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Austrian law and economics and efficiency in the common law

In: Research Handbook on Austrian Law and Economics

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  • Todd J. Zywicki
  • Edward P. Stringham

Abstract

Is the common law efficient? Neoclassical economists debate whether our inherited systems of judge-made law maximize wealth whereas Austrian economists typically adopt much different standards. The chapter reviews neoclassical and Austrian arguments about efficiency in the common law. After presenting Hayek’s views on the common law as a spontaneous order it concludes that the common law can indeed be viewed as a spontaneous order only when judges provide their services in a free and competitive system.

Suggested Citation

  • 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.
    • Handle: RePEc:elg:eechap:13939_9
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    References listed on IDEAS

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    1. Edward P. Stringham, 2010. "Economic Value and Costs are Subjective," Chapters, in: Peter J. Boettke (ed.), Handbook on Contemporary Austrian Economics, chapter 4, Edward Elgar Publishing.
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    3. J. Rosser & Marina Rosser, 2008. "A critique of the new comparative economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(1), pages 81-97, March.
    4. 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.
    5. Bailey, Martin J. & Rubin, Paul H., 1994. "A positive theory of legal change," International Review of Law and Economics, Elsevier, vol. 14(4), pages 467-477, December.
    6. Peter J. Boettke (ed.), 2010. "Handbook on Contemporary Austrian Economics," Books, Edward Elgar Publishing, number 12822.
    7. 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.
    8. Block, Walter, 1995. "Ethics, Efficiency, Coasian Property Rights, and Psychic Income: A Reply," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 8(2), pages 61-125.
    9. Bruce L. Benson & Paul R. Zimmerman (ed.), 2010. "Handbook on the Economics of Crime," Books, Edward Elgar Publishing, number 13180.
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