Law and EconomicsSolid economic analysis and a wealth of modern examples are included in this text for students of law and economics. The latest microeconomic theory is used to develop economic theories concerning the core areas of the laws - property, contracts, torts and crime. These economic theories are then used to explain and analyze topics in each of the four key areas. Throughout, the book illustrates how microeconomic theory can be used to increase understanding of the law and improve public policy. and encourage students to explore the ramifications of each issue. Extensive footnotes and chapter bibliographies provide suggestions for further reading. |
Contents
An Introduction to Law | 1 |
The Methodologies of Economics and of the Law | 8 |
A Review of Microeconomics | 15 |
Copyright | |
39 other sections not shown
Common terms and phrases
action addicts adverse possession allocation amount award bargain theory behavior benefits breach buyer cause chapter Coase Theorem common law comparative negligence compensation compensatory damages competitive consumer contract law court crime criminal decisionmaker defendant demand curve deterrence discussion dispute economic analysis economic theory economists efficient enforce equal example exchange expected damages expected monetary value external external costs fact Figure firm function harm heroin imposed incentives income increase indifference curve inefficient injurer legal standard level of precaution litigation losses manufacturer marginal cost microeconomic negligence rule no-fault nomic optimal output owner ownership parties perfect competition performance person plaintiff potential probability problem products liability profits promise promisor property rights punishment punitive damages purchase question rational reason reliance remedy requires restriction result risk seller social costs statute strict liability Suppose surplus tion tort law tort liability trial utility victim warranty