Comparative institutional law and economics: reclaiming economics for socio-legal research

Article


Gramcheva, L. 2019. Comparative institutional law and economics: reclaiming economics for socio-legal research. Maastricht Journal of European and Comparative Law. 26 (3), pp. 372-393. https://doi.org/10.1177/1023263X19840522
TypeArticle
TitleComparative institutional law and economics: reclaiming economics for socio-legal research
AuthorsGramcheva, L.
Abstract

Law and economics is a controversial method of legal research, increasingly popular among some legal scholars but disliked by many others. The author discusses some of the objections raised by lawyers (as well as some economists) and argues that most of these are caused by the employment of the wrong economics on the respective side of the conjoined field. She contrasts neoclassical economics, made extremely popular by the Chicago school and Professor Richard Posner in particular, with New Institutional Economics and argues that the latter can overcome the difficulties presented by the former. While neoclassical economics seems to introduce additional problems to legal scholarship, New Institutional Economics neatly matches law’s own methodological tenets. However, the analysis will remain incomplete unless a third element is added to the mix: comparative law. Thus, the author calls for the development of Comparative Institutional Law and Economics, which provides an improved explanatory methodology.

LanguageEnglish
PublisherSAGE Publishing
JournalMaastricht Journal of European and Comparative Law
ISSN1023-263X
Electronic2399-5548
Publication dates
Print01 Jun 2019
Online26 Jun 2019
Publication process dates
Deposited20 Nov 2019
Accepted09 Feb 2019
Output statusPublished
Accepted author manuscript
Copyright Statement

Gramcheva, LN, Comparative institutional law and economics: reclaiming economics for socio-legal research, Maastricht Journal of European and Comparative Law, Vol 26, Issue 3, pp. 372-393. © The Author(s) 2019. DOI: 10.1177/1023263X19840522.

Digital Object Identifier (DOI)https://doi.org/10.1177/1023263X19840522
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https://repository.mdx.ac.uk/item/889vy

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