The History of Law and Economics
Chicago School: As famous pioneers we should mention Guido Calabresi and Nobel prize-winners Ronald Coase and Gary Becker. The theories of the Chicago School, based on the neo-classical economic tradition, found their most elaborated synthesis in the works of Richard Posner, whose book 'Economic Analysis of Law' has become one of the classics in the discipline.
Although the Chicago School still remains one of the most productive traditions in the economic analysis of law, several other tendencies have emerged in recent years.
Recent approaches: In this respect we can refer to the Property Rights approach, the Austrian School and the Neo-Institutionalist approach. Last but not least, we should focus on the Public Choice School, of which Nobel prize-winner James Buchanan is one of the most outstanding authors. Although this latter tradition focuses more specifically on the process of political decision-making, its insights are also very useful for the understanding of the political context of the law-making process.
