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An Austrian approach to law and economics, with special reference to superstition

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  • Peter Leeson

Abstract

This paper has two purposes. First, it considers what the components of an “Austrian” law and economics might consist of. I argue that Ronald Coase’s conception of law and economics precludes the economic analysis of legal institutions and, in particular, the beliefs that support them. In doing so, Coase’s conception precludes an Austrian law and economics. In contrast, Richard Posner’s conception of law and economics makes such analysis the core of its study. In doing so, Posner’s conception provides a productive foundation for an Austrian law and economics. Second, to illustrate what some aspects of an Austrian law and economics might look like in practice, I consider several examples of the economic analysis of beliefs of import for the law. I focus on objectively false beliefs, or superstitions, and argue that some such beliefs are socially productive. Copyright Springer Science+Business Media, LLC 2012

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  • Peter Leeson, 2012. "An Austrian approach to law and economics, with special reference to superstition," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(3), pages 185-198, September.
    • Handle: RePEc:kap:revaec:v:25:y:2012:i:3:p:185-198
    DOI: 10.1007/s11138-012-0179-3
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    10. Harnay, Sophie & Marciano, Alain, 2009. "Posner, Economics And The Law: From “Law And Economics” To An Economic Analysis Of Law," Journal of the History of Economic Thought, Cambridge University Press, vol. 31(2), pages 215-232, June.
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    8. Josef Šíma, 2019. "Austrian School Identity and Unavoidable Trade-offs in its Long-term Progress," Advances in Austrian Economics, in: Assessing Austrian Economics, volume 24, pages 61-68, Emerald Group Publishing Limited.
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    10. Peter T. Leeson & Paola A. Suarez, 2015. "Superstition and Self-Governance," Advances in Austrian Economics, in: New Thinking in Austrian Political Economy, volume 19, pages 47-66, Emerald Group Publishing Limited.
    11. Mark Koyama, 2019. "Peter T. Leeson, WTF?!: An economic tour of the weird," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(1), pages 81-84, March.
    12. Alain Marciano, 2012. "How far an Austrian law and economics should be Posnerian?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(4), pages 351-354, December.
    13. Todd J. Zywicki & Edward P. Stringham, 2017. "Austrian law and economics and efficiency in the common law," Chapters, in: Todd J. Zywicki & Peter J. Boettke (ed.), Research Handbook on Austrian Law and Economics, chapter 9, pages 192-208, Edward Elgar Publishing.
    14. Vladimir Vladimirovich Maltsev & Andrei Yurievich Yudanov, 2023. "Toward a Demsetzian Knowledge Theory," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(2), pages 1371-1385, June.
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    18. Peter T. Leeson & Joshua Pierson, 2017. "Economic origins of the no-fault divorce revolution," European Journal of Law and Economics, Springer, vol. 43(3), pages 419-439, June.

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    More about this item

    Keywords

    Austrian-Chicago synthesis; law and economics; Coase; Posner; Superstition; Beliefs; Economic analysis of law; B53; D8; K00; K49; Z12;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • K49 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Other
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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