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Zywicki & Stringham on the Efficiency-of-the-Common-Law Hypothesis

By Lawrence Solum

Todd J. Zywicki and Edward Peter Stringham (George Mason University School of Law and Fayetteville State University - School of Business and Economics) have posted Common Law and Economic Efficiency (ENCYCLOPEDIA OF LAW AND ECONOMICS, Francesco Parisi, Richard Posner, eds., 2010) on SSRN. Here is the abstract:

This essay reviews the origins and development of the debate over the ?efficiency of the common law hypothesis.? The essay begins with the earliest explanation for the observed tendency of the common law as proffered by Richard Posner. It then examines the Rubin-Priest and contemporary models of demand-side models of common law efficiency and critiques thereof. It then turns to a supply-side analysis of the efficiency of the common law hypothesis, focusing on the nature of the constraints imposed on common law judges and changes in those constraints over time. This essay also examines public choice analysis of the efficiency of the common law and the Austrian economics critique of the standard neoclassical model of analysis.

Highly recommended!

Full post as published by Legal Theory Blog on September 10, 2010 (boomark / email).