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THE ELGAR COMPANION TO LAW

AND ECONOMICS

The Elgar Companion to Law

and Economics

Second Edition

Edited by

Jürgen G. Backhaus

Krupp Chair in Public Finance and Fiscal Sociology, Erfurt

University, Germany

Edward Elgar

Cheltenham, UK • Northampton, MA, USA

© Jürgen G. Backhaus 2005

All rights reserved. No part of this publication may be reproduced, stored in a

retrieval system or transmitted in any form or by any means, electronic, mechanical

or photocopying, recording, or otherwise without the prior permission of the

publisher.

Published by

Edward Elgar Publishing Limited

Glensanda House

Montpellier Parade

Cheltenham

Glos GL50 1UA

UK

Edward Elgar Publishing, Inc.

136 West Street

Suite 202

Northampton

Massachusetts 01060

USA

A catalogue record for this book

is available from the British Library

ISBN 1 84542 032 2 (cased)

Typeset by Manton Typesetters, Louth, Lincolnshire, UK

Printed and bound in Great Britain by MPG Books Ltd, Bodmin, Cornwall

v

Contents

List of figures ix

List of tables x

List of contributors xi

Introduction 1

Jürgen G. Backhaus

PART I BASICS OF THE LAW AND ECONOMICS APPROACH

1 Coase theorem and transaction cost economics in the law 7

Francesco Parisi

2 Property rights and their partitioning 40

Christian Müller and Manfred Tietzel

3 Legal change in economic analysis 53

John N. Drobak and Douglass C. North

4 Positive, normative and functional schools in law and economics 58

Francesco Parisi

5 Commons and anticommons 74

Francesco Parisi and Ben Depoorter

PART II PRIVATE LAW AND ECONOMICS

6 The economics of tort law 87

Giuseppe Dari Mattiacci and Francesco Parisi

7 Family 103

Margaret Brinig

8 Inheritance 119

Richard E. Wagner

9 Intellectual property and the markets of ideas 127

Giovanni B. Ramello

10 Incomplete contracts and institutions 145

Antonio Nicita and Ugo Pagano

PART III PUBLIC LAW AND ECONOMICS

11 Central bank 165

Zˇ eljko Sˇevic´

12 Constitutional economics I 184

Francesco Farina

13 Constitutional economics II 223

Ludwig Van den Hauwe

14 Administrative law and economics 239

Jean-Michel Josselin and Alain Marciano

15 Property 246

Thomas J. Miceli

16 The European Union’s institutional design 261

Elisabetta Croci Angelini

17 Subsidiarity 280

Jürgen G. Backhaus

PART IV LABOUR LAW AND ECONOMICS

18 Labour contracts 289

Don Bellante

19 Company board representation 297

Jürgen G. Backhaus

20 Employment security through dismissal protection: market versus

policy failures 311

Christoph F. Buechtemann and Ulrich Walwei

PART V REGULATION, TAXATION AND PUBLIC ENTERPRISE

21 Structures of public enterprise 329

Jürgen G. Backhaus

22 Environmental law and economics 345

A. Allan Schmid

23 Environmental policies choice as an issue of informational

efficiency 350

Donatella Porrini

24 Tradable emission rights 364

Edwin Woerdman

25 Regulatory taxation 381

Jürgen G. Backhaus

PART VI DISPUTE RESOLUTION

26 Dispute resolution 393

Thomas J. Miceli

vi The Elgar companion to law and economics

PART VII DIFFERENT SOURCES OF THE LAW

27 Judicial independence 407

Sophie Harnay

28 General norms and customs 424

Jean-Michel Josselin and Alain Marciano

29 Science as a source of law 433

Peter R. Senn

30 Social science as a source of the law 442

Peter R. Senn

31 Cognitive science 453

John N. Drobak

32 Connections with law and society research 459

Jürgen G. Backhaus

PART VIII TOWARDS AN IDEAL ECONOMIC ANALYSIS OF A

LEGAL PROBLEM

33 Towards an ideal economic analysis of a legal problem 465

Jürgen G. Backhaus

PART IX CLASSICAL AUTHORS IN LAW AND ECONOMICS

34 Cesare Beccaria (1738–94) 475

Francesco Parisi and Giampaolo Frezza

35 Franz Böhm (1895–1977) 489

Heinz Grossekettler

36 John R. Commons (1862–1945) 499

Warren J. Samuels

37 Walter Eucken (1891–1950) 508

Leland B. Yeager

38 Otto von Gierke (1841–1921) 519

Jürgen G. Backhaus

39 Augusto Graziani (1865–1938) 522

Giampaolo Frezza and Francesco Parisi

40 Robert Lee Hale (1884–1969) – legal economist 531

Nicholas Mercuro, Steven G. Medema and Warren J. Samuels

41 Friedrich August von Hayek (1899–1992) 545

Ludwig Van den Hauwe

42 Theodor Herzl (1860–1904) 559

Peter R. Senn

Contents vii

43 Rudolf von Jhering (1818–92) and the economics of justice 568

J.L.M. Elders

44 Franz Klein (1854–1926) 576

Peter Lewisch

45 Etienne Laspeyres (1834–1913) 585

Wolfgang Drechsler

46 Friedrich List (1789–1846) 590

Arno Mong Daastöl

47 Achille Loria (1857–1943) 607

Giampaolo Frezza and Francesco Parisi

48 Karl Marx (1818–83) and Friedrich Engels (1820–95) 618

Heath Pearson

49 Carl Menger (1840–1921) 627

Richard E. Wagner

50 Plato (c. 427–349 BC) 635

Wolfgang Drechsler

51 Wilhelm Roscher (1817–94) 642

Erich Streissler

52 Emil Sax (1845–1927) 652

Manfred Prisching

53 Gustav von Schmoller (1838–1917) 662

Helge Peukert

54 Adam Smith (1723–90) 672

Helge Peukert

55 Werner Sombart (1863–1941) 683

Günther Chaloupek

56 Lorenz von Stein (1815–90) 689

Heinz Grossekettler

57 George Joseph Stigler (1911–92) 700

Peter R. Senn

58 Pietro Trimarchi (1934–) 709

Giampaolo Frezza and Francesco Parisi

59 Thorstein Veblen (1857–1929) 727

Heath Pearson

60 Max Weber (1864–1920) 733

Helge Peukert

61 Christian Wolff (1679–1754) 745

Wolfgang Drechsler

Index 751

viii The Elgar companion to law and economics

ix

Figures

5.1 Game matrix 79

10.1 The unilateral hold-up problem 149

10.2 The bilateral hold-up problem 149

12.1 Role of institutions in economic integration 214

13.1 Classic prisoner’s dilemma 229

13.2 Modified prisoner’s dilemma 233

16.1 Pay-off matrix of the EU 274

16.2 Games: pay-off matrices 276

16.3 Games: tied hands matrices 278

23.1 Scheme of different environmental policy instruments 351

32.1 Sombart’s modern capitalism 460

x

Tables

7.1 A systematic representation of family law 104

15.1 Optimal remedies for externalities 251

16.1 Features of EU institutional bodies 264

19.1 Codetermination as an interlocking system 297

21.1 The Treuhand legacy 329

33.1 Different approaches to law and economics 468

xi

Contributors

Jürgen G. Backhaus, Krupp Chair in Public Finance and Fiscal Sociology,

University of Erfurt, Erfurt, Germany.

Don Bellante, Professor and Chair, Department of Economics, University of

South Florida, Tampa, FL, USA.

Margaret Brinig, William G. Hammond Professor of Law, College of Law,

University of Iowa, Iowa City, IA, USA.

Christoph F. Buechtemann, Community Resources and Information Serv￾ice (CRIS), Santa Barbara, CA, USA. Mr Buechtemann died during the

preparation of this volume.

Günther Chaloupek, Vienna Chamber of Labour, Vienna, Austria.

Elisabetta Croci Angelini, Professor of Economics, Department of Econom￾ics, University of Macerata, Macerata, Italy.

Arno Mong Daastöl, Kolbotn, Norway.

Ben Depoorter, Professor of Law, Center for Advanced Studies in Law and

Economics, Ghent University, Belgium, and Fellow, Center for Law, Eco￾nomics and Public Policy, Yale Law School, Yale University, New Haven, CT,

USA.

Wolfgang Drechsler, Professor and Chair of Public Administration and Gov￾ernment, University of Tartu, Tartu, Estonia.

John N. Drobak, John Alexander Madill Professor of Law and Economics,

Washington University, St. Louis, MO, USA.

J.L.M. Elders, Professor Emeritus, Amersfoort, The Netherlands.

Francesco Farina, Professor of Economics, Department of Economics, Uni￾versity of Siena, Siena, Italy.

xii The Elgar companion to law and economics

Giampaolo Frezza, LUMSA University, Rome, Italy.

Heinz Grossekettler, Professor of Economics, Department of Public Finance,

Westfälische Wilhelms University, Münster, Germany.

Sophie Harnay, Department of Economics, University of Reims Champagne

Ardenne, Reims, France.

Ludwig Van den Hauwe, Brussels, Belgium.

Jean-Michel Josselin, Professor of Economics, Department of Economics,

University of Rennes, Rennes, France.

Peter Lewisch, Professor of Law, Imadec University, Vienna, and Professor,

Department of Criminal Law, Imadec University, Vienna, Austria.

Alain Marciano, Professor of Economics, University of Reims Champagne

Ardenne, Reims, France.

Giuseppe Dari Mattiacci, Associate Professor, Amsterdam Centre for Law

and Economics, University of Amsterdam, School of Economics, Utrecht

University, Utrecht, The Netherlands and Visiting Professor, George Mason

University, School of Law, Arlington, VA, USA.

Steven G. Medema, Professor of Economics, Department of Economics,

University of Colorado at Denver, Denver, CO, USA.

Nicholas Mercuro, Professor in Residence, Michigan State University, Col￾lege of Law, East Lansing, MI, USA.

Thomas J. Miceli, Professor of Economics, Department of Economics, Uni￾versity of Connecticut, Storrs, CI, USA.

Christian Müller, Lecturer (Akademischer Rat) Department of Business and

Economics, Duisburg-Essen University, Duisburg, Germany.

Antonio Nicita, Assistant Professor, Department of Political Economy, Uni￾versity of Siena, Siena, Italy.

Douglass C. North, Spencer T. Olin Professor in Arts and Sciences, Depart￾ment of Economics, Washington University, St. Louis, MO, USA.

Contributors xiii

Ugo Pagano, Professor of Economic Policy, Department of Political Economy,

University of Siena, Siena, Italy.

Francesco Parisi, Professor of Law, School of Law, George Mason Univer￾sity, Fairfax, VA, USA.

Heath Pearson, Visiting Assistant Professor, Department of History, Univer￾sity of California, Berkeley, CA, USA.

Helge Peukert, Lecturer, Krupp Chair in Public Finance and Fiscal Soci￾ology, University of Erfurt, Erfurt, Germany.

Donatella Porrini, Associate Professor, Faculty of Economics, ‘Antonio de

Viti de Marco’, University of Lecce, Lecce, Italy.

Manfred Prisching, Professor, Institute of Sociology, University of Graz,

Graz, Austria.

Giovanni B. Ramello, Department of Economics, University of Carlo

Cattaneo, Castellanza, Italy.

Warren J. Samuels, Professor Emeritus of Economics, Department of Eco￾nomics, Michigan State University, East Lansing, MI, USA.

A. Allan Schmid, Distinguished Professor Emeritus, Department of Agricul￾tural Economics, Michigan State University, East Lansing, MI, USA.

Peter R. Senn, Professor Emeritus of Economics, Evanston, IL, USA.

Zˇ eljko Sˇ evic´, Professor of Economics, The Business School, University of

Greenwich, London, UK.

Erich Streissler, Professor Emeritus, Institute of Economics, University of

Vienna, Vienna, Austria.

Manfred Tietzel, Professor of Public Finance and Economic Methodology,

Department of Business and Economics, Duisburg-Essen University, Duisburg,

Germany.

Richard E. Wagner, Harris Professor in Economics, Department of Econom￾ics and Center for Study of Public Choice, George Mason University, Fairfax,

VA, USA.

xiv The Elgar companion to law and economics

Ulrich Walwei, Institut für Arbeitsmarkt- und Berufsforschung der

Bundesanstalt für Arbeit, Nuremberg, Germany.

Edwin Woerdman, Associate Professor of Law and Economics, Department

of Law and Economics, University of Groningen, The Netherlands.

Leland B. Yeager is former Ludwig von Mises Distinguished Professor

Emeritus of Economics at Auburn University. He is an expert on monetary

policy and international trade.

1

Introduction

Jürgen G. Backhaus

This book, I am told, needs an introduction. I therefore hasten to supply a guide to

the reader who may find the volume difficult to read, and who has to be prepared

for a journey through the most varied and partly inhospitable terrain, in which the

ultimate goal and purpose of every single step can hardly be clear to him at every

moment (Steindl, 1952, p. v).

The purpose of the Companion is to provide a reference work for the active

researcher in law and economics. In so doing, care has been taken to avoid a

possible overlap with other works in the field. In particular, the Companion

does not intend to duplicate the ambitious New Palgrave, which aims to

balance its pointedly formal focus by emphasizing institutional economics

(Newman, 1998). The comprehensive set of chapters in the Companion,

mainly in the Chicago tradition of law and economics (Posner and Parisi,

1997), allows us to focus on other mainly European aspects of law and

economics and the historical sources of law and economics research, which

explains its structure (Bouckaert and de Geest, 1999).

The Companion has not only been updated and revised for its second

edition, but has also been substantially amended. Parts I–VIII cover the main

areas of law and economics, including basic issues as well as different sources

of the law, while Part IX offers 26 scholarly biographies of the key figures

involved. These biographies have been written with a view to encouraging

further research into neglected areas in the field which have been taken up at

some point but are not part of the current scholarly discussion in law and

economics.

Roots

Law and economics has its roots in those natural law philosophies, such as

Christian Wolff’s (1740), from which they developed as separate disciplines.

For Wolff, for instance, applying an economic analytical argument to a legal

question was still a standard approach. Only after the disciplines had gone their

separate ways would it seem natural for an economic problem to be met with

an economic analytical tool, and a legal problem with the proper legal analyti￾cal tools. The possibility that a legal problem might be tackled using an economic

approach is novel and obviously requires the separation of the two disciplines.

However, although genuinely innovative, the practice has been a long-standing

one, for example, see authors such as Henri Storch, Wilhelm Roscher, Adolph