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Benjamin Klein's Contributions to Law and Economics


Joshua D. Wright


Federal Trade Commission; George Mason University School of Law

2008

PIONEERS OF LAW AND ECONOMICS, Lloyd R. Cohen, Joshua D. Wright, eds., Edward Elgar Publishing, 2009
George Mason Law & Economics Research Paper No. 08-31

Abstract:     
This chapter in the book PIONEERS OF LAW AND ECONOMICS explores the contributions of Benjamin Klein to law and economics. I explore the intellectual foundations of Klein's pioneering analysis of the hold-up problem, the theory of the firm, vertical restraints, franchising, and the role of contract terms in facilitating self-enforcement of contractual relationships. I also discuss the significant influence of Klein's work on antitrust law, as well as its implications for contract interpretation. Klein's pioneering work over the past 30 years has not only provided us with a much greater understanding of contractual arrangements, but also a model for law and economics scholars and economists interested in explaining real world phenomenon rather than merely producing blackboard insights.

Number of Pages in PDF File: 47

Keywords: antitrust, asset specificity, contract interpretation, contract theory, franchising, hold-up, industrial organization, theory of the firm, vertical restraints

JEL Classification: D23, D86, K00, K12, K21, L14, L42

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Date posted: June 12, 2008 ; Last revised: November 4, 2009

Suggested Citation

Wright, Joshua D., Benjamin Klein's Contributions to Law and Economics (2008). PIONEERS OF LAW AND ECONOMICS, Lloyd R. Cohen, Joshua D. Wright, eds., Edward Elgar Publishing, 2009; George Mason Law & Economics Research Paper No. 08-31. Available at SSRN: http://ssrn.com/abstract=1143568

Contact Information

Joshua D. Wright (Contact Author)
Federal Trade Commission ( email )
601 New Jersey Ave., NW
Washington, DC 20580
United States
George Mason University School of Law ( email )
3301 Fairfax Drive
Arlington, VA 22201
United States
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