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The underlying legal structure of economic relationships

In: The Legal Foundations of Micro-Institutional Performance

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Abstract

Traditional economics focuses on budget constraints, technology and consumer preferences to understand market behavior. For an economics grounded in an understanding of its legal foundations, a new language is needed to inform such an analysis. Wesley Hohfeld was a Yale law professor in the early twentieth century who created a new vocabulary for driving legal and jural relations between people. The basic concepts underlying Hohfeld's system are introduced. These concepts include the primary jural relations of rights, privileges, duty and exposure and the secondary jural relations of power, liability, disability and immunity. These concepts can enrich the tools the analyst has in describing the opportunity sets and opportunity costs facing economic decision makers and in modeling markets and other forms of economic transactions.

Suggested Citation

  • ., 2022. "The underlying legal structure of economic relationships," Chapters, in: The Legal Foundations of Micro-Institutional Performance, chapter 2, pages 37-59, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21138_2
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