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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

Suggested Citation

  • 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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    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.
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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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