Economic Analyses of Law (original) (raw)
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Posnerian Jurisprudence and Economic Analysis of Law: The View from the Bench
University of Pennsylvania Law Review, 1985
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. Since his appointment to the bench, on December 4, 1981, Judge Posner has had an opportunity to apply in his opinions some of the theories he has so forcefully propounded in his numerous books and articles.' Posner's innovative methodological approach has won him widespread fame and criticism and has made him a top contender for nomination to the Supreme Court during President Reagan's second term. 2 The simple yet powerful idea that drives Posner's theories is that economic 3 analysis is a valuable tool for understanding, interpreting, and creating law. An examination of Posner's judicial work affords an unprecedented opportunity to evaluate the usefulness of economic analysis in judicial decisionmaking. Posner's opinions demonstrate some of the strengths and limitations of the economic analysis of law as a jurisprudential methodology. More importantly, an examination of Posner's opinions reveals t B.A. 1982, Yale University; J.D. Candidate, Ph. D. Candidate (Economics),
This is a survey of the field of economic analysis of law, focusing on the work of economists. The survey covers the three central areas of civil law -liability for accidents (tort law), property law, and contracts -as well as the litigation process and public enforcement of law.
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309 f; see generally on the more empirical, but related, area of cost-benefit analysis: Cass Sunstein, 'The Real World of Cost-Benefit Analysis: Thirty-Six Questions (and almost as many Answers)' (2014) 114 Colum L Rev 167 ff with further references. 21 Niels Petersen and Emanuel Towfigh (n 17) § 1 para 48. 22 Richard Posner (n 18) 285; Horst Eidenmüller (n 2) Effizienz als Rechtsprinzip 21; Florian Faust (n 17) 830 f; see for the (compelling) broader concept of individuals' well-being: Louis Kaplow and Steven Shavell, 'Fairness versus Welfare' (2001) 114
An Introduction to Economic Analysis of Law
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The purpose of this article is to deal with the introductory aspects of Economic Analysis of Law (AED). To reach the objective, the research started by the interaction between the sciences of Law and Economics, their differences and convergences. Then it was about the origin of the movement, passing to the methodological premises of the economic theory based on the scarcity of resources, the maximizing rationality, the incentive structure and the question of efficiency. The research converges to demonstrate the need for dialogue and cooperation between the disciplines of Law and Economics. It is concluded that the AED, in its pragmatic and consequentialist bias, helps the jurist to understand the application of the legal norm (descriptive sense) providing the keys for understanding the choices made by the legislator on the different themes aiming at the improvement of legislation (predictive sense). The article is inserted in the branch of Legal, Social and Environmental Sciences, i...
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Responding to the growing importance of economic reasoning in legal scholarship, this innovative work provides an essential introduction to the economic tools which can usefully be employed in legal reasoning. It is geared specifically towards those without a great deal of exposure to economic thinking and provides law students, legal scholars and practitioners with a practical toolbox to shape their writing, understanding and case preparation. The book’s clear focus on economic methods poses a refreshing change to conventional textbooks in this area, which tend to focus on content-related theories. Recognising that it is often difficult to derive adequate conclusions for legal arguments without first understanding the methodological limitations of economic studies, this book provides a comprehensive coverage of the most important economic concepts in order to bridge this gap. These include: • game theory • public choice and social choice theory • behavioural economics • empirical research design • basic statistics. Owing to its concise and accessible style, Economic Methods for Lawyers will provide an invaluable companion for legal scholars or practitioners who wish to utilise economic methods for developing legal argument.
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Law and economics in the United States and Europe focuses on private law. With the exception of work on antitrust and corporate finance, public law has been largely ignored. Yet economics is central to the understanding of social problems, such as environmental protection and occupational health and safety. Lawyer-economists need to study the relationship between government structure and policy outcomes. Economists must consider goals, such as democratic accountability and participation, which do not fit an efficiency framework. Lawyers and public officials need to recognize the social benefits of efficiency. Such legal-economic analysis can reveal failures in the way public law accommodates the practical reality of today's pressing social problems. It can also suggest solutions. In particular, economics can help with the design of substantive policies and with the analysis of government structures and process.