Economic Foundations of Law second edition

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Routledge, Jun 24, 2010 - Business & Economics - 304 pages
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Economic Foundations of Law (2nd ed.) provides an economic analysis of the major areas of the law: property law, torts, contracts, criminal law, civil procedure, corporation law and financial markets, taxation and labor law. In line with current trends in legal scholarship, discussion is focused on economic principles such as risk aversion, efficiency, opportunity cost, moral hazard, rent-seeking behaviour and economies of scale.

Accessible, comprehensive and well written, this book uses extensive practical examples and explanations to illustrate key points. There are numerous applications to lawyers and the legal profession, with detailed discussions of subjects as diverse as the proposed market for transplantable human organs, the market for adoptions, the market for bail bonds, the unanticipated effects of Megan’s law, and issues of racial profiling. Fully updated and revised, a new chapter on labor law has also been included.


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List of illustrations xi
Table of cases xxii
The effects of a subsidy 24
Principles of microeconomics II 35
Introduction to the legal system 55
Property law 67
Problems of incomplete property rights 97
Informal creation of property rights 117
Expert witnesses 187
Rules of collateral estoppel 192
Juries in death penalty cases 197
The economic model of crime and punishment 202
Markets for crime 215
Externalities resulting from precautions taken against crime
Corporations and financial markets 226
Compensation of investment advisors 232

The law of contracts 124
Torts 147
An optimal judicial system 173
Agency problems 176
The English rule 183
Deposit insurance and moral hazard 236
Taxation 239
Labor law 257

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About the author (2010)

Stephen Spurr is Professor of Economics at Wayne State University, Detroit, USA.

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