of the Volker Fund, not only financed F. A. Hayek in the U.S. starting in 1946, but he shortly thereafter financed Aaron Director's coming to the University of Chicago in order to set up there a new center for scholars in law and economics. The University was headed by Robert Maynard Hutchins, a close collaborator of Luhnow's in setting up the Chicago School, as it became commonly known. The university faculty then included a strong base of libertarian scholars, including Frank Knight, George Stigler, Henry Simons, Ronald Coase and Jacob Viner. [5] Soon, it would also have not just Hayek himself, but Director's brother-in-law and Stigler's friend Milton Friedman, and also Robert Fogel, Robert Lucas, Eugene Fama, Richard Posner, and Gary Becker.

Historians Robert van Horn and Philip Mirowski described the development of modern economic concepts in "The Rise of the Chicago School of Economics", a chapter of The Road from Mont Pelerin (2009); and historian Bruce Caldwell (a great admirer of von Hayek) filled in more details of the account in his chapter, "The Chicago School, Hayek, and Neoliberalism", in Building Chicago Economics (2011). The field began with Gary Becker's 1968 paper on crime (Becker also received a Nobel Prize). In 1972, Richard Posner, a law and economics scholar and the major advocate of the positive theory of efficiency, published the first edition of Economic Analysis of Law and founded The Journal of Legal Studies , both are regarded as important events. Gordon Tullock and Friedrich Hayek also wrote intensively in the area and influenced to spread of law and economics.

Founding

In 1958, Director founded TheJournal of Law & Economics, which he co-edited with Nobel laureate Ronald Coase, and which helped to unite the fields of law and economics with far-reaching influence. [6] In 1960 and 1961, Ronald Coase and Guido Calabresi independently published two groundbreaking articles, "The Problem of Social Cost" [7] and "Some Thoughts on Risk Distribution and the Law of Torts". [8] This can be seen as the starting point for the modern school of law and economics. [9]

In 1962, Aaron Director helped to found the Committee on a Free Society. Director's appointment to the faculty of the University of Chicago Law School in 1946 began a half-century of intellectual productivity, although his reluctance about publishing left few writings behind. [10] He taught antitrust courses at the law school with Edward Levi, who eventually would serve as Dean of Chicago's Law School, President of the University of Chicago, and as U.S. Attorney General in the Ford administration. After retiring from the University of Chicago Law School in 1965, Director relocated to California and took a position at Stanford University's Hoover Institution. He died September 11, 2004, at his home in Los Altos Hills, California, ten days before his 103rd birthday.

Later development

In the early 1970s, Henry Manne (a former student of Coase) set out to build a center for law and economics at a major law school. [11] Ultimately, Manne established a center at George Mason, which became a center for the education of judges — many never previously exposed to the concepts of law and economics. Manne also attracted the support of the John M. Olin Foundation; Olin centers (or programs) for Law and Economics now exist at many universities.

Positive and normative law and economics

Economic analysis of law is usually divided into two subfields: positive and normative.

Positive law and economics

'Positive law and economics' uses economic analysis to predict the effects of various legal rules. So, for example, a positive economic analysis of tort law would predict the effects of a strict liability rule as opposed to the effects of a negligence rule. Positive law and economics has also at times purported to explain the development of legal rules, for example the common law of torts, in terms of their economic efficiency.

Normative law and economics

Normative law and economics goes one step further and makes policy recommendations based on the economic consequences of various policies. The key concept for normative economic analysis is efficiency, in particular, allocative efficiency.

A common concept of efficiency used by law and economics scholars is Pareto efficiency. A legal rule is Pareto efficient if it could not be changed so as to make one person better off without making another person worse off. A weaker conception of efficiency is Kaldor–Hicks efficiency. A legal rule is Kaldor–Hicks efficient if it could be made Pareto efficient by some parties compensating others as to offset their loss.

Nonetheless, the possibility of a clear distinction between positive and normative analysis has been questioned by Guido Calabresi who, in his book on "The future of Law and Economics" (2016: 21-22), believes that there is an "actual - and unavoidable - existence of value judgments underlying much economic analysis" [12]

Uri Weiss proposed this alternative: "It is common in law and economics to search for the law that will lead to the optimal outcome, providing the maximum size 'pie,' and to think about maximizing happiness instead of minimizing pain. We prefer another approach: We do not try to identify games that will lead to the optimal result but to prevent games in which it is in the best interests of the players to come to an unjust result". [13]

Criminal law

In 1968, Gary Becker, who would later win the Nobel prize for economics, published Crime and Punishment: An Economic Approach. [14] This work relied on the economic concept of utility as the basic unit of analysis. In 1985, in An Economic Theory of the Criminal Law, Posner set out an alternative approach that relied instead on wealth as the basic unit of analysis. [15]

Relationship to other disciplines and approaches

As used by lawyers and legal scholars, the phrase "law and economics" refers to the application of microeconomic analysis to legal problems. Because of the overlap between legal systems and political systems, some of the issues in law and economics are also raised in political economy, constitutional economics and political science.

Approaches to the same issues from Marxist and critical theory/Frankfurt School perspectives usually do not identify themselves as "law and economics". For example, research by members of the critical legal studies movement and the sociology of law considers many of the same fundamental issues as does work labeled "law and economics", though from a vastly different perspective. The law and political economy movement also analyzes similar concepts using an entirely different approach. [16]

The one wing that represents a non-neoclassical approach to "law and economics" is the Continental (mainly German) tradition that sees the concept starting out of the governance and public policy (Staatswissenschaften) approach and the German Historical school of economics; this view is represented in the Elgar Companion to Law and Economics (2nd ed. 2005) and—though not exclusively—in the European Journal of Law and Economics. Here, consciously non-neoclassical approaches to economics are used for the analysis of legal (and administrative/governance) problems.

Law and economics is closely related to jurimetrics, the application of probability and statistics to legal questions.

Applications

Influence

The economic analysis of law has been influential in the United States as well as elsewhere. Judicial opinions use economic analysis and the theories of law and economics with some regularity, in the US but also, increasingly, in Commonwealth countries and in Europe. The influence of law and economics has also been felt in legal education, with graduate programs in the subject being offered in a number of countries. The influence of law and economics in civil law countries may be gauged from the availability of textbooks of law and economics, in English as well as in other European languages (Schäfer and Ott 2004; Mackaay 2013).

Many law schools in North America, Europe, and Asia have faculty members with a graduate degree in economics. In addition, many professional economists now study and write on the relationship between economics and legal doctrines. Anthony Kronman, former dean of Yale Law School, has written that "the intellectual movement that has had the greatest influence on American academic law in the past quarter-century [of the 20th Century]" is law and economics. [42]

Criticisms

Despite its influence, the law and economics movement has been criticized from a number of directions. This is especially true of normative law and economics. Because most law and economics scholarship operates within a neoclassical framework, fundamental criticisms of neoclassical economics have been drawn from other, competing frameworks, though there are numerous internal critiques as well. [43] Yet other schools of economic thought have emerged and have been applied to the work of law and economics in, for example, the work of Edgardo Buscaglia and Robert Cooter in the book "Law and Economics of Development". [44]

Rational choice theory

Critics of the economic analysis of legal questions have argued that normative economic analysis does not capture the importance of human rights and concerns for distributive justice. Some of the heaviest criticisms of law and economics come from the critical legal studies movement, in particular Duncan Kennedy [45] and Mark Kelman. Jon D. Hanson, of Harvard Law School, argues that our legal, economic, political, and social systems are unduly influenced by an individualistic model of behavior based on preferences, instead of a model that incorporates cognitive biases and social norms. [46]

Pareto efficiency

Additional criticism has been directed toward the assumed benefits of law and policy designed to increase allocative efficiency when such assumptions are modeled on "first-best" (Pareto optimal) general-equilibrium conditions. Under the theory of the second best, for example, if the fulfillment of a subset of optimal conditions cannot be met under any circumstances, it is incorrect to conclude that the fulfillment of any subset of optimal conditions will necessarily result in an increase in allocative efficiency. [47]

Consequently, any expression of public policy whose purported purpose is an unambiguous increase in allocative efficiency (for example, consolidation of research and development costs through increased mergers and acquisitions resulting from a systematic relaxation of antitrust laws) is, according to critics, fundamentally incorrect, as there is no general reason to conclude that an increase in allocative efficiency is more likely than a decrease.

Essentially, the "first-best" neoclassical analysis fails to properly account for various kinds of general-equilibrium feedback relationships that result from intrinsic Pareto imperfections. [47]

Another critique comes from the fact that there is no unique optimal result. Warren Samuels in his 2007 book, The Legal-Economic Nexus, argues, "efficiency in the Pareto sense cannot dispositively be applied to the definition and assignment of rights themselves, because efficiency requires an antecedent determination of the rights (23–4)".

"Internal" analytical criticisms

Relatedly, legal scholarship also has criticized the movement for allowing its framing of models to dictate its results, for over-emphasizing or under-emphasizing specific incentives and costs, and for building models that do not degrade "gracefully" (and therefore have difficulty modeling reality). [48] In other words, the law and economics movement may not achieve "efficiency", even to the extent allocative efficiency is the goal of the law. [49]

Criminal methodology

Cullerne Bown has criticised Posner's approach on methodological grounds. He concludes that Posner's approach to evaluating policies in the criminal process is methodologically invalid and that "these failings in turn make the entirety of his conclusions on the criminal process unreliable". [50]

Responses to criticism

Law and economics has adapted to some of these criticisms and been developed in a variety of directions. One important trend has been the application of game theory to legal problems. [51] Other developments have been the incorporation of behavioral economics into economic analysis of law, [52] and the increasing use of statistical and econometrics techniques. [53] Within the legal academy, the term socio-economics has been applied to economic approaches that are self-consciously broader than the neoclassical tradition.

Property rights, which are analyzed using economic analysis, are seen as fundamental human rights by defenders of law and economics. [54]

See also

Related Research Articles

<span class="mw-page-title-main">Ronald Coase</span> British economist and Nobel laureate (1910–2013)

Ronald Harry Coase was a British economist and author. Coase was educated at the London School of Economics, where he was a member of the faculty until 1951. He was the Clifton R. Musser Professor of Economics at the University of Chicago Law School, where he arrived in 1964 and remained for the rest of his life. He received the Nobel Memorial Prize in Economic Sciences in 1991.

In economics, the free-rider problem is a type of market failure that occurs when those who benefit from resources, public goods and common pool resources do not pay for them or under-pay. Examples of such goods are public roads or public libraries or other services or utilities of a communal nature. Free riders are a problem for common pool resources because they may overuse it by not paying for the good. Consequently, the common pool resource may be under-produced, overused, or degraded. Additionally, it has been shown that despite evidence that people tend to be cooperative by nature, the presence of free-riders causes cooperation to deteriorate, perpetuating the free-rider problem.

<span class="mw-page-title-main">James M. Buchanan</span> American economist (1919–2013)

James McGill Buchanan Jr. was an American economist known for his work on public choice theory originally outlined in his most famous work, The Calculus of Consent, co-authored with Gordon Tullock in 1962. He continued to develop the theory, eventually receiving the Nobel Memorial Prize in Economic Sciences in 1986. Buchanan's work initiated research on how politicians' and bureaucrats' self-interest, utility maximization, and other non-wealth-maximizing considerations affect their decision-making. He was a member of the Board of Advisors of The Independent Institute as well as of the Institute of Economic Affairs, a member of the Mont Pelerin Society (MPS) and MPS president from 1984 to 1986, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University.

<span class="mw-page-title-main">Market failure</span> Concept in public goods economics

In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. The first known use of the term by economists was in 1958, but the concept has been traced back to the Victorian philosopher Henry Sidgwick. Market failures are often associated with public goods, time-inconsistent preferences, information asymmetries, non-competitive markets, principal–agent problems, or externalities.

In economics, a transaction cost is a cost incurred when making an economic trade when participating in a market.

In law and economics, the Coase theorem describes the economic efficiency of an economic allocation or outcome in the presence of externalities. The theorem is significant because, if true, the conclusion is that it is possible for private individuals to make choices that can solve the problem of market externalities. The theorem states that if the provision of a good or service results in an externality and trade in that good or service is possible, then bargaining will lead to a Pareto efficient outcome regardless of the initial allocation of property. A key condition for this outcome is that there are sufficiently low transaction costs in the bargaining and exchange process. This 'theorem' is commonly attributed to Nobel Prize laureate Ronald Coase.

The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school.

Neo institutionalism is an approach to the study of institutions that focuses on the constraining and enabling effects of formal and informal rules on the behavior of individuals and groups. New institutionalism traditionally encompasses three major strands: sociological institutionalism, rational choice institutionalism, and historical institutionalism. New institutionalism originated in work by sociologist John Meyer published in 1977.

<span class="mw-page-title-main">Armen Alchian</span> American economist (1914–2013)

Armen Albert Alchian was an American economist who made major contributions to microeconomic theory and the theory of the firm. He spent almost his entire career at the University of California, Los Angeles (UCLA), and is credited with turning its economics department into one of the country's best. He is also known as one of the founders of new institutional economics, and widely acknowledged for his work on property rights.

Aaron Director was a Russian-born American economist and academic who played a central role in the development of law and economics and the Chicago school of economics. Director was a professor at the University of Chicago Law School, and, together with his brother-in-law, Nobel laureate Milton Friedman, influenced a number of jurists, including Robert Bork, Richard Posner, Antonin Scalia, and Chief Justice William Rehnquist.

"The Lighthouse in Economics" is a 1974 academic paper written by British economist Ronald H. Coase, the 1991 recipient of the Nobel Memorial Prize in Economic Sciences.

<span class="mw-page-title-main">New institutional economics</span> Economic perspective

New Institutional Economics (NIE) is an economic perspective that attempts to extend economics by focusing on the institutions that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics.

The Lange model is a neoclassical economic model for a hypothetical socialist economy based on public ownership of the means of production and a trial-and-error approach to determining output targets and achieving economic equilibrium and Pareto efficiency. In this model, the state owns non-labor factors of production, and markets allocate final goods and consumer goods. The Lange model states that if all production is performed by a public body such as the state, and there is a functioning price mechanism, this economy will be Pareto-efficient, like a hypothetical market economy under perfect competition. Unlike models of capitalism, the Lange model is based on direct allocation, by directing enterprise managers to set price equal to marginal cost in order to achieve Pareto efficiency. By contrast, in a capitalist economy, private owners seek to maximize profits, while competitive pressures are relied on to indirectly lower the price, this discourages production with high marginal cost and encourages economies of scale.

<span class="mw-page-title-main">Harold Demsetz</span> American economist (1930–2019)

Harold Demsetz was an American professor of economics at the University of California at Los Angeles (UCLA).

<span class="mw-page-title-main">Efficient breach</span>

In legal theory, particularly in law and economics, efficient breach is a voluntary breach of contract and payment of damages by a party who concludes that they would incur greater economic loss by performing under the contract.

Economic justice is a component of social justice and welfare economics. It is a set of moral and ethical principles for building economic institutions, where the ultimate goal is to create an opportunity for each person to establish a sufficient material foundation upon which to have a dignified, productive, and creative life.."

<span class="mw-page-title-main">The Use of Knowledge in Society</span> 1945 scholarly article by economist Friedrich Hayek

"The Use of Knowledge in Society" is a scholarly article written by Austrian-British academic economist Friedrich Hayek, first published in the September 1945 issue of The American Economic Review.

"The Problem of Social Cost" (1960) is a law review article by Ronald Coase, then a faculty member at the University of Virginia, dealing with the economic problem of externalities. It draws from a number of English legal cases and statutes to illustrate Coase's belief that legal rules are only justified by reference to a cost–benefit analysis, and that nuisances that are often regarded as being the fault of one party are more symmetric conflicts between the interests of the two parties. If there are sufficiently low costs of doing a transaction, legal rules would be irrelevant to the maximization of production. Because in the real world there are costs of bargaining and information gathering, legal rules are justified to the extent of their ability to allocate rights to the most efficient right-bearer.

Constitutional economics is a research program in economics and constitutionalism that has been described as explaining the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents". This extends beyond the definition of "the economic analysis of constitutional law" and is distinct from explaining the choices of economic and political agents within those rules, a subject of orthodox economics. Instead, constitutional economics takes into account the impacts of political economic decisions as opposed to limiting its analysis to economic relationships as functions of the dynamics of distribution of marketable goods and services.

<span class="mw-page-title-main">Francesco Parisi (economist)</span>

Francesco Parisi is a legal scholar and economist, working primarily in the United States and Italy. He is the Oppenheimer Wolff & Donnelly Professor of Law at the University of Minnesota Law School and Distinguished Professor of Economics at the University of Bologna. Parisi specializes in the economic analysis of law. His research uses formal models and technical results in areas from international law to behavioral law and economics to tort law.

References

  1. ↑ David Friedman (1987). "law and economics," The New Palgrave: A Dictionary of Economics , v. 3, p. 144.
  2. ↑ Ronald Coase (1996). "Law and Economics and A.W. Brian Simpson," The Journal of Legal Studies , v. 25, p. 103-104.
  3. ↑ Kristoffel Grechenig & Martin Gelter, The Transatlantic Divergence in Legal Thought: American Law and Economics vs. German Doctrinalism, Hastings International and Comparative Law Review 2008, vol. 31, p. 295–360; Martin Gelter & Kristoffel Grechenig, History of Law and Economics, forthcoming in Encyclopedia on Law & Economics.
  4. ↑ Gilmore, Eugene Allen (1917). "The Relation of Law and Economics". Journal of Political Economy. 25 (1): 69–79. doi:10.1086/252930. ISSN   0022-3808.
  5. ↑ Hayek's journey: the mind of Friedrich Hayek by Alan Ebenstein, Palgrave Macmillan, 2003, pages 164–165. Retrieved November 10, 2022.
  6. ↑ Kristoffel Grechenig & Martin Gelter, The Transatlantic Divergence in Legal Thought: American Law and Economics vs. German Doctrinalism, Hastings International and Comparative Law Review 2008, vol. 31, p. 295–360
  7. ↑ Coase, Ronald (1960). "The Problem of Social Cost" (PDF). The Journal of Law and Economics. 3 (1): 1–44. doi:10.1086/466560. S2CID   222331226. Archived from the original (PDF) on 2019-08-07. Retrieved 2019-09-08. This issue was actually published in 1961.
  8. ↑ Calabresi, Guido (1961). "Some Thoughts on Risk Distribution and the Law of Torts". Yale Law Journal . 70 (4): 499–553. doi:10.2307/794261. JSTOR   794261.
  9. ↑ Posner, Richard (1983). The Economics of Justice. Cambridge: Harvard University Press. p.  4. ISBN   978-0-674-23525-0.
  10. ↑ "Aaron Director, Founder of the field of Law and Economics". www-news.uchicago.edu. Retrieved 2019-09-04.
  11. ↑ "Spotlight: Henry G. Manne ROBERT POOLE, Reason, May 1976. Retrieved October 7, 2022.
  12. ↑ Silvestri, Paolo (October 1, 2019). "On the (Methodological) Future of Law and Economics. The Uneasy Burden of Value Judgments and Normativity". Global Jurist. 19 (3). doi:10.1515/gj-2019-0026. hdl: 2318/1760891 . S2CID   207888412 – via www.degruyter.com.
  13. ↑ "The Regressive Effect of Legal Uncertainty" Uri Weiss, Journal of Dispute Resolution, 2019, page 152. Retrieved October 23, 2022.
  14. ↑ Becker, Gary (March 1, 1968), "Crime and Punishment: An Economic Approach" (PDF), Journal of Political Economy, 76 (2): 169, doi:10.1086/259394
  15. ↑ Posner, Richard (October 1985), "An Economic Theory of the Criminal Law", Columbia Law Review, 85 (6): 1193–1231, doi:10.2307/1122392, JSTOR   1122392
  16. ↑ "Toward a Manifesto". LPE Project. Retrieved 2021-07-26.
  17. ↑ Hart, Oliver (1995). "Corporate Governance: Some Theory and Implications". The Economic Journal. 105 (430): 678–689. doi:10.2307/2235027. ISSN   0013-0133. JSTOR   2235027.
  18. ↑ La Porta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei; Vishny, Robert (2000-01-01). "Investor protection and corporate governance" (PDF). Journal of Financial Economics. Special Issue on International Corporate Governance. 58 (1): 3–27. doi:10.1016/S0304-405X(00)00065-9. ISSN   0304-405X.
  19. ↑ Bebchuk, Lucian; Cohen, Alma; Ferrell, Allen (2009-02-01). "What Matters in Corporate Governance?". The Review of Financial Studies. 22 (2): 783–827. doi:10.1093/rfs/hhn099. ISSN   0893-9454.
  20. ↑ Brown, Darryl K. (2004). "Cost–Benefit Analysis in Criminal Law". California Law Review. 92 (2): 323–372. doi:10.2307/3481427. ISSN   0008-1221. JSTOR   3481427.[ permanent dead link ]
  21. ↑ Mueller, John; G, Stewart Mark (2014–2015). "Secret without Reason and Costly without Accomplishment: Questioning the National Security Agency's Metadata Program" (PDF). I/S: A Journal of Law and Policy for the Information Society. 10: 407.
  22. ↑ Becker, Gary S. (1968). "Crime and Punishment: An Economic Approach" (PDF). Journal of Political Economy. 76 (2): 169–217. doi:10.1086/259394. ISSN   0022-3808.
  23. ↑ Levitt, Steven D (2004). "Understanding Why Crime Fell in the 1990s: Four Factors that Explain the Decline and Six that Do Not". Journal of Economic Perspectives. 18 (1): 163–190. doi: 10.1257/089533004773563485 . ISSN   0895-3309. S2CID   1403928.
  24. ↑ Posner, Richard A. (1999). "An Economic Approach to the Law of Evidence". John M. Olin Law & Economics Working Paper No. 66. University of Chicago Law School.
  25. ↑ Lempert, Richard (2001). "The Economic Analysis of Evidence Law: Common Sense on Stilts". Virginia Law Review. 87 (8): 1619–1712. doi:10.2307/1073903. ISSN   0042-6601. JSTOR   1073903.
  26. ↑ Terrebonne, R. Peter (1981). "A Strictly Evolutionary Model of Common Law". The Journal of Legal Studies. 10 (2): 397–407. doi:10.1086/467688. ISSN   0047-2530. JSTOR   723986. S2CID   154112531.
  27. ↑ Gennaioli, Nicola; Shleifer, Andrei (2007). "The Evolution of Common Law". Journal of Political Economy. 115 (1): 43–68. doi:10.1086/511996. ISSN   0022-3808. JSTOR   10.1086/511996. S2CID   38696030.
  28. ↑ Friedman, Daniel (1998). "On economic applications of evolutionary game theory" (PDF). Journal of Evolutionary Economics. 8: 15–43. CiteSeerX   10.1.1.295.3014 . doi:10.1007/s001910050054. S2CID   18758507.
  29. ↑ Ostrom, Elinor (1990). Governing the Commons: The Evolution of Institutions for Collective Action. Cambridge, UK: Cambridge University Press. ISBN   978-0-521-40599-7.
  30. ↑ Demsetz, Harold (1967). "Toward a Theory of Property Rights". The American Economic Review. 57 (2): 347–359. ISSN   0002-8282. JSTOR   1821637.
  31. ↑ Alchian, Armen A.; Demsetz, Harold (1973). "The Property Right Paradigm". The Journal of Economic History. 33 (1): 16–27. doi:10.1017/S0022050700076403. ISSN   0022-0507. JSTOR   2117138. S2CID   153392930.
  32. ↑ Gostin, Lawrence (2006). "Public Health Strategies for Pandemic Influenza: Ethics and the Law". JAMA. 295 (14): 1700–1704. doi:10.1001/jama.295.14.1700. PMID   16609092.
  33. ↑ Fidler, David P.; Gostin, Lawrence O.; Markel, Howard (2007). "Through the Quarantine Looking Glass: Drug-Resistant Tuberculosis and Public Health Governance, Law, and Ethics". The Journal of Law, Medicine & Ethics. 35 (4): 616–628. doi:10.1111/j.1748-720X.2007.00185.x. PMID   18076513. S2CID   25081245.
  34. ↑ "Modern Portfolio Theory". LII / Legal Information Institute. Cornell Law School. Retrieved 2019-12-23.
  35. ↑ Glaeser, Edward L.; Luttmer, Erzo F. P. (2003). "The Misallocation of Housing Under Rent Control" (PDF). American Economic Review. 93 (4): 1027–1046. doi:10.1257/000282803769206188. ISSN   0002-8282. S2CID   153883166.
  36. ↑ Diamond, Rebecca; McQuade, Tim; Qian, Franklin (2019). "The Effects of Rent Control Expansion on Tenants, Landlords, and Inequality: Evidence from San Francisco". American Economic Review. 109 (9): 3365–3394. doi: 10.1257/aer.20181289 . ISSN   0002-8282.
  37. ↑ Krueger, Anne O. (1974). "The Political Economy of the Rent-Seeking Society". The American Economic Review. 64 (3): 291–303. ISSN   0002-8282. JSTOR   1808883.
  38. ↑ Viscusi, W. Kip (1993). "The Value of Risks to Life and Health". Journal of Economic Literature. 31 (4): 1912–1946. ISSN   0022-0515. JSTOR   2728331.
  39. ↑ Viscusi, W. Kip; Aldy, Joseph E. (2003-08-01). "The Value of a Statistical Life: A Critical Review of Market Estimates Throughout the World". Journal of Risk and Uncertainty. 27 (1): 5–76. doi:10.1023/A:1025598106257. ISSN   1573-0476. S2CID   189928888.
  40. ↑ Burness, H. Stuart; Quirk, James P. (1980). "Water Law, Water Transfers, and Economic Efficiency: The Colorado River" (PDF). The Journal of Law and Economics. 23 (1): 111–134. doi:10.1086/466954. ISSN   0022-2186. S2CID   153474147. Archived from the original (PDF) on 2022-01-16. Retrieved 2019-12-25.
  41. ↑ Johnson, Ronald N.; Gisser, Micha; Werner, Michael (1981). "The Definition of a Surface Water Right and Transferability". The Journal of Law and Economics. 24 (2): 273–288. doi:10.1086/466984. ISSN   0022-2186. S2CID   153338557.
  42. ↑ Anthony T. Kronman, The Lost Lawyer 166 (1993).
  43. ↑ Schlag, Pierre (2013-09-17). "Coase Minus the Coase Theorem – Some Problems with Chicago Transaction Cost Analysis". Rochester, NY: Social Science Research Network. SSRN   2320068.{{cite journal}}: Cite journal requires |journal= (help)
  44. ↑ The law and economics of development - Edgardo Buscaglia, William Ratliff and Robert Cooter Libraries, JAI Press, 1997, ISBN   0762301074
  45. ↑ "Essays on Law and Economics". www.duncankennedy.net.
  46. ↑ Hanson, Jon D. (2012). Hanson, Jon (ed.). Ideology, Psychology, and Law. Oxford, UK: Oxford University Press. doi:10.1093/acprof:oso/9780199737512.001.0001. ISBN   9780199918638.
  47. 1 2 Markovits, Richard (1998). Second-Best Theory and Law & Economics: An Introduction. Vol. 73. Chicago-Kent Law Review.
  48. ↑ Bayern, Shawn (2023-10-31). The Analytical Failures of Law and Economics (1 ed.). Cambridge University Press. pp. 12–24. doi:10.1017/9781009159203. ISBN   978-1-009-15920-3. S2CID   261930613.
  49. ↑ Leff, Arthur Allen (1974). "Economic Analysis of Law: Some Realism about Nominalism". Virginia Law Review. 60 (3): 469–481. doi:10.2307/1072437. ISSN   0042-6601. JSTOR   1072437.
  50. ↑ Cullerne Bown, William. (2022-12-23). "An epistemic theory of the criminal process, Part II: Packer, Posner and epistemic pressure". Law, Probability and Risk.
  51. ↑ Baird, Douglas G.; Gertner, Robert H.; Picker, Randal C. (1998). Game Theory and the Law. Harvard University Press. ISBN   9780674341111.
  52. ↑ Jolls, Christine; Sunstein, Cass R.; Thaler, Richard (1997–1998). "A Behavioral Approach to Law and Economics". Stanford Law Review. 50 (5): 1471. doi:10.2307/1229304. JSTOR   1229304.
  53. ↑ Martin Gelter & Kristoffel Grechenig, History of Law and Economics, forthcoming in Encyclopedia on Law & Economics.
  54. ↑ Alvarez, José E. (2018). "The Human Right of Property". University of Miami Law Review. 72: 580. SSRN   3150903.

Further reading

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.