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 language | English |
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Pages (from-to) | 550-558 |
Number of pages | 9 |
Journal | Journal of Economic Issues |
Volume | 52 |
Issue number | 2 |
DOIs | |
Publication status | Published - Jun 2018 |
Keywords
- collective decision-making
- institutional and evolutionary economics
- law and economics