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Crafting social rules: Common law vs. statute law, once again

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  • Richard Wagner

Abstract

While a considerable literature has arisen seeking to compare the economic efficiency of common law and statute law processes, some scholars have argued that these efforts are misplaced because what should be assessed is not efficiency but stability of expectations. This paper argues that any generic comparison of common law and statute law must be inconclusive, because there is no such thing asthe common law or statute law process. Rather, there are many particular processes, and any claim based on a comparison of generic alternatives will falter because it will fail to reflect essential institutional detail. Copyright George Mason University 1992

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  • Richard Wagner, 1992. "Crafting social rules: Common law vs. statute law, once again," Constitutional Political Economy, Springer, vol. 3(3), pages 381-397, September.
    • Handle: RePEc:kap:copoec:v:3:y:1992:i:3:p:381-397
    DOI: 10.1007/BF02393142
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    1. William M. Landes & Richard A. Posner, 1978. "Adjudication as a Private Good," NBER Working Papers 0263, National Bureau of Economic Research, Inc.
    2. Wittman, Donald, 1989. "Why Democracies Produce Efficient Results," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1395-1424, December.
    3. Charles Rowley & Anne Rathbone, 2013. "The political economy of antitrust," Chapters, in: Manfred Neumann & Jürgen Weigand (ed.), The International Handbook of Competition – Second Edition, chapter 6, pages 169-206, Edward Elgar Publishing.
    4. Robert D. Tollison, 1982. "Rent Seeking: A Survey," Kyklos, Wiley Blackwell, vol. 35(4), pages 575-602, November.
    5. Louis Alessi & Robert Staaf, 1991. "The common law process: Efficiency or order?," Constitutional Political Economy, Springer, vol. 2(1), pages 107-126, December.
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    Cited by:

    1. Alessandro Morselli, 2022. "An Institutionalist-Conventionalist Approach to the Process of Economic Change," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 411-428.
    2. Francesco Parisi, 2000. "The Cost of the Game: A Taxonomy of Social Interactions," European Journal of Law and Economics, Springer, vol. 9(2), pages 99-114, March.
    3. Richard Wagner, 2006. "Retrogressive regime drift within a theory of emergent order," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 19(2), pages 113-123, June.
    4. L. Van Den Hauwe, 1998. "Evolution and the Production of Rules—Some Preliminary Remarks," European Journal of Law and Economics, Springer, vol. 5(1), pages 81-117, January.
    5. Francesco Parisi, 1995. "Toward a theory of spontaneous law," Constitutional Political Economy, Springer, vol. 6(3), pages 211-231, October.

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