Institutional Law and Economics
Опубликовано на портале: 05-02-2003
Encyclopedia of Law and Economics.
1999.
Тематический раздел:
From its beginnings in the late nineteenth century, institutional economics has been
concerned with the analysis of the interrelations between legal and economic processes.
The institutional approach to law and economics examines both the influence of economy
upon law and legal reasoning and the influence of law and legal change upon economic
activity and performance. This essay examines the central tenants of institutional
law and economics, dating from the early work of individuals such as Robert Lee Hale
and John R. Commons and through its modern manifestations. As such, it emphasizes
the evolutionary nature of law and economy, the tension between continuity and change,
the problem of order, the reciprocal nature of legal-economic problems and the attendant
dual nature of rights, the problematic nature of efficiency, and the need for a comparative
institutional approach to the practice of law and economics. By recognizing the multiplicity
of potential solutions to legal-economic problems and the underlying value premises
attending each, the comparative institutional approach to law and economics attempts
to flesh out both what is actually going on within the legal-economic nexus and the
alternative possibilities open to society within the legal-economic decision-making
process.
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