Guido Calabresi's economic analysis of law, Coase and the Coase theorem

► Methodologically, Calabresi has developed an economic analysis of law different from Coase's law and economics. ► In “The Problem of Social Cost”, Coase put forward an “invariance” and an “efficiency” thesis. ► When he “invented” the Coase theorem, Stigler insisted on “efficiency” only. ► In 1961, Calabresi has put forward an “invariance” thesis in 1961-liability rules do not affect the allocation of resources. ► After 1965 (in particular in 1968), Calabresi moved to an “efficiency” thesis too.