Law and the Economy: An Introduction to Coasian Law and Economics
Wang Ning ()
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Wang Ning: Ronald Coase Institute, St Louis, MO, USA
Man and the Economy, 2018, vol. 5, issue 2, 13
Ronald Coase was a founding father of modern law and economics. Yet, Coase distanced himself from the economic analysis of law, which today dominates the law and economics scholarship, and proposed an alternative research program, which is referred to here as “law and the economy”. As market transaction presumes the delineation of rights, which are primarily defined and enforced by law, law obviously anchors the foundation of a market economy. Moreover, changes in the legal system are a main source of institutional change that reassigns rights and redraws constraints under which rights are exercised, thus fundamentally affecting transaction costs and how the economy works. “Law and the economy” recognizes the law as an integral part of the economy and calls for the study of the economic impact of law.
Keywords: law and economics; Ronald Coase; history of economic thought (search for similar items in EconPapers)
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