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Law and economics and the role of explanation: A comment of Guido Calabresi,The Future of Law and Economics

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  • Brian H. Bix

    (University of Minnesota)

Abstract

A central theme of Guido Calabresi’s The Future of Law and Economics is the way that economic analysis of law tends to reject as irrational whatever aspects of law or life do not fit its approach. Calabresi argues instead for a different approach he labels “law and economics,” which includes a greater willingness to modify economic analysis to allow it better to fit law and life. This Review Essay elaborates Calabresi’s argument, supplementing it with ideas from other sources, including Arthur Leff’s parallel response to economic analysis, “Some Realism about Nominalism,” and an earlier Calabresi article, “Supereditor or Translator.” Among the topics discussed are the role of historical/causal analysis, and the different sorts of explanation that we do expect, or should expect, from theories of law.

Suggested Citation

  • Brian H. Bix, 2019. "Law and economics and the role of explanation: A comment of Guido Calabresi,The Future of Law and Economics," European Journal of Law and Economics, Springer, vol. 48(1), pages 113-123, August.
    • Handle: RePEc:kap:ejlwec:v:48:y:2019:i:1:d:10.1007_s10657-018-9592-9
    DOI: 10.1007/s10657-018-9592-9
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    References listed on IDEAS

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    1. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    2. Oona Hathaway, "undated". "Path Dependence in the Law: The Course and Pattern of Legal Change in a Common Law System," Yale Law School John M. Olin Center for Studies in Law, Economics, and Public Policy Working Paper Series yale_lepp-1002, Yale Law School John M. Olin Center for Studies in Law, Economics, and Public Policy.
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    More about this item

    Keywords

    Guido Calabresi; Arthur Allen Leff; Law and economics; Economic analysis of law; Historical explanation;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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