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| economic analysis of law richard posner: Economic Analysis of Law Richard A. Posner, 2014-01-08 Lucid, comprehensive, and definitive in its field, this text covers every aspect of economic analysis of the law. Features: Two new chapters, one on intellectual property, one on international and comparative law, both exploding fields of great importance. Earlier editions' questions have been converted to answers, making the book more accessible and informative. Revised to be clearer and less technical. More eclectic, reflecting recent criticisms of rational choice theory, in particular the need to supplement it with insights from psychology. Greater attention paid to judicial behavior, realistically modeled and explained in economic terms. Incorporates insights from the veritable explosion of books and articles published in the last few years on economic analysis of law. |
| economic analysis of law richard posner: Economic Analysis of Law Richard A. Posner, 2011 Economic Analysis of Law, Eighth Edition, written by the pioneer in law and economics analysis, Richard A. Posner, remains the classic text in its field. This lucid, comprehensive casebook covers every aspect of the economic analysis of the law, including the common law, public regulation of the market, business organizations and financial markets, the distribution of income and wealth, the legal process, and the Constitution and the federal system. The Eighth Edition has been substantially revised to take into account current events, including the continuing economic crisis, the re-emerging field of organization economics, and recent work by the author and others on judicial behavior. The this preeminent casebook continues to offer Coverage of the legal-economic perspective on all key areas, from common law to the constitution. Accessible, lucid, and user-friendly writing and organization: Non-quantitative approach does not assume or require prior knowledge of economics or mathematics Part and chapter organization are based on legal, not economic, concepts End-of-chapter sections reinforce and extend learning with problems and suggested further readings. The Eighth Edition has been updated and revised to reflect current economic realities: The continuing economic crisis, which began in September 2008, has led to a reexamination of some of the tenets of economics manifested in previous editions. These changes are found primarily in the following chapters: Chapter 1, The Nature of Economic Reasoning Chapter 13, The Choice Between Regulation and Common Law Chapter 14, Corporations, Secured and Unsecured Financing, Bankruptcy Chapter 15, Financial Markets In Chapter 14, Corporations, Secured and Unsecured Financing, Bankruptcy, changes have been incorporated based on the re-emerging field of organization economics. Substantial changes to reflect recent work by the author and others on judicial behavior are evident in Chapter 19, The Market, the Adversary System, and the Legislative Process as Methods of Resource Allocation. Significant changes have also been made in the following chapters: Chapter 3, Property Chapter 4, Contract Rights and Remedies Chapter 17, Taxation Chapter 21, Civil and Criminal Procedure |
| economic analysis of law richard posner: Foundations of Economic Analysis of Law Steven Shavell, 2009-07-01 What effects do laws have? Do individuals drive more cautiously, clear ice from sidewalks more diligently, and commit fewer crimes because of the threat of legal sanctions? Do corporations pollute less, market safer products, and obey contracts to avoid suit? And given the effects of laws, which are socially best? Such questions about the influence and desirability of laws have been investigated by legal scholars and economists in a new, rigorous, and systematic manner since the 1970s. Their approach, which is called economic, is widely considered to be intellectually compelling and to have revolutionized thinking about the law. In this book Steven Shavell provides an in-depth analysis and synthesis of the economic approach to the building blocks of our legal system, namely, property law, tort law, contract law, and criminal law. He also examines the litigation process as well as welfare economics and morality. Aimed at a broad audience, this book requires neither a legal background nor technical economics or mathematics to understand it. Because of its breadth, analytical clarity, and general accessibility, it is likely to serve as a definitive work in the economic analysis of law. |
| economic analysis of law richard posner: The Economics of Justice Richard A. Posner, 1983-08-16 Posner uses economic analysis to probe justice and efficiency, primitive law, privacy, and the constitutional regulation of racial discrimination. |
| economic analysis of law richard posner: Efficiency Instead of Justice? Klaus Mathis, 2009-03-18 Economic analysis of law is an interesting and challenging attempt to employ the concepts and reasoning methods of modern economic theory so as to gain a deeper understanding of legal problems. According to Richard A. Posner it is the role of the law to encourage market competition and, where the market fails because transaction costs are too high, to simulate the result of competitive markets. This would maximize economic efficiency and social wealth. In this work, the lawyer and economist Klaus Mathis critically appraises Posner’s normative justification of the efficiency paradigm from the perspective of the philosophy of law. Posner acknowledges the influences of Adam Smith and Jeremy Bentham, whom he views as the founders of normative economics. He subscribes to Smith’s faith in the market as an ideal allocation model, and to Bentham’s ethical consequentialism. Finally, aligning himself with John Rawls’s contract theory, he seeks to legitimize his concept of wealth maximization with a consensus theory approach. In his interdisciplinary study, the author points out the possibilities as well as the limits of economic analysis of law. It provides a method of analysing the law which, while very helpful, is also rather specific. The efficiency arguments therefore need to be incorporated into a process for resolving value conflicts. In a democracy this must take place within the political decision-making process. In this clearly written work, Klaus Mathis succeeds in making even non-economists more aware of the economic aspects of the law. |
| economic analysis of law richard posner: Frontiers of Legal Theory Richard A. Posner, 2004-03 The most exciting development in legal thinking since World War II has been the growth of interdisciplinary legal studies. Judge Richard Posner has been a leader in this movement, and his new book explores its rapidly expanding frontier. |
| economic analysis of law richard posner: Tort Law Richard A. Posner, 1982 |
| economic analysis of law richard posner: The Rise of Law and Economics George L. Priest, 2020-03-03 This is a history—though, intentionally, a brief history—of the rise of law and economics as a field of thought in the U.S. college and law school academy, though the field has expanded to Europe and South America and will expand further as other legal systems develop. This book explains the origins of the field and the sources of its growth during its formative period. It describes the intellectual roots of the field, and the field’s relationship to the understanding of the role of the legal system in directing the functioning of the economy. It describes the effect of the Great Depression and the expansion of governmental power on advancing the functional approach. The book then addresses the work of Aaron Director, during the late 1950s, on focusing economic analysis as a means of understanding the effects of the legal and regulatory system on the allocation of resources in the society. Then it turns to the subsequent intellectual founders of the field—Ronald Coase, Guido Calabresi, and Richard Posner—and attempts to explain the significance of their work. It also discusses the efforts of Robert Bork and Henry Manne toward the influence of law and economics on public policy. The book ends with the founding of the American Law and Economics Association in 1991. This is an essential companion to law and economics texts for undergraduate law and economic students and, especially, a general supplement to first-year casebooks for law school students. |
| economic analysis of law richard posner: The Future of Law and Economics Guido Calabresi, 2016-01-28 In a concise, compelling argument, one of the founders and most influential advocates of the law and economics movement divides the subject into two separate areas, which he identifies with Jeremy Bentham and John Stuart Mill. The first, Benthamite, strain, “economic analysis of law,” examines the legal system in the light of economic theory and shows how economics might render law more effective. The second strain, law and economics, gives equal status to law, and explores how the more realistic, less theoretical discipline of law can lead to improvements in economic theory. It is the latter approach that Judge Calabresi advocates, in a series of eloquent, thoughtful essays that will appeal to students and scholars alike. |
| economic analysis of law richard posner: The Problems of Jurisprudence Richard A. Posner, 1990 In this book, Richard A. Posner examines how judges go about making difficult decisions. Posner argues that they cannot rely on either logic or science, but must fall back on a grab bag of informal methods of reasoning that owe less than one might think to legal training and experience. -- Adapted from Amazon.com summary. |
| economic analysis of law richard posner: The Economic Structure of Corporate Law Frank H. Easterbrook, Daniel R. Fischel, 1996-02-01 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. |
| economic analysis of law richard posner: Law and Social Norms Eric Posner, 2009-07-01 What is the role of law in a society in which order is maintained mostly through social norms, trust, and nonlegal sanctions? Eric Posner argues that social norms are sometimes desirable yet sometimes odious, and that the law is critical to enhancing good social norms and undermining bad ones. But he also argues that the proper regulation of social norms is a delicate and complex task, and that current understanding of social norms is inadequate for guiding judges and lawmakers. What is needed, and what this book offers, is a model of the relationship between law and social norms. The model shows that people's concern with establishing cooperative relationships leads them to engage in certain kinds of imitative behavior. The resulting behavioral patterns are called social norms. Posner applies the model to several areas of law that involve the regulation of social norms, including laws governing gift-giving and nonprofit organizations; family law; criminal law; laws governing speech, voting, and discrimination; and contract law. Among the engaging questions posed are: Would the legalization of gay marriage harm traditional married couples? Is it beneficial to shame criminals? Why should the law reward those who make charitable contributions? Would people vote more if non-voters were penalized? The author approaches these questions using the tools of game theory, but his arguments are simply stated and make no technical demands on the reader. |
| economic analysis of law richard posner: How Judges Think Richard A. Posner, 2010-05-01 A distinguished and experienced appellate court judge, Richard A. Posner offers in this new book a unique and, to orthodox legal thinkers, a startling perspective on how judges and justices decide cases. When conventional legal materials enable judges to ascertain the true facts of a case and apply clear pre-existing legal rules to them, Posner argues, they do so straightforwardly; that is the domain of legalist reasoning. However, in non-routine cases, the conventional materials run out and judges are on their own, navigating uncharted seas with equipment consisting of experience, emotions, and often unconscious beliefs. In doing so, they take on a legislative role, though one that is confined by internal and external constraints, such as professional ethics, opinions of respected colleagues, and limitations imposed by other branches of government on freewheeling judicial discretion. Occasional legislators, judges are motivated by political considerations in a broad and sometimes a narrow sense of that term. In that open area, most American judges are legal pragmatists. Legal pragmatism is forward-looking and policy-based. It focuses on the consequences of a decision in both the short and the long term, rather than on its antecedent logic. Legal pragmatism so understood is really just a form of ordinary practical reasoning, rather than some special kind of legal reasoning. Supreme Court justices are uniquely free from the constraints on ordinary judges and uniquely tempted to engage in legislative forms of adjudication. More than any other court, the Supreme Court is best understood as a political court. |
| economic analysis of law richard posner: Economic Analysis of Accident Law Steven Shavell, 2007-03-31 Accident law, if properly designed, is capable of reducing the incidence of mishaps by making people act more cautiously. Since the 1960s, a group of legal scholars and economists have focused on identifying the effects of accident law on people's behavior. Steven Shavell’s book is the definitive synthesis of research to date in this new field. |
| economic analysis of law richard posner: The Problematics of Moral and Legal Theory Richard A. Posner, 2009-06-01 Ambitious legal thinkers have become mesmerized by moral philosophy, believing that great figures in the philosophical tradition hold the keys to understanding and improving law and justice and even to resolving the most contentious issues of constitutional law. They are wrong, contends Richard Posner in this book. Posner characterizes the current preoccupation with moral and constitutional theory as the latest form of legal mystification--an evasion of the real need of American law, which is for a greater understanding of the social, economic, and political facts out of which great legal controversies arise. In pursuit of that understanding, Posner advocates a rebuilding of the law on the pragmatic basis of open-minded and systematic empirical inquiry and the rejection of cant and nostalgia--the true professionalism foreseen by Oliver Wendell Holmes a century ago. A bracing book that pulls no punches and leaves no pieties unpunctured or sacred cows unkicked, The Problematics of Moral and Legal Theory offers a sweeping tour of the current scene in legal studies--and a hopeful prospect for its future. |
| economic analysis of law richard posner: Words, Objects and Events in Economics Peter Róna, László Zsolnai, Agnieszka Wincewicz-Price, 2020-09-03 This open access book examines from a variety of perspectives the disappearance of moral content and ethical judgment from the models employed in the formulation of modern economic theory, and some of the papers contain important proposals about how moral judgment could be reintroduced in economic theory. The chapters collected in this volume result from the favorable reception of the first volume of the Virtues in Economics series and represent further contributions to the themes set out in that volume: (i) examining the philosophical and methodological fallacies of this turn in modern economic theory that the removal of the moral motivation of economic agents from modern economic theory has entailed; and (ii) proposing a return descriptive economics as the means with which the moral content of economic life could be restored in economic theory. This book is of interest to researchers and students of the methodology of economics, ethics, philosophers concerned with agency and economists who build economic models that rest in the intention of the agent. |
| economic analysis of law richard posner: Antitrust Law Richard A. Posner, 1976 'A creative, informative, and highly readable narrative... The book consists of four sections dealing in turn with (1) the law and economics of antitrust policy; (2) the problem of collusion; (3) the question of exclusionary practices; and (4) the difficulties of enforcement... This is a provocative work that judiciously raises pertinent questions about our antitrust policy.'-Robert J. Steamer, Perspective |
| economic analysis of law richard posner: The Economic Structure of Intellectual Property Law William M. LANDES, Richard A. Posner, 2009-06-30 This book takes a fresh look at the most dynamic area of American law today, comprising the fields of copyright, patent, trademark, trade secrecy, publicity rights, and misappropriation. Topics range from copyright in private letters to defensive patenting of business methods, from moral rights in the visual arts to the banking of trademarks, from the impact of the court of patent appeals to the management of Mickey Mouse. The history and political science of intellectual property law, the challenge of digitization, the many statutes and judge-made doctrines, and the interplay with antitrust principles are all examined. The treatment is both positive (oriented toward understanding the law as it is) and normative (oriented to the reform of the law). Previous analyses have tended to overlook the paradox that expanding intellectual property rights can effectively reduce the amount of new intellectual property by raising the creators' input costs. Those analyses have also failed to integrate the fields of intellectual property law. They have failed as well to integrate intellectual property law with the law of physical property, overlooking the many economic and legal-doctrinal parallels. This book demonstrates the fundamental economic rationality of intellectual property law, but is sympathetic to critics who believe that in recent decades Congress and the courts have gone too far in the creation and protection of intellectual property rights. Table of Contents: Introduction 1. The Economic Theory of Property 2. How to Think about Copyright 3. A Formal Model of Copyright 4. Basic Copyright Doctrines 5. Copyright in Unpublished Works 6. Fair Use, Parody, and Burlesque 7. The Economics of Trademark Law 8. The Optimal Duration of Copyrights and Trademarks 9. The Legal Protection of Postmodern Art 10. Moral Rights and the Visual Artists Rights Act 11. The Economics of Patent Law 12. The Patent Court: A Statistical Evaluation 13. The Economics of Trade Secrecy Law 14. Antitrust and Intellectual Property 15. The Political Economy of Intellectual Property Law Conclusion Acknowledgments Index Reviews of this book: Chicago law professor William Landes and his polymath colleague Richard Posner have produced a fascinating new book...[The Economic Structure of Intellectual Property Law] is a broad-ranging analysis of how intellectual property should and does work...Shakespeare's copying from Plutarch, Microsoft's incentives to hide the source code for Windows, and Andy Warhol's right to copyright a Brillo pad box as art are all analyzed, as is the question of the status of the all-bran cereal called 'All-Bran.' --Nicholas Thompson, New York Sun Reviews of this book: Landes and Posner, each widely respected in the intersection of law and economics, investigate the right mix of protection and use of intellectual property (IP)...This volume provides a broad and coherent approach to the economics and law of IP. The economics is important, understandable, and valuable. --R. A. Miller, Choice Intellectual property is the most important public policy issue that most policymakers don't yet get. It is America's most important export, and affects an increasingly wide range of social and economic life. In this extraordinary work, two of America's leading scholars in the law and economics movement test the pretensions of intellectual property law against the rationality of economics. Their conclusions will surprise advocates from both sides of this increasingly contentious debate. Their analysis will help move the debate beyond the simplistic ideas that now tend to dominate. --Lawrence Lessig, Stanford Law School, author of The Future of Ideas: The Fate of the Commons in a Connected World An image from modern mythology depicts the day that Einstein, pondering a blackboard covered with sophisticated calculations, came to the life-defining discovery: Time = $$. Landes and Posner, in the role of that mythological Einstein, reveal at every turn how perceptions of economic efficiency pervade legal doctrine. This is a fascinating and resourceful book. Every page reveals fresh, provocative, and surprising insights into the forces that shape law. --Pierre N. Leval, Judge, U.S. Court of Appeals, Second Circuit The most important book ever written on intellectual property. --William Patry, former copyright counsel to the U.S. House of Representatives, Judiciary Committee Given the immense and growing importance of intellectual property to modern economies, this book should be welcomed, even devoured, by readers who want to understand how the legal system affects the development, protection, use, and profitability of this peculiar form of property. The book is the first to view the whole landscape of the law of intellectual property from a functionalist (economic) perspective. Its examination of the principles and doctrines of patent law, copyright law, trade secret law, and trademark law is unique in scope, highly accessible, and altogether greatly rewarding. --Steven Shavell, Harvard Law School, author of Foundations of Economic Analysis of Law |
| economic analysis of law richard posner: Divergent Paths Richard A. Posner, 2016-01-04 Judges and legal scholars talk past one another, if they have any conversation at all. Academics criticize judicial decisions in theoretical terms, which leads many judges to dismiss academic discourse as divorced from reality. Richard Posner reflects on the causes and consequences of this widening gap and what can be done to close it. |
| economic analysis of law richard posner: An Affair of State Richard A. Posner, 2009-07-01 President Bill Clinton’s year of crisis, which began when his affair with Monica Lewinsky hit the front pages in January 1998, engendered a host of important questions of criminal and constitutional law, public and private morality, and political and cultural conflict. In a book written while the events of the year were unfolding, Richard Posner presents a balanced and scholarly understanding of the crisis that also has the freshness and immediacy of journalism. Posner clarifies the issues and eliminates misunderstandings concerning facts and the law that were relevant to the investigation by Independent Counsel Kenneth Starr and to the impeachment proceeding itself. He explains the legal definitions of obstruction of justice and perjury, which even many lawyers are unfamiliar with. He carefully assesses the conduct of Starr and his prosecutors, including their contacts with the lawyers for Paula Jones and their hardball tactics with Monica Lewinsky and her mother. He compares and contrasts the Clinton affair with Watergate, Iran–Contra, and the impeachment of Andrew Johnson, exploring the subtle relationship between public and private morality. And he examines the place of impeachment in the American constitutional scheme, the pros and cons of impeaching President Clinton, and the major procedural issues raised by both the impeachment in the House and the trial in the Senate. This book, reflecting the breadth of Posner’s experience and expertise, will be the essential foundation for anyone who wants to understand President Clinton’s impeachment ordeal. |
| economic analysis of law richard posner: Richard Posner William Domnarski, 2016-08-26 Judge Richard Posner is one of the great legal minds of our age, on par with such generation-defining judges as Holmes, Hand, and Friendly. A judge on the U.S. Court of Appeals for the Seventh Circuit and the principal exponent of the enormously influential law and economics movement, he writes provocative books as a public intellectual, receives frequent media attention, and has been at the center of some very high-profile legal spats. He is also a member of an increasingly rare breed-judges who write their own opinions rather than delegating the work to clerks-and therefore we have unusually direct access to the workings of his mind and judicial philosophy. Now, for the first time, this fascinating figure receives a full-length biographical treatment. In Richard Posner, William Domnarski examines the life experience, personality, academic career, jurisprudence, and professional relationships of his subject with depth and clarity. Domnarski has had access to Posner himself and to Posner's extensive archive at the University of Chicago. In addition, Domnarski was able to interview and correspond with more than two hundred people Posner has known, worked with, or gone to school with over the course of his career, from grade school to the present day. The list includes among others members of the Harvard Law Review, colleagues at the University of Chicago, former law clerks over Posner's more than thirty years on the United States Court of Appeals for the Seventh Circuit, and even other judges from that court. Richard Posner is a comprehensive and accessible account of a unique judge who, despite never having sat on the Supreme Court, has nevertheless dominated the way law is understood in contemporary America. |
| economic analysis of law richard posner: Overcoming Law Richard A. Posner, 1995 Legal theory must become more factual and empirical and less conceptual and polemical, Richard Posner argues in this wide-ranging new book. The topics covered include the structure and behavior of the legal profession; constitutional theory; gender, sex, and race theories; interdisciplinary approaches to law; the nature of legal reasoning; and legal pragmatism. Posner analyzes, in witty and passionate prose, schools of thought as different as social constructionism and institutional economics, and scholars and judges as different as Bruce Ackerman, Robert Bork, Ronald Dworkin, Catharine MacKinnon, Richard Rorty, and Patricia Williams. He also engages challenging issues in legal theory that range from the motivations and behavior of judges and the role of rhetoric and analogy in law to the rationale for privacy and blackmail law and the regulation of employment contracts. Although written by a sitting judge, the book does not avoid controversy; it contains frank appraisals of radical feminist and race theories, the behavior of the German and British judiciaries in wartime, and the excesses of social constructionist theories of sexual behavior. Throughout, the book is unified by Posner's distinctive stance, which is pragmatist in philosophy, economic in methodology, and liberal (in the sense of John Stuart Mill's liberalism) in politics. Brilliantly written, eschewing jargon and technicalities, it will make a major contribution to the debate about the role of law in our society. |
| economic analysis of law richard posner: The Behavior of Federal Judges Lee Epstein, William M. Landes, Richard A. Posner, 2013-01-07 Judges play a central role in the American legal system, but their behavior as decision-makers is not well understood, even among themselves. The system permits judges to be quite secretive (and most of them are), so indirect methods are required to make sense of their behavior. Here, a political scientist, an economist, and a judge work together to construct a unified theory of judicial decision-making. Using statistical methods to test hypotheses, they dispel the mystery of how judicial decisions in district courts, circuit courts, and the Supreme Court are made. The authors derive their hypotheses from a labor-market model, which allows them to consider judges as they would any other economic actors: as self-interested individuals motivated by both the pecuniary and non-pecuniary aspects of their work. In the authors' view, this model describes judicial behavior better than either the traditional “legalist” theory, which sees judges as automatons who mechanically apply the law to the facts, or the current dominant theory in political science, which exaggerates the ideological component in judicial behavior. Ideology does figure into decision-making at all levels of the federal judiciary, the authors find, but its influence is not uniform. It diminishes as one moves down the judicial hierarchy from the Supreme Court to the courts of appeals to the district courts. As The Behavior of Federal Judges demonstrates, the good news is that ideology does not extinguish the influence of other components in judicial decision-making. Federal judges are not just robots or politicians in robes. |
| economic analysis of law richard posner: A Legal Theory Without Law Ernst-Joachim Mestmäcker, 2007 Ernst-Joachim Mestmacker reviews Richard Posner's and Friedrich A.von Hayek's legal theories. Both are famous for their contributions to law and economics. They are, however, adversaries in their concepts of law and how it is to be informed by economics. Posner finds the only scientific legal theory in the external (economic) analysis of law. With Friedrich von Hayek the role of rules of conduct and legislation is to be determined by the principles that govern a free and competitive order. There are, contrary to Posner, important contributions from legal scholarship, legal history and comparative law. |
| economic analysis of law richard posner: Not a Suicide Pact Richard A. Posner, 2006-09 Many of the measures taken by the Bush administration since 9/11 have sparkedheated protests. Judge Richard A. Posner offers a cogent and elegant responseto these protests, arguing that personal liberty must be balanced with publicsafety in the face of grave national danger. |
| economic analysis of law richard posner: The Economic Structure of Tort Law William M. Landes, Richard A. Posner, 1987 Written by a lawyer and an economist, this is the first full-length economic study of tort law--the body of law that governs liability for accidents and for intentional wrongs such as battery and defamation. Landes and Posner propose that tort law is best understood as a system for achieving an efficient allocation of resources to safety--that, on the whole, rules and doctrines of tort law encourage the optimal investment in safety by potential injurers and potential victims. The book contains both a comprehensive description of the major doctrines of tort law and a series of formal economic models used to explore the economic properties of these doctrines. All the formal models are translated into simple commonsense terms so that the math less reader can follow the text without difficulty; legal jargon is also avoided, for the sake of economists and other readers not trained in the law. Although the primary focus is on explaining existing doctrines rather than on exploring their implementation by juries, insurance adjusters, and other real world actors, the book has obvious pertinence to the ongoing controversies over damage awards, insurance rates and availability, and reform of tort law-in fact it is an essential prerequisite to sound reform. Among other timely topics, the authors discuss punitive damage awards in products liability cases, the evolution of products liability law, and the problem of liability for mass disaster torts, such as might be produced by a nuclear accident. More generally, this book is an important contribution to the law and economics movement, the most exciting and controversial development in modern legal education and scholarship, and will become an obligatory reference for all who are concerned with the study of tort law. |
| economic analysis of law richard posner: The Economic Approach to Law, Second Edition , 2009 Designed specifically for economics students, The Economic Approach to Law, 2nd Edition, provides an introductory treatment of law and economics, revealing how economic principles explain the structure of the law, and how they can help make the law more efficient. To that end, the author focuses on unifying themes in the field--rather than exhaustively covering legal topics--and thus provides a more analytical treatment of the subject. The second edition includes current research into the economics of common law areas, such as torts, contracts, and property law. The revised text also offers a new chapter that explores how economics can be applied to anti-trust law, as well as added material on intellectual property. This edition features an expanded suite of exercises and problems at the end of each chapter to encourage students to do law and economics. A companion web site offers a full suite of resources for students and professors. Key pedagogical features include cases; discussion points that provide additional analysis of topics in the book; graduate notes, which deepen the text for more advanced readers; and relevant Web links. Professors have access to sample syllabi for undergraduate and graduate courses and to an instructor's manual providing suggested answers to all of the end-of-chapter questions/problems in the book. |
| economic analysis of law richard posner: Regulation Versus Litigation Daniel P. Kessler, 2011-02 The efficacy of various political institutions is the subject of intense debate between proponents of broad legislative standards enforced through litigation and those who prefer regulation by administrative agencies. This book explores the trade-offs between litigation and regulation, the circumstances in which one approach may outperform the other, and the principles that affect the choice between addressing particular economic activities with one system or the other. Combining theoretical analysis with empirical investigation in a range of industries, including public health, financial markets, medical care, and workplace safety, Regulation versus Litigation sheds light on the costs and benefits of two important instruments of economic policy. |
| economic analysis of law richard posner: Law, Pragmatism, and Democracy Richard A. Posner, 2009-07-01 A liberal state is a representative democracy constrained by the rule of law. Richard Posner argues for a conception of the liberal state based on pragmatic theories of government. He views the actions of elected officials as guided by interests rather than by reason and the decisions of judges by discretion rather than by rules. He emphasizes the institutional and material, rather than moral and deliberative, factors in democratic decision making. Posner argues that democracy is best viewed as a competition for power by means of regular elections. Citizens should not be expected to play a significant role in making complex public policy regarding, say, taxes or missile defense. The great advantage of democracy is not that it is the rule of the wise or the good but that it enables stability and orderly succession in government and limits the tendency of rulers to enrich or empower themselves to the disadvantage of the public. Posner’s theory steers between political theorists’ concept of deliberative democracy on the left and economists’ public-choice theory on the right. It makes a significant contribution to the theory of democracy—and to the theory of law as well, by showing that the principles that inform Schumpeterian democratic theory also inform the theory and practice of adjudication. The book argues for law and democracy as twin halves of a pragmatic theory of American government. |
| economic analysis of law richard posner: A Guide to Posner's Economic Analysis of Law Alain Marciano, Sophie Harnay, 2015-03-01 The author of more than 50 books and 150 articles, Richard Posner is one of the most cited legal scholars of the 20th century. His sometimes controversial views are incredibly complex, but are unified by the use of economics to analyze law and legal phenomena. This book offers an innovative and highly original guide to Posner's economic analysis of law. Rather than using a traditional structure, this volume guides the reader through Posnere(tm)s ideas via a series of key themes. Each chapter includes an original introduction written by Alain Marciano and Sophie Harnay, a reprint of a text either written by Posner or about his work, and additional bibliographical references to complete the presentation of Posner's ideas. Themes covered include 9/11, CIA, Altruism, Behavioral law and economics, Capitalism, Coase, Ronald, Common law, Crisis, Darwin, Efficiency, Judicial decision making, Justice, Law and Economics, Liberalism (conservatism), Markets, Morals (law and), Pragmatism, Precedent, Public intellectuals, Rationality, and Wealth, to name just a few. In order to provide an overview of Posner's activities since the end of the 1960s, the book will include scientific articles and book chapters, newspapers, magazines articles, interviews and blog posts. This innovative approach is taken on in order to offer a truly rounded view of Posnere(tm)s work and opinions. In addition, the volume will include critical texts in order to shed light on the alleged limits of Posner's analyses and how he faced these criticisms. This guidebook will be essential reading for all those working at the intersection of law and economics. |
| economic analysis of law richard posner: The Crisis of Capitalist Democracy Richard A. Posner, 2010-01-01 Following up on his timely and well-received book, A Failure of Capitalism, Richard Posner steps back to take a longer view of the continuing crisis of democratic capitalism as the American and world economies crawl gradually back from the depths to which they had fallen in the autumn of 2008 and the winter of 2009. By means of a lucid narrative of the crisis and a series of analytical chapters pinpointing critical issues of economic collapse and gradual recovery, Posner helps non-technical readers understand business-cycle and financial economics, and financial and governmental institutions, practices, and transactions, while maintaining a neutrality impossible for persons professionally committed to one theory or another. He calls for fresh thinking about the business cycle that would build on the original ideas of Keynes. Central to these ideas is that of uncertainty as opposed to risk. Risk can be quantified and measured. Uncertainty cannot, and in this lies the inherent instability of a capitalist economy. As we emerge from the financial earthquake, a deficit aftershock rumbles. It is in reference to that potential aftershock, as well as to the government's stumbling efforts at financial regulatory reform, that Posner raises the question of the adequacy of our democratic institutions to the economic challenges heightened by the greatest economic crisis since the Great Depression. The crisis and the government's energetic response to it have enormously increased the national debt at the same time that structural defects in the American political system may make it impossible to pay down the debt by any means other than inflation or devaluation. |
| economic analysis of law richard posner: Law's Order David D. Friedman, 2000 Publisher Fact Sheet Examines the relationship between economics & the law. |
| economic analysis of law richard posner: Economic Analysis of Law in China Thomas Eger, Michael G. Faure, 2007 'This book is an exemplary multi-disciplinary and multi-institutional study of contemporary Chinese law. A collective effort by a group of European and Chinese scholars, it skillfully tests the relationships between law and economics in the Chinese context.' - the China Journal |
| economic analysis of law richard posner: Behavioral Law and Economics Eyal Zamir, Doron Teichman, 2018 In the past few decades, economic analysis of law has been challenged by a growing body of experimental and empirical studies that attest to prevalent and systematic deviations from the assumptions of economic rationality. While the findings on bounded rationality and heuristics and biases were initially perceived as antithetical to standard economic and legal-economic analysis, over time they have been largely integrated into mainstream economic analysis, including economic analysis of law. Moreover, the impact of behavioral insights has long since transcended purely economic analysis of law: in recent years, the behavioral movement has become one of the most influential developments in legal scholarship in general. Behavioral Law and Economics offers a state-of-the-art overview of the field. Eyal Zamir and Doron Teichman survey the entire body of psychological research that lies at the basis of behavioral analysis of law, and critically evaluate the core methodological questions of this area of research. Following this, the book discusses the fundamental normative questions stemming from the psychological findings on bounded rationality, and explores their implications for setting the law's goals and designing the means to attain them. The book then provides a systematic and critical examination of the contributions of behavioral studies to all major fields of law including: property, contracts, consumer protection, torts, corporate, securities regulation, antitrust, administrative, constitutional, international, criminal, and evidence law, as well as to the behavior of key players in the legal arena: litigants and judicial decision-makers. |
| economic analysis of law richard posner: Learned Hand Gerald Gunther, 2010-06-24 Billings Learned Hand was one of the most influential judges in America. In Learned Hand: The Man and the Judge, Gerald Gunther provides a complete and intimate account of the professional and personal life of Learned Hand. He conveys the substance and range of Hand's judicial and intellectual contributions with eloquence and grace. This second edition features photos of Learned Hand throughout his life and career, and includes a foreword by Ruth Bader Ginsburg. Gunther, a former law clerk for Hand, reviewed much of Hand's published work, opinions, and correspondence. He meticulously describes Hand's cases, and discusses the judge's professional and personal life as interconnected with the political and social circumstances of the times in which he lived. Born in 1872, Hand served on the United States District Court for the Southern District of New York and the United States Court of Appeals for the Second Circuit. He clearly crafted and delivered thousands of decisions in a wide range of cases through extensive, conscientious investigation and analysis, while at the same time exercising wisdom and personal detachment. His opinions are still widely quoted today, and will remain as an everlasting tribute to his life and legacy. |
| economic analysis of law richard posner: History of Law and Economics Henry N. Butler, Jonathan Klick, 2018 Dedicated to the late Henry G. Manne, this authoritative collection surveys the development of law and economics both as a scholarly field and as an educational program. Starting as a niche area, centered primarily at the University of Chicago, law and economics has grown to be the dominant field in US legal scholarship. The influential articles presented in this volume trace that development from the mid-20th century through to today, focusing on both the personalities who laid the groundwork for the field's success and the intellectual debates that fueled its growth. Together with an original introduction by the editors, this collection is a valuable research tool for academics and students interested in the history of law and economics. |
| economic analysis of law richard posner: Cardozo Richard A. Posner, 1993-08-15 What makes a great judge? How are reputations forged? Why do some reputations endure, while others crumble? And how can we know whether a reputation is fairly deserved? In this ambitious book, Richard Posner confronts these questions in the case of Benjamin Cardozo. The result is both a revealing portrait of one of the most influential legal minds of our century and a model for a new kind of study—a balanced, objective, critical assessment of a judicial career. The present compact and unflaggingly interesting volume . . . is a full-bodied scholarly biography. . . .It is illuminating in itself, and will serve as a significant contribution.—Paul A. Freund, New York Times Book Review |
| economic analysis of law richard posner: The Concept of Law Herbert Lionel Adolphus Hart, 1986 |
| economic analysis of law richard posner: The Second Wave of Law and Economics Megan Richardson, Gillian Kereldena Hadfield, 1999 How best can the analyses and insights of economics inform legal theory and improve legal decision-making? The contribution of the first wave of law and economics scholars was marked by dogmatic adherence to the free market ideals of the Chicago school. Today, the second wave places greater emphasis on empirical data and accepts a much wider range of non-economic values - an approach which offers promise of an objective and balanced reception of law and economics by the courts. This book demonstrates the richness and value of the second wave. The contributors include judges from the High Court of Australia and the Court of Appeal, New Zealand and academics from the Universities of Toronto, Melbourne and Cambridge. |
| economic analysis of law richard posner: Literary Criticisms of Law Guyora Binder, Robert Weisberg, 2000-02-22 In this book, the first to offer a comprehensive examination of the emerging study of law as literature, Guyora Binder and Robert Weisberg show that law is not only a scheme of social order, but also a process of creating meaning, and a crucial dimension of modern culture. They present lawyers as literary innovators, who creatively interpret legal authority, narrate disputed facts and hypothetical fictions, represent persons before the law, move audiences with artful rhetoric, and invent new legal forms and concepts. Binder and Weisberg explain the literary theories and methods increasingly applied to law, and they introduce and synthesize the work of over a hundred authors in the fields of law, literature, philosophy, and cultural studies. Drawing on these disparate bodies of scholarship, Binder and Weisberg analyze law as interpretation, narration, rhetoric, language, and culture, placing each of these approaches within the history of literary and legal thought. They sort the styles of analysis most likely to sharpen critical understanding from those that risk self-indulgent sentimentalism or sterile skepticism, and they endorse a broadly synthetic cultural criticism that views law as an arena for composing and contesting identity, status, and character. Such a cultural criticism would evaluate law not simply as a device for realizing rights and interests but also as the framework for a vibrant cultural life. |
Posner's Economic Analysis of Law - JSTOR
economic principles while conducting a survey of the rules and institutions of the legal system, summarizing, and extending the applications of economics to law.
Economic Analysis Of Law Richard Posner (Download Only)
law and economics analysis Richard A Posner remains the classic text in its field This lucid comprehensive casebook covers every aspect of the economic analysis of the law including …
Review of “Economic Analysis of Law,” By Richard A. Posner
Posner defines "efficiency" as "a technical term: it means exploiting economic resources in such a way that human satisfaction as measured by aggregated consumer willingness to pay for …
Economic Analysis Of Law Richard A Posner - brtdata.org
Economic Analysis of Law Richard A. Posner,2011 Economic Analysis of Law Eighth Edition written by the pioneer in law and economics analysis Richard A Posner remains the classic …
University of Chicago Law School Chicago Unbound
Richard A. Posner, "Values and Consequences: An Introduction to Economic Analysis of Law" (Coase-Sandor Institute for Law & Economics Working Paper No. 53, 1998). This Working …
Posner, Richard (1939 Economic Analysis of Law - Springer
The most prominent figure in the field of law and economics and the most cited legal scholar of the twentieth century, Richard Posner has gained fame for a wide array of contributions to …
Economic analysis of law. Little, Brown, lUniversity ofChicago …
When I began teaching law in 1968, the use of economics in legal scholarship was heavily centered in antitrust law and public regulation of utilities and common carriers, with …
Posner, Hayek, and the Economic Analysis of Law
ABSTRACT: This Article examines Richard Posner’s critique of F.A. Hayek’s legal theory and contrasts the two thinkers’ very different views of the nature of law, knowledge, and the rule of …
Posnerian Jurisprudence and Economic Analysis of Law: The …
Judge Richard A. Posner, of the United States Court of Appeals for the Seventh Circuit, is a renowned scholar in the field of law and economics.
Economic Analysis of Law by R. Posner (Little Brown & Co., …
By 1992, and the fourth edition of his now famous book,6 Posner has gradually elaborated his theory to become an over-arching principle for judging the entire legal system.
CCE00001 (7) - éft
The economic analysis of antitrust, and of other legal regulation of licit economic markets, remains a prosperous field and receives attention loin this book.
Economic Analysis Of Law Richard A Posner [PDF]
Because of its breadth analytical clarity and general accessibility it is likely to serve as a definitive work in the economic analysis of law The Economics of Justice Richard A. Posner,1983-08-16 …
Economic Analysis Of Law Richard A Posner - brtdata.org
Economic Analysis of Law Richard A. Posner,2011 Economic Analysis of Law Eighth Edition written by the pioneer in law and economics analysis Richard A Posner remains the classic …
An Economic Theory of the Criminal Law - University of Chicago
Nov 16, 1984 · Article. The Article was stimulated in part by critical remarks on the economic approach to criminal law made by George Fletcher at a conference held on November 16, …
POSNER, in Economic Analysis of Law, ' argues persuasively …
In short, the efficient rule situation noted by Posner is due to an evolutionary mechanism whose direction proceeds from the utility maximizing decisions of disputants rather than from the …
POSNER, ECONOMICS AND THE LAW: FROM LAW AND …
We argue rather that several essen-tial differences exist between pre-Posnerian ‘‘law and economics’’ and the economic analysis of law. These differences serve to magnify the …
Economic Analysis Of Law Richard A Posner (book)
Economic Analysis of Law Richard A. Posner,1986 This text for students of law and economics concentrates on the progress of scholarship in the field Concrete applications are emphasized …
Economic Analysis Of Law Richard A Posner (Download Only)
Law Eighth Edition written by the pioneer in law and economics analysis Richard A Posner remains the classic text in its field This lucid comprehensive casebook covers every aspect of …
The Economic Approach to Law - University of Chicago
Richard A. Posner, "The Economic Approach to Law," 53 Texas Law Review 757 (1975). This Article is brought to you for free and open access by the Faculty Scholarship at Chicago …
Economic Analysis Of Law Richard A Posner Copy - brtdata.org
Law Eighth Edition written by the pioneer in law and economics analysis Richard A Posner remains the classic text in its field This lucid comprehensive casebook covers every aspect of …
Posner's Economic Analysis of Law - JSTOR
economic principles while conducting a survey of the rules and institutions of the legal system, summarizing, and extending the applications of economics to law.
Economic Analysis Of Law Richard Posner (Download Only)
law and economics analysis Richard A Posner remains the classic text in its field This lucid comprehensive casebook covers every aspect of the economic analysis of the law including …
Review of “Economic Analysis of Law,” By Richard A. Posner …
Posner defines "efficiency" as "a technical term: it means exploiting economic resources in such a way that human satisfaction as measured by aggregated consumer willingness to pay for …
Economic Analysis Of Law Richard A Posner - brtdata.org
Economic Analysis of Law Richard A. Posner,2011 Economic Analysis of Law Eighth Edition written by the pioneer in law and economics analysis Richard A Posner remains the classic …
University of Chicago Law School Chicago Unbound
Richard A. Posner, "Values and Consequences: An Introduction to Economic Analysis of Law" (Coase-Sandor Institute for Law & Economics Working Paper No. 53, 1998). This Working …
Posner, Richard (1939 Economic Analysis of Law - Springer
The most prominent figure in the field of law and economics and the most cited legal scholar of the twentieth century, Richard Posner has gained fame for a wide array of contributions to …
Economic analysis of law. Little, Brown, lUniversity ofChicago …
When I began teaching law in 1968, the use of economics in legal scholarship was heavily centered in antitrust law and public regulation of utilities and common carriers, with …
Posner, Hayek, and the Economic Analysis of Law
ABSTRACT: This Article examines Richard Posner’s critique of F.A. Hayek’s legal theory and contrasts the two thinkers’ very different views of the nature of law, knowledge, and the rule of …
Posnerian Jurisprudence and Economic Analysis of Law: The …
Judge Richard A. Posner, of the United States Court of Appeals for the Seventh Circuit, is a renowned scholar in the field of law and economics.
Economic Analysis of Law by R. Posner (Little Brown & Co., …
By 1992, and the fourth edition of his now famous book,6 Posner has gradually elaborated his theory to become an over-arching principle for judging the entire legal system.
CCE00001 (7) - éft
The economic analysis of antitrust, and of other legal regulation of licit economic markets, remains a prosperous field and receives attention loin this book.
Economic Analysis Of Law Richard A Posner [PDF]
Because of its breadth analytical clarity and general accessibility it is likely to serve as a definitive work in the economic analysis of law The Economics of Justice Richard A. Posner,1983-08-16 …
Economic Analysis Of Law Richard A Posner - brtdata.org
Economic Analysis of Law Richard A. Posner,2011 Economic Analysis of Law Eighth Edition written by the pioneer in law and economics analysis Richard A Posner remains the classic …
An Economic Theory of the Criminal Law - University of …
Nov 16, 1984 · Article. The Article was stimulated in part by critical remarks on the economic approach to criminal law made by George Fletcher at a conference held on November 16, …
POSNER, in Economic Analysis of Law, ' argues persuasively …
In short, the efficient rule situation noted by Posner is due to an evolutionary mechanism whose direction proceeds from the utility maximizing decisions of disputants rather than from the …
POSNER, ECONOMICS AND THE LAW: FROM LAW AND …
We argue rather that several essen-tial differences exist between pre-Posnerian ‘‘law and economics’’ and the economic analysis of law. These differences serve to magnify the …
Economic Analysis Of Law Richard A Posner (book)
Economic Analysis of Law Richard A. Posner,1986 This text for students of law and economics concentrates on the progress of scholarship in the field Concrete applications are emphasized …
Economic Analysis Of Law Richard A Posner (Download Only)
Law Eighth Edition written by the pioneer in law and economics analysis Richard A Posner remains the classic text in its field This lucid comprehensive casebook covers every aspect of …
The Economic Approach to Law - University of Chicago
Richard A. Posner, "The Economic Approach to Law," 53 Texas Law Review 757 (1975). This Article is brought to you for free and open access by the Faculty Scholarship at Chicago …
Economic Analysis Of Law Richard A Posner Copy
Law Eighth Edition written by the pioneer in law and economics analysis Richard A Posner remains the classic text in its field This lucid comprehensive casebook covers every aspect of …
