By Svetozar Pejovich (auth.)
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Extra info for Economic Analysis of Institutions and Systems
If the prevailing rules are poorly attuned to such contracts, negotiation and enforcement could tum out to be costly. TIle demand to reduce the costs of exploiting new opportunities, then, creates pressures from within the old system to change the rules of the game. Those who stand to gain from changes in the rules have incentives to bear the costs of institutional restructuring. And those costs could be significant. Changes in formal rules may require a costly effort in terms of time and resources (including overcoming of free-rider problem).
It extends this proposition to legal disputes by saying that common law rules are the unintended outcome of decisions to litigate by self-interested individuals. A decision to settle a dispute or to litigate depends on the stakes. For the plaintiff the stakes are subjective evaluation of the probability of winning the case times the value of the judgment minus litigation costs plus settlement costs, that is: I Posner. R. Economic Analysis of Law. p. 541. 51 For the defendant the stakes are subjective evaluation of the probability of losing the case times the value of the judgment plus litigation costs minus settlement costs: In a world of uncertainty, the stakes are not likely to be the same for both parties.
Such power creates a political market in which individuals have to invest their time and resources either seeking favorable laws or averting unfavorable ones. Socialism sees the free-market, private-property rights economy as encouraging selfishness and greed. " Capitalism, on the other hand, contends that it is not a function of law to modify individual choices and preferences. Any individual should be free to "purchase" an anti social behavior at a market price, which is the cost imposed on the individual by friends and neighbors.
Economic Analysis of Institutions and Systems by Svetozar Pejovich (auth.)