Law and Economics

  • Nicholas Mercuro

Part of the Recent Economic Thought Series book series (RETH, volume 19)

Table of contents

  1. Front Matter
    Pages i-viii
  2. Charles K. Rowley
    Pages 123-173
  3. Louis De Alessi, Robert J. Staaf
    Pages 175-200
  4. Susan Rose-Ackerman
    Pages 233-258
  5. Back Matter
    Pages 259-264

About this book


The character of economic life] in a society is dependent upon, among 2 other things, its political-legal-economic institutional setting. Within that institutional structure, the individuals who comprise that society attempt to cooperate with one another to their mutual advantage so as to accommodate their joint utility-maximizing endeavors. In addition, these same individuals call upon certain societal institutions to adjust the con­ flicting claims of different individuals and groups. In this regard, a society is perceived as both a cooperative venture for mutual advantage where there are an identity of interests and, as well, an arena of conflict where there exists a mutual interdependence of conflicting claims or interests. The manner in which a society structures its political-legal-economic institutions 1) to enhance the scope of its cooperative endeavors and 2) to channel internal political-legal-economic conflicts toward resolution, shapes the character of economic life in that society. In contemplating the structure of its institutions intended to promote cooperation and channel conflict, a society confronts several issues. At the most general level an enduring issue is how a society both perceives and then ideologically transmits (perhaps teaches or rationalizes), inter­ nally and/or externally, its perceptions of so-called "cooperative en­ deavors" and "arenas of conflict." There can be no doubt that the resultant structure of a society's institutions will reflect that society's perception as to what cooperation entails and what conflict constitutes.


Institution Public Choice conflict economics law and economics politics utility

Editors and affiliations

  • Nicholas Mercuro
    • 1
  1. 1.University of New OrleansUSA

Bibliographic information

  • DOI
  • Copyright Information Springer Science+Business Media B.V. 1989
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-94-010-6975-5
  • Online ISBN 978-94-009-1079-9
  • Series Print ISSN 0924-199X
  • Buy this book on publisher's site