Law and the Market Order. An Austrian Critique of the Economic Analysis of Law
AbstractLâ€™article prÃ©sente une Ã©tude critique des fondements mÃ©thodologiques de lâ€™analyse Ã©conomique du droit traditionnelle dans laquelle le droit est conÃ§u comme le rÃ©sultat optimal dâ€™une comparaison de coÃ»ts et dâ€™avantages sociaux. Cette procÃ©dure judiciaire qui vise en fait Ã simuler des solutions de marchÃ© â€œsocialement efficientesâ€ prÃ©suppose inÃ©vitablement lâ€™omniscience du juge. Cependant dans le contexte de lâ€™Ã©quilibre gÃ©nÃ©ral, lâ€™analyse Ã©conomique du droit traditionnelle nâ€™a pas de raison dâ€™Ãªtre, alors quâ€™elle sâ€™avÃ¨re impraticable dans le monde rÃ©el oÃ¹ elle serait pourtant nÃ©cessaire afin de rÃ©soudre des problÃ¨mes de coordination entre les individus. A cet Ã©gard la thÃ©orie Ã©conomique de lâ€™Ecole Autrichienne qui insiste sur les problÃ¨mes informationnels de la sociÃ©tÃ© et qui dÃ©crit le droit comme une procÃ©dure de coordination fondÃ©e sur des rÃ¨gles abstraites de juste conduite, semble fournir des fondements plus appropriÃ©s pour une approche Ã©conomique du droit. Lâ€™article utilise la mÃ©thodologie Autrichienne pour reconsidÃ©rer lâ€™analyse Ã©conomique du droit tout en insistant Ã la fois sur la dimension institutionnelle et la dimension Ã©thique du droit. Le problÃ¨me central est lâ€™interdÃ©pendance entre le droit et lâ€™ordre de marchÃ©, mais il est analysÃ© dans des termes fondamentalement diffÃ©rents de ceux de lâ€™analyse traditionnelle. The paper presents a critical analysis of the methodological foundations of conventional law and economics, where law is generally described as the optimal outcome ot a judicial balancing of social costs and benefits. This law making procedure which aims at simulating â€œsocially efficientâ€ market outcomes inevitably presupposes Judgesâ€™ omniscience. Nevertheless, in this context of full coordination, this type of law has no raison dâ€™Ãªtre , whereas it turns out to be infeasible in the real world where it would be necessary in order to solve information and coordination problems. In this respect, Austrian economic and legal theory which focuses on the knowledge problem of society and which describes law as a coordination procedure built on abstract rules of just conduct, seems to provide more appropriate foundations for an economic analysis of law. This paper uses the Austrian approach to reconsider economic analysis of law in a way that allows for both the institutional and the ethical dimensions of law. The central problem seems to lie in the interdependance of law and the ethical dimensions of law. The central problem seems to lie in the interdependancc of law and the market order but it is conceived in a very different way than it is in conventional analysis.
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Bibliographic InfoArticle provided by De Gruyter in its journal Journal des Economistes et des Etudes Humaines.
Volume (Year): 7 (1996)
Issue (Month): 1 ()
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Web page: http://www.degruyter.com
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