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Zywicki, Todd J.; Stringham, Edward P. --- "Austrian law and economics and efficiency in the common law" [2017] ELECD 1575; in Zywicki, J. Todd; Boettke, J. Peter (eds), "Research Handbook on Austrian Law and Economics" (Edward Elgar Publishing, 2017) 192

Book Title: Research Handbook on Austrian Law and Economics

Editor(s): Zywicki, J. Todd; Boettke, J. Peter

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781849801133

Section: Chapter 9

Section Title: Austrian law and economics and efficiency in the common law

Author(s): Zywicki, Todd J.; Stringham, Edward P.

Number of pages: 17

Abstract/Description:

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 chapter reviews neoclassical and Austrian arguments about efficiency in the common law. After presenting Hayek’s views on the common law as a spontaneous order it concludes that the common law can indeed be viewed as a spontaneous order only when judges provide their services in a free and competitive system.