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Extra resources for Economics of the law: a primer

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It is the main focus of the law and economics approach to 34 Economics of the law look at conditions for compliance to existing norms ex ante, but not the question of how to deal with harm caused by disobedience to the law ex post, although our approach nevertheless has a lot to say about the latter problem (see Chapter 4 for further discussion). Types of property and adoption and problems of possession How to obtain property Property (bundles of property rights) can be obtained in several ways: • • • by the retrieval, acquisition or adoption of unowned things by invention and creative acts by way of exchange or donation.

Improvement here typically would mean a ‘better law’. In this situation, a ‘Pareto improvement’ is sought. Unfortunately, the search for a ‘Pareto improvement’ frequently comprises the delicate problem that the change of a situation finds winners and losers. According to our scale this must not be allowed. So a solution must be found in order to overcome the likely problems of unequal distribution and justice in the presence of winners and losers. The solution which has become standard for this type of problem is called the Kaldor-Hicks test (sometimes also named a compensation test).

The emphasis on early Austrian writers does not mean that there were no important contributions from other countries. However, it is intended to show that the subject of our concern here is deeply rooted in what could be labelled the early days of political economics. Now to turn to America. There two issues are seen as relevant to the emergence of an economic analysis of law: issues of antitrust in the 1920s and later, in the 1950s, a motion for the reform of accident insurance for automobiles.

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