Article

Austrian Perspectives in Law and Economics

Shruti Rajagopalan and Mario J. Rizzo

in The Oxford Handbook of Law and Economics

Published in print April 2017 | ISBN: 9780199684267
Published online May 2017 | e-ISBN: 9780191764905 | DOI: https://dx.doi.org/10.1093/oxfordhb/9780199684267.013.021

Series: Oxford Handbooks in Economics

Austrian Perspectives in Law and Economics

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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.

Keywords: Austrian approach; law and economics; economic process; legal process; legal institutions

Article.  10035 words. 

Subjects: Industry Studies ; Econometric and Statistical Methods and Methodology: General

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