This book brings together a number of articles, for the most part
already pub lished, that develop a contemporary institutionalist
approach to the study of the economic role of government. The
institutionalist tradition in these matters began with the work of
Henry Carter Adams on economics and jurisprudence and Richard T.
Ely on the relation of the institutions of property and contract 2
to the distribution of wealth. It continued with John R. Commons's
monu 3 mental analytical and historical study of the legal
foundations of capitalism, Edwin E. Witte's work on the role of
government in the economy,4 and Ken s neth Parson's study of
economic developmenL The approach to law and economics that is
developed in this book centers on (1) an identification of the
objective fundamentals of the interrelations between legal and
economic pro. cesses and (2) the development of skills with which
to analyze and predict the performance consequences of alternative
institutional designs. We must stress that our principal goal is
quite simply to understand what is going on-to identify the
instrumental variables and fundamental issues and processes-in the
operation of legal institutions of economic significance. We
envision government as an object of legal control. We also see law
as an instrument of securing economic gain and advantage-that is,
as a wealth producing and -acquiring alternative."
General
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