Benjamin Klein's Contributions to Law and Economics
Joshua D. Wright
Federal Trade Commission; George Mason University School of Law
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
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, L42Accepted Paper Series
Date posted: June 12, 2008 ; Last revised: November 4, 2009
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