Economic Analysis of Law
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The seminal groundwork for the economic analysis of law was done by Ronald H. Coase and Guido Calabresi. In his essay, ‘Some Thoughts on Risk Distribution and the Law of Torts’ (1961), Calabresi’s analysis of the allocation of risks in tort law runs counter to the legal principle of fault. In ‘The Problem of Social Cost’ (1960), Coase developed a theorem, now named after him, which would become one of the central tenets of economic analysis of law. The conclusion of the Coase theorem is that the world of law should be analysed in terms of its economic impacts so as to instill a dimension of economic efficiency into legal institutions.
KeywordsTransaction Cost Economic Analysis Social Cost Clean Development Mechanism Corrective Justice
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