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Economic Foundations of Private Law

Paperback

Economic Foundations of Private Law

9781843760719 Edward Elgar Publishing
Edited by Richard A. Posner, Judge, United States Court of Appeals for the Seventh Circuit and Senior Lecturer, University of Chicago Law School, US and Francesco Parisi, Oppenheimer Wolff and Donnelly Professor of Law, University of Minnesota Law School, US and Professor of Economics, University of Bologna, Italy
Publication Date: 2003 ISBN: 978 1 84376 071 9 Extent: 704 pp
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.

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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.
Contributors
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
Contents
Contents:
Acknowledgements
The Economic Foundations of Private Law: An Introduction Richard A. Posner and Francesco Parisi
PART I THE METHODOLOGY OF LAW AND ECONOMICS
1. Richard A. Posner (1987), ‘The Law and Economics Movement’
2. Guido Calabresi (1980), ‘About Law and Economics: A Letter to Ronald Dworkin’
3. Louis Kaplow and Steven Shavell (1994), ‘Why the Legal System is Less Efficient than the Income Tax in Redistributing Income’
4. Richard A. Posner (1985), ‘Wealth Maximization Revisited’
PART II THE EFFICIENCY OF THE COMMON LAW HYPOTHESIS
5. William M. Landes (1971), ‘An Economic Analysis of the Courts’
6. Isaac Ehrlich and Richard A. Posner (1974), ‘An Economic Analysis of Legal Rulemaking’
7. Paul H. Rubin (1977), ‘Why is the Common Law Efficient?’
8. George L. Priest (1977), ‘The Common Law Process and the Selection of Efficient Rules’
9. Robert D. Cooter and Daniel L. Rubinfeld (1989), ‘Economic Analysis of Legal Disputes and Their Resolution’
PART III THE COASE THEOREM AND THE ECONOMICS OF PROPERTY RIGHTS
10. R.H. Coase (1960), ‘The Problem of Social Cost’
11. Harold Demsetz (1972), ‘When Does the Rule of Liability Matter?’
12. Harold Demsetz (1967), ‘Toward a Theory of Property Rights’
13. Guido Calabresi and A. Douglas Melamed (1972), ‘Property Rules, Liability Rules, and Inalienability: One View of the Cathedral’
PART IV THE ECONOMICS OF CONTRACT LAW
14. John H. Barton (1972), ‘The Economic Basis of Damages for Breach of Contract’
15. Anthony T. Kronman (1978), ‘Mistake, Disclosure, Information, and the Law of Contracts’
16. Alan Schwartz (1979), ‘The Case for Specific Performance’
17. Charles J. Goetz and Robert E. Scott (1980), ‘Enforcing Promises: An Examination of the Basis of Contract’
18. Steven Shavell (1980), ‘Damage Measures for Breach of Contract’
19. Ian Ayres and Robert Gertner (1989), ‘Filling Gaps in Incomplete Contracts: An Economic Theory of Default Rules’
PART V THE ECONOMICS OF TORT LAW AND LIABILITY SYSTEMS
20. William M. Landes and Richard A. Posner (1981), ‘The Positive Economic Theory of Tort Law’
21. Steven Shavell (1980), ‘Strict Liability Versus Negligence’
22. Steven Shavell (1984), ‘Liability for Harm Versus Regulation of Safety’
23. Robert D. Cooter (1982), ‘Economic Analysis of Punitive Damages’
Name Index
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