Coase Institutionalism And The Origins Of Law And Economics
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Coase Institutionalism And The Origins Of Law And Economics
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Author : Herbert Hovenkamp
language : en
Publisher:
Release Date : 2011
Coase Institutionalism And The Origins Of Law And Economics written by Herbert Hovenkamp and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Ronald Coase merged two traditions in economics, marginalism and institutionalism. Neoclassical economics in the 1930s was characterized by an abstract conception of marginalism and frictionless resource movement. Marginal analysis did not seek to uncover the source of individual human preference or value, but accepted preference as given. It treated the business firm in the same way, focusing on how firms make market choices, but saying little about their internal workings. “Institutionalism” historically refers to a group of economists who wrote mainly in the 1920s and 1930s. Their place in economic theory is outside the mainstream, but they have found new energy with the rise of behavioral economics and socio-economics. The institutionalists emphasized the importance of human created institutions that allocate resources and power, institutional rules of social control, and the effect of institutions on the economy. The institutionalists severely qualified marginalist analysis as well as the emergent neoclassical creed that the study of naked individual preference is the exclusive methodology of economic science. By contrast, most institutionalists defended the study of the biological and behaviorist sources of preference. Finally, unlike mainstream neoclassicists, most institutionalists believed that market exchange is only one of many institutions that move resources through the economy. Coase's work merged neoclassicism with institutionalism by incorporating marginalist analysis into the study of institutions. As the neoclassicists, he was not concerned about the source of preferences but only with the mechanisms by which they are asserted. More explicitly, by recognizing individual preference orderings and market exchange as the only efficient movers of resources, he reduced the problem of resource movement to one of “transaction costs.” The result was a new brand of institutionalism that was far more palatable to neoclassicists but largely unacceptable to traditional institutionalists. This revised institutionalism became an important source of theory for modern law and economics. First, it recognized marginalism and the conception of the rational actor as central to economic analysis of legal institutions. Second, it preserved the Pigouvian, fundamentally institutionalist concern that economics consider the costs of moving resources from one spot to another. Third, its market-oriented marginalism led Coase to assume that the only relevant costs of resource movement are the internal value maximizing decisions of individual economic agents, captured by Coase's 1937 essay on The Nature of the Firm; and the costs of bargaining, reflected in his 1959 and 1960 articles on social cost.
The Origins Of Law And Economics
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Author : Francesco Parisi
language : en
Publisher: Edward Elgar Publishing
Release Date : 2005
The Origins Of Law And Economics written by Francesco Parisi and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
An intellectual history of law and economics : 1793-2003 / Charles K. Rowley -- Methodological debates in law and economics : the changing contours of a discipline / Francesco Parisi -- The fire of truth : a remembrance of law and economics at Chicago, 1932-1970 / edited by Edmund W. Kitch -- The economic way of looking at behavior / Gary S. Becker -- Cost, choice, and catallaxy : an evaluation of two related but divergent Virginia paradigms / James M. Buchanan -- The pointlessness of Pareto : carrying Coase further / Guido Calabresi -- The relevance of transaction costs in the economic analysis of law / Ronald H. Coase -- The confluence of justice and efficiency in the economic analysis of law / Robert D. Cooter -- Toward a theory of property rights II : the competition between private and collective ownership / Harold Demsetz -- The economist in spite of himself / Richard A. Epstein -- The art of law and economics : an autobiographical essay / William M. Landes -- How law and economics was marketed in a hostile world : a very personal history / Henry G. Manne -- The law and economics movement : from Bentham to Becker / Richard A. Posner -- The rise of law and economics : a memoir of the early years / George L. Priest -- Why was the common law efficient? / Paul H. Rubin -- Law versus morality as regulators of conduct / Steven Shavell -- Journeys across the divides / Michael J. Trebilcock -- The case against the common law / Gordon Tullock -- Why law, economics, and organization? / Oliver E. Williamson.
Coasean Economics Law And Economics And The New Institutional Economics
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Author : Steven G. Medema
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Coasean Economics Law And Economics And The New Institutional Economics written by Steven G. Medema and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Law categories.
Upon hearing that Ronald Coase had been awarded the Nobel Prize, a fellow economist's first response was to ask with whom Coase had shared the Prize. Whether this response was idiosyncratic or not, I do not know; I expect not. Part of this type of reaction can no doubt be explained by the fact that Coase has often been characterized as an economist who wrote only two significant or influential papers: "The Nature of the Firm" (1937) and "The Problem of Social Cost" (1960). And by typical professional standards of "significant" and "influential" (i. e. , widely read and cited), this perception embodies a great deal of truth, even subsequent to Coase's receipt of the Prize. This is not to say that there have not been other important works - "The Marginal Cost Controversy" (1946) and "The Lighthouse in Economics" (1974) come immediately to mind here - only that in a random sample of, say, one hundred economists, one would likely find few who could list a Coase bibliography beyond the two classic pieces noted above, in spite of Coase's significant publication record. ' The purpose of this collection is to assess the development of, tensions within, and prospects for Coasean Economics - those aspects of economic analysis that have evolved out of Coase's path-breaking work. Two major strands of research can be identified here: law and economics and the New Institutional Economics.
The Theory Of Transaction In Institutional Economics
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Author : Massimiliano Vatiero
language : en
Publisher: Routledge
Release Date : 2020-07-08
The Theory Of Transaction In Institutional Economics written by Massimiliano Vatiero and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-08 with Business & Economics categories.
Despite abundant literature on transaction costs, there is little to no in-depth analysis regarding what the transaction is or how it works. Drawing on both Old and New Institutional Economics and on a variety of interdisciplinary sources, this monograph traces the history of the meaning of transaction in institutional economics, mapping its topicality and use over time. This manuscript treats the idea of ‘transaction’ as a construct with legal, competitive and political dimensions, and connects different approaches within institutional economics. The book covers the contributions of key thinkers from different schools, including (in alphabetical order) Ronald H. Coase, John R. Commons, Robert Lee Hale, Oliver Hart, Mancur Olson, Thorstein Veblen and Olver E. Williamson. This book will be of interest to advanced students and researchers of institutional economics, law and economics, and economics, and the history of economic thought.
Origins Of Law And Economics
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Author : Heath Pearson
language : en
Publisher: Cambridge University Press
Release Date : 1997-05-28
Origins Of Law And Economics written by Heath Pearson and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-05-28 with Business & Economics categories.
This work analyzes the centrality of law in nineteenth-century historical and institutional economics and is a prehistory to the new institutional economics of the late twentieth century. In the 1830s the 'new science of law' aimed to explain the working rules of human society by using the methodologically individualist terms of economic discourse, stressing determinism and evolutionism. Practitioners stood readier than contemporary institutionalists to admit the possibilities of altruistic values, bounded rationality, and institutional inertia into their research program. Professor Pearson shows that the positive analysis of law tended to push normative discussions up from the level of specific laws to that of society's political organization. The analysis suggests that the professionalization of the social sciences - and the new science's own imprecision - condemned the program to oblivion around 1930. Nonetheless, institutional economics is currently developing greater resemblances to the now-forgotten new science.
Law And Development
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Author : Frank H. Stephen
language : en
Publisher: Edward Elgar Publishing
Release Date : 2018-01-26
Law And Development written by Frank H. Stephen and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-26 with Business & Economics categories.
This book draws on the analytical framework of New Institutional Economics (NIE) to critically examine the role which law and the legal system play in economic development. Analytical concepts from NIE are used to assess policies which have been supported by multilateral development organisations including securing private property rights, reform of the legal system and financial development. The importance of culture in shaping the legal environment, which in turn influences financial sector development, is also assessed using Oliver Williamson’s ‘levels of social analysis’ framework.
The Nature Of The Firm
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Author : Oliver E. Williamson
language : en
Publisher: Oxford University Press, USA
Release Date : 1993
The Nature Of The Firm written by Oliver E. Williamson and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
This volume features a series of essays which arose from a conference on economics, addressing the question: what is the nature of the firm in economic analysis? This paperback edition includes the Nobel Lecture of R.N. Case.
Coasean Economics Law And Economics And The New Institutional Economics
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Author : Steven G Medema
language : en
Publisher:
Release Date : 1997-10-31
Coasean Economics Law And Economics And The New Institutional Economics written by Steven G Medema and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-10-31 with categories.
Law And Economics
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Author : Warren J. Samuels
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Law And Economics written by Warren J. Samuels and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
This book brings together a number of articles, for the most part already pub lished, that develop a contemporary institutionalist approach to the study of the economic role of government. The institutionalist tradition in these matters began with the work of Henry Carter Adams on economics and jurisprudence! and Richard T. Ely on the relation of the institutions of property and contract 2 to the distribution of wealth. It continued with John R. Commons's monu 3 mental analytical and historical study of the legal foundations of capitalism, Edwin E. Witte's work on the role of government in the economy,4 and Ken s neth Parson's study of economic developmenL The approach to law and economics that is developed in this book centers on (1) an identification of the objective fundamentals of the interrelations between legal and economic pro· cesses and (2) the development of skills with which to analyze and predict the performance consequences of alternative institutional designs. We must stress that our principal goal is quite simply to understand what is going on-to identify the instrumental variables and fundamental issues and processes-in the operation of legal institutions of economic significance. We envision government as an object of legal control. We also see law as an instrument of securing economic gain and advantage-that is, as a wealth producing and -acquiring alternative.
Economic Behavior And Legal Institutions
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Author : Lars Werin
language : en
Publisher: World Scientific Publishing Company
Release Date : 2003-04-25
Economic Behavior And Legal Institutions written by Lars Werin and has been published by World Scientific Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-04-25 with Business & Economics categories.
Markets would not function unless supported by a legal framework. That framework is no self-contained, exogenous structure; it has evolved in response to the demands of economic activity. There are laws made to modify or supplement market behavior, in an attempt to produce the desired outcomes. Such laws are often called forth by political ambitions to change the distribution of wealth, channeled through the political process. Thus economic life and law are strongly interrelated. There is neither a pure economic system unaffected by law, nor a legal system possible to understand without regard for its interplay with economic behavior. Still, such a compartmentalization has dominated the perspectives of both economics and legal studies. This invaluable book presents a unified picture of the full economic-legal system, based on results within the novel fields of “new institutional economics” and “law and economics”. It is carefully argued, and written in a non-technical style, albeit with no attempts to avoid “deep” theory. It is primarily aimed at students of economics just beyond their introductory course and students of law in the middle or towards the end of their studies. It can also be of great use to both economists on a more advanced level and lawyers, looking for a thought-provoking survey of an exciting new sphere of ideas.