IDEAS home Printed from https://ideas.repec.org/a/prg/jnlpol/v2004y2004i4id474p519-531.html
   My bibliography  Save this article

Ekonomická analýza práva
[Economic analysis of law]

Author

Listed:
  • Robert Holman

Abstract

Economic analysis of law concerns predicting impacts of legislative rules on incentives and behaviour of individuals and judging social efficiency of alternative legislative rules. It applies price theory, welfare theory and public choice theory on creating and applying law. One of its main shortcomings however is the lack of criteria of social efficiency. Modern history of economic analysis of law begins within the framework of property rights and transaction costs theories. The Chicago school has been the most prominent group of economists. Austrian school and New institutional school compete with Chicago school in applying different methods of economic analysis on law. Chicago approach is based on assumptions of rational economic behaviour and stable preferences. In the centre of Chicago paradigm lies Richard Posner's efficiency thesis predicting that law rules develop in efficient ways. Austrian school criticizes Chicago school positivism from the perspectives of methodological subjectivism.

Suggested Citation

  • Robert Holman, 2004. "Ekonomická analýza práva [Economic analysis of law]," Politická ekonomie, Prague University of Economics and Business, vol. 2004(4), pages 519-531.
    • Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:474:p:519-531
    DOI: 10.18267/j.polek.474
    as

    Download full text from publisher

    File URL: http://polek.vse.cz/doi/10.18267/j.polek.474.html
    Download Restriction: free of charge
    File URL: https://libkey.io/10.18267/j.polek.474?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Léonard,Daniel & Long,Ngo van, 1992. "Optimal Control Theory and Static Optimization in Economics," Cambridge Books, Cambridge University Press, number 9780521331586, September.
    2. Caballe, Jordi & Santos, Manuel S, 1993. "On Endogenous Growth with Physical and Human Capital," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1042-1067, December.
    3. HALKIN, Hubert, 1974. "Necessary conditions for optimal control problems with infinite horizons," LIDAM Reprints CORE 193, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    4. Dorfman, Robert, 1969. "An Economic Interpretation of Optimal Control Theory," American Economic Review, American Economic Association, vol. 59(5), pages 817-831, December.
    5. Sethi, Suresh P. & Thompson, Gerald L., 1970. "Applications of Mathematical Control Theory to Finance: Modeling Simple Dynamic Cash Balance Problems," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 5(4-5), pages 381-394, December.
    6. Marimon, Ramon & Scott, Andrew (ed.), 1999. "Computational Methods for the Study of Dynamic Economies," OUP Catalogue, Oxford University Press, number 9780198294979.
    7. Halkin, Hubert, 1974. "Necessary Conditions for Optimal Control Problems with Infinite Horizons," Econometrica, Econometric Society, vol. 42(2), pages 267-272, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Josef Šíma, 2005. "Intelektuální vlastnictví jako překážka na cestě k prosperitě [Intellectual property as an obstacle to prosperity]," Politická ekonomie, Prague University of Economics and Business, vol. 2005(3), pages 369-382.
    2. Dagmar Brožová, 2010. "Antidiskriminační zákon a jeho ekonomické a právní souvislosti z pohledu liberální ekonomie [Antidiscrimination Act and Its Economic and Legal Connections from the Liberal Economic View]," Politická ekonomie, Prague University of Economics and Business, vol. 2010(3), pages 357-373.
    3. Walter Block, 2011. "Destined For Failure: American Prosperity In The Age Of Bailouts," Romanian Economic Business Review, Romanian-American University, vol. 6(1), pages 189-216, March.
    4. Pavol Minárik, 2012. "Copyright a právo na překlad: ekonomická analýza [Copyright and the Right to Translation: An Economic Analysis]," Politická ekonomie, Prague University of Economics and Business, vol. 2012(1), pages 101-112.
    5. Orgoník, Martin, 2009. "Potentialities of Economic Analysis of International Trade Law," Annals - Juridical Science Series, Constantin Brancusi University, Faculty of Juridical Sciences, vol. 1, pages 79-92, May.
    6. Luděk Kouba, 2009. "Návrh klasifikace soudobých sociálně-ekonomických přístupů k teorii růstu [The Proposal of Original Classification of Contemporary Social-Economic Approaches to the Growth Theory]," Politická ekonomie, Prague University of Economics and Business, vol. 2009(5), pages 696-713.
    7. Igor Kotlán, 2008. "Gnoseologické přístupy k daňové reformě v ČR [Gnoseology approach to the tax reform in the Czech Republic]," Politická ekonomie, Prague University of Economics and Business, vol. 2008(4), pages 505-519.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Michal Slavík, 2004. "Soudobá makroekonomie a teorie optimálního řízení [Contemporary macroeconomics and optimal control theory]," Politická ekonomie, Prague University of Economics and Business, vol. 2004(4), pages 551-561.
    2. Emmanuelle Augeraud-Véron & Raouf Boucekkine & Vladimir Veliov, 2019. "Distributed Optimal Control Models in Environmental Economics: A Review," AMSE Working Papers 1902, Aix-Marseille School of Economics, France.
    3. Cairns, Robert D. & Del Campo, Stellio & Martinet, Vincent, 2019. "Sustainability of an economy relying on two reproducible assets," Journal of Economic Dynamics and Control, Elsevier, vol. 101(C), pages 145-160.
    4. Sergey Aseev & Gernot Hutschenreiter & Arkadii V. Kryazhimskii, 2002. "Optimal Investment in R&D with International Knowledge Spillovers," WIFO Working Papers 175, WIFO.
    5. Ravi Kashyap, 2016. "Solving the Equity Risk Premium Puzzle and Inching Towards a Theory of Everything," Papers 1604.04872, arXiv.org, revised Sep 2019.
    6. Stefano Bosi & Carmen Camacho & David Desmarchelier, 2023. "Human capital and welfare," PSE-Ecole d'économie de Paris (Postprint) halshs-03920429, HAL.
    7. Stefano Bosi & Carmen Camacho & David Desmarchelier, 2020. "Human capital and welfare," PSE Working Papers halshs-02482543, HAL.
    8. Allise O. Wachs & Irwin E. Schochetman & Robert L. Smith, 2011. "Average Optimality in Nonhomogeneous Infinite Horizon Markov Decision Processes," Mathematics of Operations Research, INFORMS, vol. 36(1), pages 147-164, February.
    9. Feichtinger, Gustav & Grass, Dieter & Kort, Peter M. & Seidl, Andrea, 2021. "On the Matthew effect in research careers," Journal of Economic Dynamics and Control, Elsevier, vol. 123(C).
    10. P. Cartigny & P. Michel, 2003. "On the Selection of One Feedback Nash Equilibrium in Discounted Linear-Quadratic Games," Journal of Optimization Theory and Applications, Springer, vol. 117(2), pages 231-243, May.
    11. Engwerda, J.C., 1996. "The Infinite Horizon Open-Loop Nash LQ-Game," Other publications TiSEM bb9762e7-faab-4ad2-8dd8-4, Tilburg University, School of Economics and Management.
    12. Jean-Bernard Chatelain & Bruno Tinel & Karim Azizi & Nicolas Canry, 2012. "Are the No-Ponzi Game and the Transversality Conditions Relevant for Public Debt? A Keynesian Appraisal," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00686788, HAL.
    13. Posch, Olaf & Trimborn, Timo, 2013. "Numerical solution of dynamic equilibrium models under Poisson uncertainty," Journal of Economic Dynamics and Control, Elsevier, vol. 37(12), pages 2602-2622.
    14. Azizi, Karim & Canry, Nicolas & Chatelain, Jean-Bernard & Tinel, Bruno, 2013. "Government Solvency, Austerity and Fiscal Consolidation in the OECD: A Keynesian Appraisal of Transversality and No Ponzi Game Conditions," EconStor Preprints 72550, ZBW - Leibniz Information Centre for Economics.
    15. Gordon, Sidartha & Marlats, Chantal & Ménager, Lucie, 2021. "Observation delays in teams and effort cycles," Games and Economic Behavior, Elsevier, vol. 130(C), pages 276-298.
    16. Robert S. Chirinko & Daniel J. Wilson, 2023. "Fiscal Foresight and Perverse Distortions to Firm Behavior: Anticipatory Dips and Compensating Rebounds," Working Paper Series 2021-15, Federal Reserve Bank of San Francisco.
    17. Kamihigashi, Takashi, 2005. "Necessity of the transversality condition for stochastic models with bounded or CRRA utility," Journal of Economic Dynamics and Control, Elsevier, vol. 29(8), pages 1313-1329, August.
    18. Donald A. R. George & Les Oxley & Ken Carlaw, 2003. "Economic Growth in Transition," Journal of Economic Surveys, Wiley Blackwell, vol. 17(3), pages 227-237, July.
    19. Carravetta, Francesco & Sorge, Marco M., 2013. "Model reference adaptive expectations in Markov-switching economies," Economic Modelling, Elsevier, vol. 32(C), pages 551-559.
    20. Marc Boissaux & Jang Schiltz, 2010. "An Optimal Control Approach to Portfolio Optimisation with Conditioning Information," LSF Research Working Paper Series 10-09, Luxembourg School of Finance, University of Luxembourg.

    More about this item

    Keywords

    property rights; transaction costs; methodological individualism; subjectivism; economic analysis of law; rational choice; social institutions; positivism; common law; social efficiency;
    All these keywords.

    JEL classification:

    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:474:p:519-531. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stanislav Vojir (email available below). General contact details of provider: https://edirc.repec.org/data/uevsecz.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.