A Legal Theory Without Law - Posner v. Hayek on Economic Analysis of Law

62 Pages Posted: 22 Jul 2008

See all articles by Ernst-Joachim Mestmäcker

Ernst-Joachim Mestmäcker

Max Planck Institute for Comparative and International Private Law

Date Written: July, 22 2008

Abstract

Ernst-Joachim Mestmaecker reviews Richard Posner's and Friedrich A.von Hayek's legal theories. Both are famous for their contributions to law and economics. They are, however, adversaries in their concepts of law and how it is to be informed by economics. Posner finds the only scientific legal theory in the external (economic) analysis of law. With Friedrich von Hayek the role of rules of conduct and legislation is to be determined by the principles that govern a free and competitive order. There are, contrary to Posner, important contributions from legal scholarship, legal history and comparative law.

Keywords: Economic analysis of law

Suggested Citation

Mestmäcker, Ernst-Joachim, A Legal Theory Without Law - Posner v. Hayek on Economic Analysis of Law (July, 22 2008). Available at SSRN: https://ssrn.com/abstract=1168422 or http://dx.doi.org/10.2139/ssrn.1168422

Ernst-Joachim Mestmäcker (Contact Author)

Max Planck Institute for Comparative and International Private Law ( email )

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Hamburg, 20148
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+49 40 41 900 304 (Fax)

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