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| Author: | Posner, R. A. |
| Title: | The new institutional economics meets law and economics. |
| Journal: | Journal of Institutional and Theoretical Economics
1993 : MAR, VOL. 149:1, p. 73-87 |
| Index terms: | LAW ECONOMICS INSTITUTIONAL ECONOMICS |
| Language: | eng |
| Abstract: | The overlap and the differences between the two approaches are examined in the paper. The new institutional economics and the law and economics movement are viewed as two sides of the same coin. It is shown that the new institutional economics is less a new body of theory or methods than a change in emphasis, a body of case studies, and a rejection of collectivist deformations of theory. Yet it is considered to be a valid and valuable part of modern economics. The new institutionalist's attitude toward rational utility maximization is criticized. In some areas of inquiry the convergence between the two approaches is claimed to be complete. |
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