Encyclopedia of Law and Economics

2019 Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Austrian Perspectives in Law and Economics

  • Shruti RajagopalanEmail author
  • Mario J. Rizzo
Reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7753-2_621

Abstract

This encyclopedia discusses some of the important representative ideas in the Austrian tradition such as spontaneous orders, individuals coping with decentralized knowledge and uncertainty, coordination, and entrepreneurship. The encyclopedia highlights the essential and distinctive feature of the Austrian school of law and economics is its emphasis on both economic and legal processes. The Austrian emphasis on processes can be applied to both these branches of law and economics: individual behavior within institutions, as well as individual behavior, leading to the emergence of institutions.

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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Department of EconomicsState University of New York, Purchase CollegeAndersonUSA
  2. 2.Department of EconomicsNew York UniversityNew YorkUSA