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dc.contributor.authorKaufman, B
dc.date.accessioned2017-05-03T15:38:08Z
dc.date.available2017-05-03T15:38:08Z
dc.date.issued2012
dc.date.modified2013-06-18T00:51:34Z
dc.identifier.issn0021-3624
dc.identifier.doi10.2753/JEI0021-3624460308
dc.identifier.urihttp://hdl.handle.net/10072/48745
dc.description.abstractThe methodological approaches of Ronald Coase and Richard Posner are compared and contrasted with regard to microeconomic theory and its application to law and economics. The central divide is whether positive transaction cost requires a major reworking of the core of neoclassical price theory (Coase: yes; Posner: no). Evidence is provided by examining the basic price theory tools (demand curve, demand/supply model) that Posner uses in Chapter 1 of his treatise Economic Analysis of Law and their application in Chapter 11 to labor and employment law. It is demonstrated that these tools and derivative conclusions about labor law are not robust with respect to variation in transaction cost and the institutional structure of production. Hence, standard price theory is subject to irreducible indeterminacy and the welfare effects of labor and employment law can only be decided on empirical grounds, thus supporting the position of Coase and original institutionalists over Posner.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.languageEnglish
dc.language.isoeng
dc.publisherM.E. Sharpe
dc.publisher.placeUnited States
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom745
dc.relation.ispartofpageto764
dc.relation.ispartofissue3
dc.relation.ispartofjournalJournal of Economic Issues
dc.relation.ispartofvolume46
dc.rights.retentionY
dc.subject.fieldofresearchEconomics
dc.subject.fieldofresearchCommerce, management, tourism and services
dc.subject.fieldofresearchBusiness systems in context not elsewhere classified
dc.subject.fieldofresearchcode38
dc.subject.fieldofresearchcode35
dc.subject.fieldofresearchcode350399
dc.titleSome coasian problems with posnerian law and economics
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.date.issued2012
gro.hasfulltextNo Full Text
gro.griffith.authorKaufman, Bruce


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