An Economic Theory of Law

Hans-Peter Schwintowski
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Hans-Peter Schwintowski: Humboldt University, Germany

Journal of Interdisciplinary Economics, 2000, vol. 12, issue 1, 1-16

Abstract: What has to be developed here is a comprehensive general economic theory of law, based on normative individualism, i.e. the notion of individual freedom. Such a theory can only be evolutionary in character. It must recognize empirical knowledge and transfer it into norms, yet remain open to innovation on all levels and have the capacity to translate these experiences normatively through a corrective rule that has only existed in current law as the norm checks implied at the level of constitutional law. An economic theory—guided by consensus and nevertheless efficiency-oriented—would be based on a negative feedback between experience and legal rules and corrective rules and experience. It would no longer be a matter of a purely descriptive, static, empirical economic theory, but rather an evolutionary, dynamic and empirically normative feedback theory. This development would imply not only an economic theory of law but also a normative theory of economics.

Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:sae:jinter:v:12:y:2000:i:1:p:1-16

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