- The Oxford Handbook of Law and Economics
- List of Figures
- List of Tables
- List of Contributors
- The Future of Law and Economics
- Economic Models of Law
- Empirical Law and Economics
- Bounded Rationality, Behavioral Economics, and the Law
- Experimental Economics and the Law
- Experimental Psychology and the Law
- Social Psychology and the Law
- Evolutionary Law and Economics
- Public Choice Theory and Legal Institutions
- Constitutional Economics and the Law
- The “Law” and Economics of Judicial Decision-Making: A Positive Political Theory Perspective
- Contractarian Perspectives in Law and Economics
- Austrian Perspectives in Law and Economics
- Moral Philosophy and Law and Economics
- Critiques of Law and Economics
- Optimal Redistributional Instruments in Law and Economics
- Cost–Benefit Analysis in Legal Decision-Making
- Well-Being and Public Policy
- Value-Driven Behavior and the Law
- <i>Ex Ante</i> vs. <i>Ex Post</i>
- Carrots vs. Sticks
- Law and Social Norms
- Mechanism Design and the Law
- Collective Decision-Making and Jury Theorems
- Name Index
- Subject Index
Abstract and Keywords
This article describes and analyzes 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. The article focuses 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.
Shruti Rajagopalan is an Assistant Professor of Economics, Purchase College, State University of New York.
Mario J. Rizzo, Associate Professor of Economics, New York University.
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