Is the common law efficient? Neoclassical economists debate whether our inherited systems of judge-made law maximize wealth whereas Austrian economists typically adopt much different standards. The article reviews neoclassical and Austrian arguments about efficiency in the common law. After...

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...

The first half of the chapter outlines positive criticisms of neoclassical law and economics from the viewpoint of Austrian economics. Because Austrians believe that calculation of economic costs and benefits requires a system of property rights, we cannot use economics to determine those very...

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...