Austrian Perspectives in Law and Economics

Rajagopalan, Shruti; Rizzo, Mario J.

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Austrian Perspectives in Law and Economics

Oxford Handbook of Law and Economics, Forthcoming

20 Pages Posted: 6 Jun 2016 Last revised: 30 Dec 2017

See all articles by Shruti Rajagopalan

Shruti Rajagopalan

Classical Liberal Institute, NYU School of Law; Mercatus Center at George Mason University

Mario J. Rizzo

New York University

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: Suggested Citation

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