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Law, economics and Calabresi on the future of law and economics

Author

Listed:
  • Alain Marciano

    (MRE - Montpellier Recherche en Economie - UM - Université de Montpellier)

  • Giovanni Battista Ramello

    (Dipartimento di scienze giuridiche ed economiche, Universita degli studi del piemonte orientale - Universita degli studi del piemonte orienta)

Abstract

There exists a distinction between ‘law and economics’ and the ‘economic analysis of law’. The former, corresponding to Coase’s approach, consists in taking legal rules into account insofar as they influence economic activities. The latter, associated to Posner’s name, consists in using economics to analyze legal problems. Methodologically speaking, if one admits that the economic analysis of law consists in using economic tools to analyze legal problems, Calabresi’s own work must be classified as such. However, Calabresi has always insisted that his own approach differs from Posner’s economic analysis of law. In this paper, we take the opportunity of Calabresi’s new book—The Future of Law and Economics—to revisit Calabresi’s approach to law and economics. In his book, Calabresi explains that the economic analysis of law is unsatisfactory because economics is too narrow. He insists on the need to amplify economic analysis by: first, adopting a more realistic approach à la Coase; second, taking merit goods into account; and third, including individuals’ propensity to be altruistic. We analyze these three aspects and show that it leads to a certain ambiguity in terms of the distinction between ‘law and economics’ and the ‘economic analysis of law’.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Alain Marciano & Giovanni Battista Ramello, 2019. "Law, economics and Calabresi on the future of law and economics," Post-Print hal-02306816, HAL.
    • Handle: RePEc:hal:journl:hal-02306816
    DOI: 10.1007/s10657-019-09619-4
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    Cited by:

    1. Gianna Lotito & Matteo Migheli & Guido Ortona, 2020. "Transparency, asymmetric information and cooperation," European Journal of Law and Economics, Springer, vol. 50(2), pages 267-294, October.
    2. Giovanni B. Ramello & Stefan Voigt, 2020. "Let the data tell their own story: a tribute to Ted Eisenberg," European Journal of Law and Economics, Springer, vol. 49(1), pages 1-6, February.

    More about this item

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • K0 - Law and Economics - - General

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