S-Space College of Law/Law School (법과대학/대학원) The Law Research Institute (법학연구소) 법학 법학 Volume 41, Number 1/4 (2001)
법학과 사회과학-학제 연구방법론의 모색 : 제2부 ; 제6주제 : 논문 ; 과학적 법학연구를 위한 경제학도의 몇 가지 소고 : A Few Thoughts for Scientific Research in Law from Economist`s Perspective
- Issue Date
- 서울대학교 법학연구소
- 법학, Vol.41 No.3, pp. 150-177
- This paper makes a few constructive suggestions, with the hope to make
research in jurisprudence more scientific, from an economist's perspective,
particularly from the field of law and economics. Starting from some casual
observations regarding the usual research work in law, the paper attempts
to compare them with the typical law and economics research, and
subsequently to draw major related implications from the Coase Theorem.
Specifically, the paper first discusses the issue on the good law versus the
bad law, which is basically concerned with the efficient and fair allocation
of property rights among competing parties. The Coase Theorem,
highlighting greatly the reciprocal nature of such right-related conflicts, has
already provided a very powerful theoretical basis upon which the court or
scholars can make an optimal allocation of rights. To be sure, the driving
vehicle in this discussion will be the dynamic efficiency criterion. From this
discussion, the paper submits that the precise notions of fairness and
efficiency can converge each other.
The paper next examines how economists predict what kind of effects a
specific law will actually make, with the emphases that the ultimate effects
to be determined by the market forces are in fact fairly independent of the
original intention of legislation, no matter how novel and sincere it might be.
The market forces here indicate the fundamental economic principles such as
opportunity cost, decision-making at the margins, responsiveness to
economic incentives, etc. The paper focuses, in particular, on the concept of
transaction costs originally derived also from the Coase Theorem and...