Comments on: Law’s Primacy in L&E http://truthonthemarket.com/2006/08/04/laws-primacy-in-le-3/ Academic commentary on law, business, economics and more Sat, 11 Feb 2012 12:44:26 +0000 hourly 1 http://wordpress.com/ By: Keith http://truthonthemarket.com/2006/08/04/laws-primacy-in-le-3/#comment-6109 Sun, 06 Aug 2006 19:31:20 +0000 http://www.truthonthemarket.com/2006/08/04/laws-primacy-in-le-3/#comment-6109 Thanks to Larry for the trackback and to Josh and Bruce for your comments. Josh, you make a good point about L&E’s predicted future focus on comparative institutional analysis. That may well be L&E’s future. Bruce, I agree with you that adequacy/sufficiency rather than completeness is what’s critical. I’m happy to withdraw the word “complete”! And you’re also right that it’s important for any scholar to be acutely aware of any limitations that he faces in his skill set and knowledge. Quite so!

]]> By: Bruce Boyden http://truthonthemarket.com/2006/08/04/laws-primacy-in-le-3/#comment-6108 Fri, 04 Aug 2006 17:58:27 +0000 http://www.truthonthemarket.com/2006/08/04/laws-primacy-in-le-3/#comment-6108 “but you won’t be able to describe the law with complete depth and precision”

*Complete* depth and precision is not the test, however. The question is, can non-JDs describe the law with *adequate* depth and precision. As with most things interdisciplinary, I don’t see why not, as long as the scholar in question invests sufficient time and is aware of their limitations.

]]> By: Josh http://truthonthemarket.com/2006/08/04/laws-primacy-in-le-3/#comment-6107 Fri, 04 Aug 2006 16:12:32 +0000 http://www.truthonthemarket.com/2006/08/04/laws-primacy-in-le-3/#comment-6107 Nice post, Keith. The tradeoffs here seem clear. An econ PhD program offers some things that an econ phd at a law school probably does not. Conversely, study at a law school program offers a chance to learn the law and legal institutions in greater detail. Both paths involve opportunity costs. The question is how to economize on these tradeoffs. One interesting thing in Posner’s essay that supports your claim is his prediction that empirical, comparative analysis of institutions is the future of L&E (rather than say, applied micro and modeling). An alternative answer, of course, is to just to both — which imposes its own unique set of costs.

]]> By: Legal Theory Blog http://truthonthemarket.com/2006/08/04/laws-primacy-in-le-3/#comment-6106 Fri, 04 Aug 2006 14:22:31 +0000 http://www.truthonthemarket.com/2006/08/04/laws-primacy-in-le-3/#comment-6106 Posner on Shavell in the Blogosphere…

Essential blogsurfing today:Posner on the Overlapping Generations of Law and Economics by Josh Wright. Law’s Primacy in LE by Keith Sharfman.Both posts react to Richard Posner’s review of Steven Shavell’s Foundations of Economic Analysis of Law in the…

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