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This article explores the role of commons in law and economics under the assumption that its strength (following Calabresi. 2016.  The Future of Law and Economics: Essays in Reform and Recollection . Yale University Press) comes from the ability to amplify economic theory by integrating elements of institutional reality into the analytic framework. Following an analysis of the role that the spoilage of commons has played in the early developments of the transaction cost framework, the article considers the ways in which the success of commons could amplify the law and economics further. I conclude these costs could be conceptualized by extending Calabresi’s own past work on the role of values in institutional arrangements in the direction of understanding the contributions and losses of different arrangements concerning the capacity of values motivate economic activity.

Commons in the Past and the Future of Law and Economics