Thursday, December 13, 2012

Medema on the Coase Theorem and the Legal Academe

Steven G. Medema, Department of Economics, University of Colorado-Denver, has posted Debating Law's Irrelevance: Legal Scholarship and the Coase Theorem in the 1960s.  Here is the abstract: 
This paper examines the diffusion of Coase’s negotiation result -- now better known as the 'Coase theorem'--in the legal literature during the 1960s, with particular attention paid to the challenge that this result posed for received legal thinking, how the it related to far older attempts to bring economic thinking to bear on the law, how legal scholars utilized it in their analysis, and how the treatment of this result by legal scholars compares to that accorded it by economists during this formative stage in the Coase theorem’s history. What will emerge, in the end, is an enhanced understanding of how the Coase theorem came to have a place in legal scholarship, as well as some additional insight into this neglected epoch in the history of the economic analysis of law.
 Medema has also posted Juris Prudence: Calabresi's Uneasy Relationship with the Coase Theorem.