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Theoretical Foundations of Law and Economics

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Edited by: Mark White

ISBN13: 9781107403192
Published: September 2011
Publisher: Cambridge University Press
Country of Publication: UK
Format: Paperback (Hardback 2009)
Price: £28.99
Hardback edition , ISBN13 9780521889551



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The economic approach to law, or 'law and economics', is by far the most successful application of basic economic principles to another scholarly field, but most of the critical appraisal of the field is scattered among law reviews and economics journals. Originally published in 2009, Theoretical Foundations of Law and Economics provides an original, book-length examination of the methodology and philosophy of law and economics, featuring essays written by leading legal scholars, philosophers, and economists. The contributors take issue with many of the key tenets of the economic approach to law, such as its assumption of rational behavior, its reliance on market analogies, and its adoption of efficiency as the primary goal of legal decision making. They discuss the relevance of economics to the law in general, as well as to substantive areas of the law, such as contracts, torts, and crime.

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Subjects:
Jurisprudence
Contents:
Part I. The Role and Use of Economics in Legal Studies:
1. Modeling courts Lewis
A. Kornhauser
2. Is there a method to the madness? Why creative and counterintuitive solutions are counterproductive
Michael B. Dorff and Kimberly Kessler Ferzan
3. Functional law and economics
Jonathan Klick and Francesco Parisi
4. Legal fictionalism and the economics of normativity
Horacio Spector
Part II. Efficiency:
5. Efficiency, practices, and the moral point of view: limits of economic interpretations of law
Mark Tunick
6. Numeraire illusion: the final demise of the Kaldor-Hicks principle
David Ellerman
7. Justice, mercy and efficiency
Sarah Holtman
Part III. Rationality and the Law:
8. Bounded rationality and legal scholarship
Matthew D. Adler
9. Emotional reactions to law and economics, market metaphors, and rationality rhetoric
Peter H. Huang
10. Pluralism, intransitivity, incoherence
William A. Edmundson
Part IV. Values and Ethics in Civil and Criminal Law:
11. Law and economics and explanation in contract law
Brian H. Bix
12. Welfare, autonomy, and contractual freedom
Guido Pincione
13. Efficiency, fairness, and the economic analysis of tort law
Mark A. Geistfeld
14. Retributivism in a world of scarcity
Mark D. White.