The Legal-Economic Nexus from the Perspective of New Institutional Economists and Original Institutional Economists

A.H.G.M. Spithoven

Research output: Contribution to journalArticleAcademicpeer-review

Abstract

There are two institutional economics approaches to law and economics. New institutional economists prescribe that arbitrators foster efficiency in setting economic disputes and original institutional economists focus on creating reasonable values — that is, balancing efficiency and justice. Disequilibrium between desired efficiency and perceived fairness triggers agency and is a source of coevolution of law and economics.
Original languageEnglish
Pages (from-to)550-558
Number of pages9
JournalJournal of Economic Issues
Volume52
Issue number2
DOIs
Publication statusPublished - Jun 2018

Keywords

  • collective decision-making
  • institutional and evolutionary economics
  • law and economics

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