The Coase Theorem and Philosophical Foundations of Law&Economics

Mariusz Golecki

Abstract

In this paper I will claim that methodology of law and economics should be changed from adopting economic analysis of law, namely implementing price theory andwelfare economics (economization of law) to the scientific efforts aiming at an inter-disciplinary project embracing law and economics as well as jurisprudence. Thebasis for such a project is purported by the Coase theorem, but may also be found inwritings of Hayek and old institutionalists”, such as Veblen, Hale and Commons.The purpose of this paper is thus twofold: firstly, to present briefly the most power-ful and popular version of law and economics being at the same time influential legal theory- the Chicago school. Secondly, to analyze the existing alternative approaches to economics of law, related to Austrian school (Hayek), „old institutional” economics (Commons) and transaction cost economics (Coase).

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