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Distinguished by brevity, lucid writing, and well-chosen examples, An Introduction to Law and Economics, now in its Fifth Edition, focuses on a set of core topics that include property, contracts, torts, criminal law, and litigation. Avoiding specialized jargon and mathematics, Polinsky teaches students how to think like an economist and understand legal issues from an economic perspective. New to the Fifth Edition: A streamlining of the products liability chapter A revised discussion of the redistributive effects of legal rules to reflect more recent scholarship on this topic The addition of several other refinements in the text and in new footnotes An updated bibliography Professors and students will benefit from: Solid coverage of relevant economic principles A normative approach that illustrates how to assess legal rules and policies in terms of economic and social goals Clear explanations of concepts

This unique collection of largely unpublished papers brings together the founding fathers of law and economics to provide their own views on the origins and intellectual history of the field. Law and economics emerged as a separate field of scholarship during the early 1960s, fueled by two seminal papers, one by Ronald Coase and one by Guido Calabresi. The ideas generated by scholars researching in the field have deeply influenced the major disciplines of economics and the law.These 16 essays (including three by Nobel Laureates in Economic Sciences) provide an impressive blend of differing experiences and varying perspectives, reflecting on the intellectual foundations of the field, its early struggles for recognition, and its remarkable advance during the last four decades of the twentieth century, and into the twenty-first. The essays clearly outline, and contribute new insights into, all of the central issues of this still vibrant research programme. A unifying theme of the book is the central importance attached by each scholar to scientific analysis, rather than to any particular ideology or dogma.This book provides an absorbing intellectual history of law and economics, and will be a fascinating read for academics and researchers with an interest in law and economics, the history of economic thought, public choice and public policy.

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This textbook presents a broad examination of law and economics, including the questions of economic justice raised by the application of economics to law. It explores both conventional analysis and examines how that analysis may be affected by behavioral findings. A primary focus is on how economic analysis holds up in markets that are often defined by rights, perceived duties, and obligations. Chapters include the tools of analysis, behavioral economics, the Coase Theorem, contract law, tort law, criminal law, government regulation, antitrust, and intellectual property.

The authors argue that the rules and practices of corporate law mimic contractual provisions that parties would reach if they bargained about every contingency at zero cost and flawlessly enforced their agreements. But bargaining and enforcement are costly, and corporate law provides the rules and an enforcement mechanism that govern relations among those who commit their capital to such ventures. The authors work out the reasons for supposing that this is the exclusive function of corporate law and the implications of this perspective.

Prevailing wage laws affecting the construction industry in the United States exist at the Federal and State levels. These laws require that construction workers employed by contractors on government works be paid at least the wage rates and fringe benefits 'prevailing' for similar work where government contract work is performed. The federal law (Davis-Bacon Act) was passed in 1931. By 1969 four fifth of States had enacted prevailing wage legislation. In the 1970s, facing fiscal crises, States considered repealing their laws in an effort to reduce construction costs, and since 1979 nine States have repealed their laws. These repeals at State level along with unsuccessful attempts to repeal the Davis-Bacon Act have pushed prevailing wages to the forefront of public policy and controversy. This book, for the first time, brings together scholarly research in the economics of prevailing wages placed in historical and institutional context.

This critical edition is the first ever publication of Hale’s Of the Law of Nature, which previously existed only in manuscript form. After discussing and defining law in general, Hale examines the natural law in particular, its discovery and divine origin, and how it relates to both biblical and human laws. Hale’s treatise, which was likely written as part of his personal meditations and was circulated among English lawyers after his death, reveals not only the close relationship between law and theology in his thought, but also the importance of natural law to early modern legal thought.

Were slaves property or human beings under the law? Antebellum Southern judges designed efficient laws that protected property rights and helped slavery remain economically viable, laws that sheltered the persons embodied by that propertySH-the slaves themselves. Unintentionally, these judges generated rules applicable to ordinary Americans. Wahl provides a rigorous, compelling economic analysis of the common law of Southern slavery, inspecting thousands of legal disputes.

William Letwin's thorough, carefully argued, and elegantly written work is the only book length study of the Sherman Antitrust Act, a law designed to shape the economic life of a large complex society through maintaining the "correct" level of competition in the economy. This is a superb history and complete analysis of the Act, from its English and American common law antecedents to the events that led to the first revisions of the Act in the form of the Clayton Antitrust and Federal Trade Commission Acts.

"Every few generations a great seminal book comes along that challenges economic analysis and through its findings alters men's thinking and the course of societal change. This is such a book, yet it is more. It is a "poetic" philosophy, mathematics, and science of economics. It is the quintessence of the thought that has been focused on the economic reality. Henceforce all economists must take these conclusions into account lest their analyses and scholarship be found wanting. "The entropy of the physical universe increases constantly because there is a continuous and irrevocable qualitative degradation of order into chaos. The entropic nature of the economic process, which degrades natural resources and pollutes the environment, constitutes the present danger. The earth is entropically winding down naturally, and economic advance is accelerating the process. Man must learn to ration the meager resources he has so profligately squandered if he is to survive in the long run when the entropic degradation of the sun will be the crucial factor, "for suprising as it may seem, the entire stock of natural resources is not worth more than a few days of sunlight!" Georgescu-Rogen has written our generation's classic in the field of economics."Library Journal

'Dr Kealey's brave, entertaining and learned book makes a powerful case for his unpopular views. It must give pause to any open-minded student of science policy.' - R.C.O. Matthews 'Not since J.D. Bernal has a practising British scientist challenged conventional arguments about the funding of science so originally, and so powerfully.' - David Edgerton, Imperial College Does government funding of science promote economic and cultural growth? This burning question has come to dominate political and academic thought. The evidence seems mixed: Japan flourishes economically neglecting science while the USSR and India who actively promoted government-funded science have declined. The purpose of this book is to assess the myth that government-funded science works economically. Supported by historical argument and international contemporary comparison, Terence Kealey argues that the free market approach rather that of state funding has proved by far the most successful in stimulating science and innovation.

This translation is a selection from Lessius’ treatment of contract law in his larger work On Justice and Right. By drawing on diverse sources ranging from Roman and canon law to moral philosophy, Lessius offers practical advice in commercial and financial matters. These chapters on sale, securities, and insurance engage perennial questions concerning the lawfulness of insider trading, the sale of toxic debt, and asymmetric information in insurance markets.

The central theme of this book is that an economic framework--incorporating such concepts as information asymmetry, moral hazard, and adaptation to changed circumstances--is appropriate for contract interpretation, analyzing contract disputes, and developing contract doctrine. The value of the approach is demonstrated through the close analysis of major contract cases. In many of the cases, had the court (and the litigators) understood the economic context, the analysis and results would have been very different. Topics and some representative cases include consideration (Wood v. Lucy, Lady Duff Gordon), interpretation (Bloor v. Falstaff and Columbia Nitrogen v. Royster), remedies (Campbell v. Wentz, Tongish v. Thomas, and Parker v. Twentieth Century Fox), and excuse (Alcoa v. Essex).

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"Law and economics" involves the application of economic analysis to legal problems. Law and economics features in public policy debates as well as across the social sciences in fields such as political economy, constitutional economics, and political science. Concepts in Law and Economics: A Guide for the Curious provides a comprehensive integration of the fields of law and economics. In clear prose, Jim Leitzel challenges traditional approaches to law and economics and uncovers common themes that cut across the two fields, providing readers with a means of integrating their knowledge to examine problems through both a legal and economic lens. This book covers the major methods of law and economics and applies those methods to various issues, including art vandalism, sales of human kidneys, and the ownership of meteorites. Compact yet comprehensive, this is an ideal introduction to a vast number of concepts and controversies in the fields of law and economics. Economics students, law students, and those with a general interest in the social sciences will find Concepts in Law and Economics an interesting and engaging read, and will emerge with the necessary skills for thinking like a law and economics practitioner.

This unique collection of largely unpublished papers brings together the founding fathers of law and economics to provide their own views on the origins and intellectual history of the field. Law and economics emerged as a separate field of scholarship during the early 1960s, fueled by two seminal papers, one by Ronald Coase and one by Guido Calabresi. The ideas generated by scholars researching in the field have deeply influenced the major disciplines of economics and the law.These 16 essays (including three by Nobel Laureates in Economic Sciences) provide an impressive blend of differing experiences and varying perspectives, reflecting on the intellectual foundations of the field, its early struggles for recognition, and its remarkable advance during the last four decades of the twentieth century, and into the twenty-first. The essays clearly outline, and contribute new insights into, all of the central issues of this still vibrant research programme. A unifying theme of the book is the central importance attached by each scholar to scientific analysis, rather than to any particular ideology or dogma.This book provides an absorbing intellectual history of law and economics, and will be a fascinating read for academics and researchers with an interest in law and economics, the history of economic thought, public choice and public policy.

This paperback reader brings together some seminal papers on law and economics, with special emphasis on the foundational contributions to the economics of property, contracts and torts. The growing influence of these writings in the judicial profession, and in the academic world, underscores the relevance and importance of these early contributions and the growing maturity of the law and economics movement. These seminal papers have provided the foundations for the development of an overarching economic theory of law and, most importantly, have opened new areas of research for present and future generations of jurists and economists alike.The articles are arranged by theme, with topics including the methodological foundations of law and economics, the efficiency of the common law hypothesis, the economics of property law and the Coase theorem, the economics of contracts and the economics of tort law. The editors, themselves distinguished scholars in the field, have written a new introduction to accompany the readings.23 articles, dating from 1960 to 1994 Contributors include: I. Ayres, R.H. Coase, G. Calabresi, R.D. Cooter, H. Demsetz, L. Kaplow, W.M. Landes, R.A. Posner, D.L. Rubinfeld, R.E. Scott, S. Shavell

The Dicaeologicae was an immense Latin work that sought to construct a single comprehensive juridical system by collating the Decalogue, Jewish law, Roman law, and various streams of European customary law. The translated sections comprising On Law and Power address such topics as: common law, natural law, private or individual (civil) law, the nature of sovereign public authority, and limitations on public power.

This book details many striking features of Somali customary law. It is compensatory, for example, rather than punitive. Instead of being imprisoned or otherwise punished, law breakers are required to compensate their victims. A victim seldom fails to receive compensation, moreover, because every Somali is insured by near kin against his or her liabilities under the law. Being based on custom, Somali law has no need of legislation or legislators, hence is happily free of political influences. Even so, the author points out areas in the law that are in need of change. These do not require legislation, however; many desirable changes, such as ending restrictions on the sale of land and enhancing the status of women, are implicit in economic development. As for the Somali political system, not only is there no need to set up a democracy, the author clearly shows why any attempt to do so must inevitably produce chaos. This book by a trained and sympathetic observer shows how, viewed in global perspective, Somali law stands with the Latin and Medieval laws and the English common law against the statutory law that originated in continental Europe with the modern nation state. It explains many seeming anomalies about present-day Somalia and describes its prospects as well as the dangers facing it. Born in Zeist, the Netherlands, in 1933, Michael van Notten graduated from Leiden University in Law and was admitted into practice in Rotterdam. He later served with a New York law firm and directed the Institution Europaeum, a Belgium-based policy research organization. In the early 1990s, he became interested in the prospect of Somalia developing in the modern world of a stateless society, and for the next twelve years, he studied Somali customary law. A keen analyst of the intricacies of clan politics, he traveled fearlessly in war-torn Somalia. He died in Nimes, France, on June 5th, 2002

Law and economics are both subjects that address human behavior and the process of choice. Law provides the infrastructure of economic activity, and economic activity fuels the need for law. Therefore, it is not surprising that lawyers use economic concepts in practice, and economic ideas influence the opinions of judges. Consequently, lawyers need to develop an understanding of core economic concepts if they hope to compete in the contemporary legal marketplace. This requires an understanding of concepts like choice, risk, efficiency, cost and benefit analysis, externalities, transaction costs, value, and supply and demand, among others. Law and Economics: An Introductory Toolkit for Lawyers offers the tools needed to learn these concepts and to build a vocabulary in business and economics. The book can be used on its own or as a supplement for a variety of courses. It also provides an ideal introduction for business school and other non-law school users. Book highlights include: Clear organization based on twelve frequently referenced Core Concepts; Core Concepts that include references to important Ancillary Concepts; Explanations of concepts that help to enhance business and economics vocabulary; Straightforward illustrations and examples to aid in comprehension; A glossary of common terms; and A structure that is flexible enough to be read cover to cover or by Core Concept in any order.