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The Economic Analysis of Tort Law
Sztefek, Martin ; Kühn, Zdeněk (advisor) ; Beran, Karel (referee) ; Sobek, Tomáš (referee)
The Economic Analysis of Tort Law Abstract In the presented thesis I discuss the economic analysis of tort law. The economic analysis of law can be described as the application of economic theory - primarily microeconomics and the basic concepts of welfare economics - to examine the formation, structure, processes, and economic impact of law and legal institutions. The economic analysis of tort law can help understand the impact of tort liability on individuals' behavior, why some areas of human activity are governed by negligence or strict liability, or why, in some cases, the amout of damages is limited. First two chapters describe the economic approach to law as such, they serve as an introduction into this field of study and present the most important methodological approaches. In the first chapter, I also discuss the basic tendencies that have shaped the economic analysis of law throughout its development. Second chapter then discusses some of the fundamental concepts of the economic analysis of law, namely the assumption of rational action, the concept of transaction costs, the efficiency criterion, the importance of the Coase theorem, and the distinction between property rules and liability rules. Following the examination of the concept of economic efficiency, an alternative approach based on the...
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The Economic Analysis of Tort Law
Sztefek, Martin ; Kühn, Zdeněk (advisor) ; Beran, Karel (referee) ; Sobek, Tomáš (referee)
The Economic Analysis of Tort Law Abstract In the presented thesis I discuss the economic analysis of tort law. The economic analysis of law can be described as the application of economic theory - primarily microeconomics and the basic concepts of welfare economics - to examine the formation, structure, processes, and economic impact of law and legal institutions. The economic analysis of tort law can help understand the impact of tort liability on individuals' behavior, why some areas of human activity are governed by negligence or strict liability, or why, in some cases, the amout of damages is limited. First two chapters describe the economic approach to law as such, they serve as an introduction into this field of study and present the most important methodological approaches. In the first chapter, I also discuss the basic tendencies that have shaped the economic analysis of law throughout its development. Second chapter then discusses some of the fundamental concepts of the economic analysis of law, namely the assumption of rational action, the concept of transaction costs, the efficiency criterion, the importance of the Coase theorem, and the distinction between property rules and liability rules. Following the examination of the concept of economic efficiency, an alternative approach based on the...
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An Austrian Critique of the Traditional Chicago Approach to Law and Economics
Sztefek, Martin ; Kühn, Zdeněk (advisor) ; Tryzna, Jan (referee)
An Austrian Critique of the Traditional Chicago Approach to Law and Economics Although the economic analysis of law has been recently on the rise, many authors seem to question the possibility of its application in the field of judicial decision-making or legislative lawmaking. The main goal of this thesis is therefore, besides the descriptive part, to present a coherent critique of the theoretical foundations of the traditional economic approach to law, represented by the Chicago school of economics, from the perspective of the Austrian school of economics. Given the complexity of the topic, the analysis is focused only on the basic concepts of the economic analysis of law. Chapter one deals with the Austrian school and its economic method. The development and basic characteristic of this school of thought are presented in this chapter as well. The key part consists in the introduction of the basic principles of Austrian economics, which are further used in analysing significant assumptions and concepts of the economic analysis of law. Chapter two is focused on law and economics as such. Basic concepts are introduced as well as confronted with the teachings of the Austrian School. Also, some of the implications which the economic analysis has for law are presented in this chapter, namely...
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