TAILIEUCHUNG - COGNITION AND ECONOMICS PART 8

THE ANTI-FOUNDATIONAL DILEMMA: NORMATIVE IMPLICATIONS FOR THE ECONOMIC ANALYSIS OF LAW. In recent years, traditional legal systems have been increasingly challenged by the rapid and wide-ranging changes induced by modern technology and science which constantly transform our economies and societies | THE ANTI-FOUNDATIONAL DILEMMA NORMATIVE IMPLICATIONS FOR THE ECONOMIC ANALYSIS OF LAW Elisabeth Krecke and Carine Krecke 1. INTRODUCTION In recent years traditional legal systems have been increasingly challenged by the rapid and wide-ranging changes induced by modern technology and science which constantly transform our economies and societies. The rise of a new type of scholarship in contemporary legal thought can be understood in the light of the growing disjunction between the traditional methods of law dealing with social problems and the overall pragmatic spirit of the globalized economies. The intrinsic conservatism of traditional law is sometimes more or less explicitly accused of being inadequate to cope with the problems raised by the application of new technologies and sciences or worse of being an impediment to the development of the full potential of the modern economies. An important normative goal of this new legal scholarship is precisely to develop ways of reconciling the role of law in society with the requirements of the economies. In this respect the most far-reaching contribution emanates from the so-called law-and-economics movement initiated at the University Cognition and Economics Advances in Austrian Economics Volume 9 201-233 Copyright 2007 by Elsevier Ltd. All rights of reproduction in any form reserved ISSN 1529-2134 doi S1529-2134 06 09008-9 201 202 ELISABETH KRECKE AND CARINE KRECKE of Chicago in the early seventies. The purpose of this extremely successful and influential approach1 is precisely to promote a vision of law corresponding to economic criteria. One of the normative implications of this approach is the liberation of law from its metaphysical founding traditions which are asserted to be no longer adapted to the forward-looking spirit of our time. At least in this sense an implicit deconstructivist ambition can be identified in the economic analysis of law 2 even though in general this theory clearly corresponds to a

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