This thoroughly updated and revised edition of a popular and authoritative reference work introduces the reader to the major concepts and leading contributors in the field of law and economics. The Companion features accessible, informative and provocative entries on all the significant issues,...

In this paper, an agency model is proposed, which allows us not only to compare a unitary state with a federation but also to represent the various forms of federalism. The concept of subsidiarity is used to explain how responsibilities are assigned between the different institutional levels....

The purpose of this note is to stress that Posner’s conception of law and of the role of judges in a legal system might be problematic for an Austrian approach to law and economics, despite the praxeological dimension of his analysis. Copyright Springer Science+Business Media, LLC 2012

This paper proposes and compares different characterization of what an economic expert is — his/her role, functions and legitimacy — according to different conceptions of economics: welfarism, libertarian paternalism and positive political economy. We show that both welfarism and libertarian...

Buchanan's work on the methodology of economics includes many references to externalities. Buchanan has emphasized that a subjective conception of economics, and a focus put on exchange rather than on choice, has implications on an analysis of externalities. In this paper, we analyze the reverse...

The thesis that judges could (voluntarily or not) promote efficiency through their decisions has largely been discussed since Posner put it forward in the early 1970s. There nonetheless remains a methodological aspect that has never (to our knowledge) been analyzed in relation to the...