Austrian Perspectives in Law and Economics

This encyclopedia discusses some of the important representative ideas in the Austrian tradition such as spontaneous orders, individuals coping with decentralized knowledge and uncertainty, coordination, and entrepreneurship. The encyclopedia highlights the essential and distinctive feature of the Austrian school of law and economics is its emphasis on both economic and legal processes. The Austrian emphasis on processes can be applied to both these branches of law and economics: individual behavior within institutions, as well as individual behavior, leading to the emergence of institutions.

Find the book chapter here.