Austrian Law and Economics

Oxford Handbook of Law and Economics, Forthcoming

24 Pages Posted: 6 Jun 2016  

Shruti Rajagopalan

Department of Economics, SUNY Purchase College; Classical Liberal Institute, NYU School of Law

Mario J. Rizzo

New York University (NYU) - Department of Economics

Date Written: June 2, 2016

Abstract

The purpose of this essay is to describe and analyze the Austrian approach to law and economics within the context of the law and economics discipline. The important and distinctive feature of the Austrian approach is the emphasis on economic and legal processes. We focus on four themes within the Austrian approach to law and economics: the spontaneous origin of legal institutions; the analysis of implications of ignorance, decentralization of knowledge, and static and dynamic uncertainty; the interaction between the changes in legal institutions and the market process and coordination; and entrepreneurship in market and non-market settings.

JEL Classification: B53, K00

Suggested Citation

Rajagopalan, Shruti and Rizzo, Mario J., Austrian Law and Economics (June 2, 2016). Oxford Handbook of Law and Economics, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2789296

Shruti Rajagopalan (Contact Author)

Department of Economics, SUNY Purchase College ( email )

735 Anderson Hill Road
Purchase, NY 10577
United States

Classical Liberal Institute, NYU School of Law ( email )

40 Washington Square South
New York, NY 10012-1099
United States

Mario J. Rizzo

New York University (NYU) - Department of Economics ( email )

269 Mercer Street, 7th Floor
New York, NY 10011
United States
212-998-8932 (Phone)
212-995-4186 (Fax)

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