The Economic Accident model, Uncertainty and The Theorem of Coase (original) (raw)

Law and Economics: Contexts and Criticisms

The purpose of this paper is trying to reach a brief understanding and overview of the law and economics methodology through exploring its history and origin, and how it was developed. Also this paper will highlight the sub fields of the law and economic methodology and how it operates. finally, it will present the criticisms of that methodology and the counter responses to such criticisms.

1. The case for Law and Economics: beyond disciplinary Nirvanas?

The Law and Economics movement has reached in recent years a widespread diffusion 1. As Mercuro and Medema (1997) have pointed out," Law and Economics has developed from a small and rather esoteric branch within economics and law to a substantial movement that has helped to both redefine the study of law and expose economics to the important implications of the legal environment" 2. While the standard Law and Economics approach refers typically to legal rules 3, recent developments have been concerned with a more ...

Economic Analysis of Law & Legal Analysis of Economy [ENG]

European Law & Economics, 2020

These words of Justice Holmes are often quoted on the first pages of textbooks introducing the research program of Law & Economics. Scholars rightly recognizing him as one of the precursors of this interdisciplinary field connecting two disciplines often use this quote as justification for recognizing the maximization of measurable efficiency as the main purpose of the law system. This essay is an attempt to indicate both the correct interpretation of this Holmes’ famous thought and the validity of other values, which must also be recognized as the primary goals of the law.

Law and Economics as We Grow Younger

SSRN Electronic Journal, 2020

This "paper" inaugurates a new tradition for the European Association of Law and Economics. Starting in the year 2018, the European Association of Law and Economics (hereinafter, I will refer to it as EALE) will grant a biennial Lifetime Achievement Award and Honorary Membership to the Association to a scholar recommended by a nomination committee and awarded by the EALE Management Board "for his or her significant contributions to the field of Law and Economics, in particular to the development of this scientific movement in Europe." The EALE Award will be announced on even-numbered years, and the recipient of the award will deliver the EALE Award Lecture the following year. The Lifetime Achievement Award lecture is published in the Review of Law and Economics, the EALE's official journal. This year, it is my great honor and challenge to inaugurate this wonderful tradition. It is a tradition that overtime will leave tangible traces of the evolution of law and economics, and of the fragile, human contributions that each of us, passing scholars, have brought to this field of study. The task of conceiving this inaugural lecture was made particularly challenging by the instructions and guidelines given to me by the President of the EALE, Professor Giuseppe Dari-Mattiacci, whom I should congratulate for his recent appointment to Columbia University, Law School. Professor Dari-Mattiacci asked me not to present an academic paper, but to do something different and fun, "a-la-Parisi" he said. Dinner speeches consisting of