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Applying Hohfeld to economics

In: The Legal Foundations of Micro-Institutional Performance

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Abstract

Building on the initial Hohfeldian approach in Chapter 2, we introduce some advanced concepts to complete the overall framework. The basic Hohfeld concepts can be combined into compound concepts such as protected privilege and common liberty amongst others. These advanced concepts better describe the real legal foundations of the economy and the types of opportunity sets facing economic agents. Further, basic Hohfeldian concepts can be further delineated with ideas such as veto power or initiation choice which allow the analyst to better discern the nature of transaction or interdependence between agents. Agents are not equal ultimately and agents will use inequality in power to coerce other agents and reduce each other's opportunity sets. The final section brings together the concepts into a full Hohfeldian framework which in turn becomes the Legal-Economic Performance framework of Chapter 4.

Suggested Citation

  • ., 2022. "Applying Hohfeld to economics," Chapters, in: The Legal Foundations of Micro-Institutional Performance, chapter 3, pages 60-85, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21138_3
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