Towards a Law and Economics of Power

UNDERSTANDING POWER: A LAW AND ECONOMICS APPROACH, Saarbrücken: VDM-Verlag Publisher, 2009

163 Pages Posted: 15 Apr 2008 Last revised: 21 Oct 2010

See all articles by Massimiliano Vatiero

Massimiliano Vatiero

University of Trento - Department of Economics and Management; Università della Svizzera italiana

Date Written: April 1, 2008

Abstract

[Pre-print version] The subject is not remote, philosophical nor esoteric; no one should venture into it with the feeling that it is a mystery that only the privileged can penetrate. Moreover, no one should surrender to a subject of such a great practical importance as this. The subject under scrutiny is power, and the attempt of this dissertation is to analyze its notion through the lens of a Law & Economics approach. This work has dealt with institutions as structures of power and countervailing power determined by a complex architecture of jural relations.

The work is organized as follows. Section A is aimed at introducing the four elements to be considered in any analysis upon power relations: jural positionality, Commonsian transaction, cumulative effects, and, lastly, the jural incompleteness. These four 'components' allow us to investigate power in its three manifestations within the Coasean institutions, namely in the market, in the firm and in the State. This is the goal of section B.

Keywords: power, institutions, jural positionality, Commonsian transaction, contractual incompleteness, liberalism, market dominance, firm hierarchy, outside options, New Institutional Economics, State imposition

JEL Classification: B25, K00, K31, I12, I13, I40

Suggested Citation

Vatiero, Massimiliano, Towards a Law and Economics of Power (April 1, 2008). UNDERSTANDING POWER: A LAW AND ECONOMICS APPROACH, Saarbrücken: VDM-Verlag Publisher, 2009. Available at SSRN: https://ssrn.com/abstract=1119629

Massimiliano Vatiero (Contact Author)

University of Trento - Department of Economics and Management ( email )

Via Inama 5
Trento, I-38100
Italy

Università della Svizzera italiana ( email )

Via Giuseppe Buffi 13
Lugano, Ticino 6900
Switzerland

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