Mario Rizzo on Hayek and the Common Law
Mario Rizzo is currently an associate professor of economics at New York University and the director of the Program on the Foundations of the Market Economy. Rizzo is co-author (with Gerald O’Driscoll) of The Economics of Time and Ignorance (1985).
In this lecture from 1999, Rizzo addresses aspects of the common law in an attempt to answer the question “How can the common law adapt to novel circumstances and still promote the coordination of plans?” Rizzo answers the question by drawing on much of F. A. Hayek’s work regarding the law while emphasizing the importance of balancing consistent legal expectations with a slight degree of circumstantial adaptability.
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