Law and economics (or the economic analysis of law) is an approach to legal theory Law is a system of rules, usually enforced through a set of institutions. It shapes politics, economics and society in numerous ways and serves as a primary social mediator of relations between people. Contract law regulates everything from buying a bus ticket to trading on derivatives markets. Property law defines rights and obligations related that applies methods of economics Economics is the social science that is concerned with the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)". Current to law. It includes the use of economic concepts to explain the effects of laws, to assess which legal rules are economically efficient Economic efficiency is used to refer to a number of related concepts. It is the using of resources in such a way as to maximize the production of goods and services. One economic system is more efficient than another if it can provide more goods and services for society without using more resources. In absolute terms, a system can be called, and to predict which legal rules will be promulgated Promulgation or enactment is the act of formally proclaiming or declaring a new statutory or administrative law as in effect after it receives final approval.^[1]

Relationship to other disciplines and approaches

As used by lawyers A lawyer, according to Black's Law Dictionary, is "a person learned in the law; as an attorney, counsel or solicitor; a person licensed to practice law." Law is the system of rules of conduct established by the sovereign government of a society to correct wrongs, maintain the stability of political and social authority, and deliver and legal scholars, the phrase "law and economics" refers to the application of the methods of economics to legal problems.

Because of the overlap between legal systems and political systems, some of the issues in law and economics are also raised in political economy Political economy originally was the term for studying production, buying and selling, and their relations with law, custom, and government. Political economy originated in moral philosophy. It developed in the 18th century as the study of the economies of states—polities, hence political economy and political science Political science is a social science concerned with the theory and practice of politics and the description and analysis of political systems and political behavior. Political scientists "see themselves engaged in revealing the relationships underlying political events and conditions. And from these revelations they attempt to construct. Most formal academic work done in law and economics is broadly within the Neoclassical tradition Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often as mediated through a hypothesized maximization of income-constrained utility by individuals and of cost-constrained profits of firms employing available.^{[citation needed]} Approaches to the same issues from Marxist Marxism is a particular political philosophy, economic and sociological worldview based upon a materialist interpretation of history, a Marxist analysis of capitalism, a theory of social change, and a view of human liberation derived from the work of Karl Marx and Friedrich Engels. The three primary aspects of Marxism are: and critical theory Critical theory is the examination and critique of society and culture, drawing from knowledge across the social sciences and humanities. The term has two different meanings with different origins and histories: one originating in sociology and the other in literary criticism. This has led to the very literal use of 'critical theory' as an/Frankfurt School The Frankfurt School refers to a school of neo-Marxist interdisciplinary social theory, particularly associated with the Institute for Social Research at the University of Frankfurt am Main. The school initially consisted of dissident Marxists who believed that some of Marx's followers had come to parrot a narrow selection of Marx's ideas, usually perspectives usually do not identify themselves as "law and economics". For example, research by members of the critical legal studies Critical legal studies is a movement in legal thought that applied methods similar to those of critical theory to law. The abbreviations "CLS" and "Crit" are sometimes used to refer to the movement and its adherents movement considers many of the same fundamental issues as does work labeled "law and economics". The one wing that represents a non-neoclassical approach to "law and economics" is the Continental (mainly German) tradition that sees the concept starting out of the Staatswissenschaften approach and the German Historical School of Economics; this view is represented in the Elgar Companion to Law and Economics (2nd ed. 2005) and—though not exclusively—in the European Journal of Law and Economics. Here, consciously non-neoclassical approaches to economics are used for the analysis of legal (and administrative/governance) problems.

Origin and history

As early as in the 18th century, Adam Smith Adam Smith was a Scottish moral philosopher and a pioneer of political economics. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and discussed the economic effect of mercantilist Mercantilism is an economic theory, considered to be a form of economic nationalism, that holds that the prosperity of a nation is dependent upon its supply of capital, and that the global volume of international trade is "unchangeable". Economic assets are represented by bullion (gold, silver, and trade value) held by the state, which legislation. However, to apply economics to analyze the law regulating nonmarket activities is relatively new. In 1961, Ronald Coase Ronald Harry Coase is a British economist and the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School. After studying with the University of London External Programme in 1927–29, Coase entered the London School of Economics where he took courses with Arnold Plant. He received the Nobel Prize in Economics in 1 and Guido Calabresi Guido Calabresi is an Italian-American legal scholar and senior judge on the U.S. Court of Appeals for the Second Circuit. He is a former Dean of Yale Law School, where he has been a professor since 1959. Calabresi is considered, along with Ronald Coase, a founder of the field of law and economics independently from each other published two groundbreaking articles: "The Problem of Social Cost" ^[2] and "Some Thoughts on Risk Distribution and the Law of Torts".^[3] This can been seen as the starting point for the modern school of law and economics.^[4]

In the early 1970s, Henry Manne Henry Manne is an American writer and academic, considered a founder of the Law and economics discipline. He is Professor Emeritus of the George Mason University (a former student of Coase) set out to build a Center for Law and Economics at a major law school. He began at Rochester, worked at Miami, but was soon made unwelcome, moved to Emory, and ended at George Mason. The latter soon became a center for the education of judges—many long out of law school and never exposed to numbers and economics. Manne also attracted the support of the John M. Olin Foundation John M. Olin Foundation was a grant-making foundation established in 1953 by John M. Olin, president of the Olin Industries chemical and munitions manufacturing businesses. Unlike most non-profit foundations, the John M. Olin Foundation was charged to spend all of its assets within a generation of Olin's death, for fear of mission drift over time, whose support accelerated the movement. Today, Olin centers (or programs) for Law and Economics exist at many universities.

Positive and normative law and economics

Economic analysis of law is usually divided into two subfields, positive and normative.

Positive law and economics

Positive law and economics uses economic analysis to predict the effects of various legal rules. So, for example, a positive economic analysis of tort law Tort law is a body of law that addresses and provides remedies for civil wrongdoings not arising out of contractual obligations. A person who suffers legal damage may be able to use tort law to receive compensation from someone who is legally responsible, or liable, for those injuries. Generally speaking, tort law defines what constitutes a legal would predict the effects of a strict liability In law, strict liability is a standard for liability which may exist in either a criminal or civil context. A rule specifying strict liability makes a person legally responsible for the damage and loss caused by his or her acts and omissions regardless of culpability . Strict liability is prominent in tort law (especially product liability), rule as opposed to the effects of a negligence Negligence is a legal concept in the common law legal systems mostly applied in tort cases to achieve monetary compensation (damages) for physical and mental injuries (not accidents) rule. Positive law and economics has also at times purported to explain the development of legal rules, for example the common law Common law is law developed by judges through decisions of courts and similar tribunals , rather than through legislative statutes or executive branch action. A "common law system" is a legal system that gives great precedential weight to common law, on the principle that it is unfair to treat similar facts differently on different of torts, in terms of their economic efficiency.

Normative law and economics

Normative law and economics goes one step further and makes policy recommendations based on the economic consequences of various policies. The key concept for normative economic analysis is efficiency Economic efficiency is used to refer to a number of related concepts. It is the using of resources in such a way as to maximize the production of goods and services. One economic system is more efficient than another if it can provide more goods and services for society without using more resources. In absolute terms, a system can be called, in particular, allocative efficiency Allocative efficiency is a theoretical measure of the benefit or utility derived from a proposed or actual choice in the distribution or apportionment of resources.

A common concept of efficiency used by law and economics scholars is Pareto efficiency Pareto efficiency, or Pareto optimality, is a concept in economics with applications in all areas of the discipline as well as engineering and other social sciences. The term is named after Vilfredo Pareto, an Italian economist who used the concept in his studies of economic efficiency and income distribution. Informally, Pareto efficient. A legal rule is Pareto efficient if it could not be changed so as to make one person better off without making another person worse off. A weaker conception of efficiency is Kaldor-Hicks efficiency Kaldor-Hicks efficiency is a measure of economic efficiency that captures some of the intuitive appeal of Pareto efficiency, but has less stringent criteria and is hence applicable to more circumstances. Under Kaldor-Hicks efficiency, an outcome is considered more efficient if a Pareto optimal outcome can be reached by arranging sufficient. A legal rule is Kaldor-Hicks efficient if it could be made Pareto efficient by some parties compensating others as to offset their loss.

Important scholars

Important figures include the Nobel Prize The Nobel Prizes are annual international awards bestowed by Scandinavian committees in recognition of cultural and scientific advances. They were established in 1895 by the Swedish chemist Alfred Nobel, the inventor of dynamite. The prizes in Physics, Chemistry, Physiology or Medicine, Literature, and Peace were first awarded in 1901. The winning economists Ronald Coase Ronald Harry Coase is a British economist and the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School. After studying with the University of London External Programme in 1927–29, Coase entered the London School of Economics where he took courses with Arnold Plant. He received the Nobel Prize in Economics in 1 and Gary Becker Gary Stanley Becker is an American economist and a Nobel laureate. Born in Pottsville, Pennsylvania, Becker earned a B.A. at Princeton University in 1951 and a Ph.D. at the University of Chicago in 1955. He taught at Columbia University from 1957 to 1968, and then returned to The University of Chicago, where he holds joint appointments with the, U.S. Court of Appeals for the Seventh Circuit The court is based at the Dirksen Federal Building in Chicago, Illinois. It is one of thirteen United States courts of appeals, composed of eleven judges judges Frank Easterbrook Frank Hoover Easterbrook is Chief Judge of the United States Court of Appeals for the Seventh Circuit. He has been Chief Judge since November 2006, and has been a judge on the court since 1985. Easterbrook is noted for his use of economic analysis of law, his legalist approach to judicial interpretation, for his clear writing style, and for being and Richard Posner Richard Allen Posner is currently a judge on the United States Court of Appeals for the Seventh Circuit in Chicago and a Senior Lecturer at the University of Chicago Law School. He is an influential figure in the law and economics movement, Andrei Shleifer Andrei Shleifer (born February 20, 1961) is a Russian American economist and other distinguished scholars such as Robert Cooter Robert D. Cooter, a pioneer in the field of law and economics, began teaching in the Department of Economics at UC Berkeley in 1975 and joined the Boalt Hall faculty in 1980. He has been a visiting member of the Institute for Advanced Study in Princeton and a recipient of various awards and fellowships, including Guggenheim, the Jack N. Pritzker, Henry Manne Henry Manne is an American writer and academic, considered a founder of the Law and economics discipline. He is Professor Emeritus of the George Mason University, William Landes, A. Mitchell Polinsky, and Ugyen Rangdol from Rangsit University. Guido Calabresi Guido Calabresi is an Italian-American legal scholar and senior judge on the U.S. Court of Appeals for the Second Circuit. He is a former Dean of Yale Law School, where he has been a professor since 1959. Calabresi is considered, along with Ronald Coase, a founder of the field of law and economics, judge for the U.S. Court of Appeals for the Second Circuit, author of the 1970 book, The Costs of Accidents: A Legal and Economic Analysis, wrote in depth on this subject, with Costs of Accidents being cited as influential in its extensive treatment of the proper incentives and compensation required in accident situations.^[5] Calabresi took a different approach in his 1985 book, Ideals, Beliefs, Attitudes, and the Law, where he argued , "who is the cheapest avoider of a cost, depends on the valuations put on acts, activities and beliefs by the whole of our law and not on some objective or scientific notion (69)."

Influence

In the United States, economic analysis of law has been extremely influential. Judicial opinions utilize economic analysis and the theories of law and economics with some regularity. The influence of law and economics has also been felt in legal education. Many law schools in North America, Europe, and Asia have faculty members with a graduate degree in economics. In addition, many professional economists now study and write on the relationship between economics and legal doctrines. Anthony Kronman, former dean of Yale Law School, has written that “the intellectual movement that has had the greatest influence on American academic law in the past quarter-century [of the 20th Century]” is law-and-economics.^[6]

Critique

Despite its influence, the law and economics movement has been criticized from a number of directions. This is especially true of normative law and economics. Because most law and economics scholarship operates within a neoclassical framework, fundamental criticisms of neoclassical economics have been applied to work in law and economics.

Rational choice theory

Within the legal academy, law and economics has been criticized on the ground that rational choice theory Rational choice theory, also known as rational action theory, is a framework for understanding and often formally modeling social and economic behavior. It is the dominant theoretical paradigm in microeconomics. It is also central to modern political science and is used by scholars in other disciplines such as sociology and philosophy in economics makes unrealistic simplifying assumptions about human nature (see rational choice theory (criminology) In criminology, the rational choice theory adopts a utilitarian belief that man is a reasoning actor who weighs means and ends, costs and benefits, and makes a rational choice); Posner's application of law and economic reasoning to rape and sex ^[7] may be an example of this. Critics of the law and economics movements have argued that normative economic analysis does not capture the importance of human rights Human rights are "rights and freedoms to which all humans are entitled." Proponents of the concept usually assert that everyone is endowed with certain entitlements merely by reason of being human and concerns for distributive justice Distributive justice concerns what some consider to be socially just with respect to the allocation of goods in a society. Thus, a community in which incidental inequalities in outcome do not arise would be considered a society guided by the principles of distributive justice. Allocation of goods takes into thought the total amount of goods to be. Some of the heaviest criticisms of the "classical" law and economics come from the critical legal studies Critical legal studies is a movement in legal thought that applied methods similar to those of critical theory to law. The abbreviations "CLS" and "Crit" are sometimes used to refer to the movement and its adherents movement, in particular Duncan Kennedy Duncan Kennedy is the Carter Professor of General Jurisprudence at Harvard Law School and a founder of critical legal studies as movement and school of thought [1] and Mark Kelman. A classic criticism of Posner's Economic Analysis of the Law, and more generally of similar approaches, was written by Arthur Allen Leff, who criticized Posner on formal grounds, namely that Posner's reasoning depends upon the arbitrary assumption that economically rational behavior is desirable.

Pareto efficiency

Relatedly, additional critique has been directed toward the assumed benefits of law and policy designed to assume allocative efficiency Allocative efficiency is a theoretical measure of the benefit or utility derived from a proposed or actual choice in the distribution or apportionment of resources; when such assumptions are modeled on "first-best" (Pareto optimal Pareto efficiency, or Pareto optimality, is an important concept in economics with broad applications in game theory, engineering and the social sciences. The term is named after Vilfredo Pareto, an Italian economist who used the concept in his studies of economic efficiency and income distribution. Informally, Pareto efficient situations are) general-equilibrium conditions. Under the theory of the second best The Theory of the Second Best concerns what happens when one or more optimality conditions cannot be satisfied in an economic model. Canadian economist Richard Lipsey and Australian-American economist Kelvin Lancaster showed in a 1956 paper that if one optimality condition in an economic model cannot be satisfied, it is possible that the next-best, for example, if the fulfillment of a subset of optimal conditions cannot be met under any circumstances, it is incorrect to conclude that the fulfillment of any subset of optimal conditions will necessarily result in an increase in allocative efficiency.^[8]

Consequently, any expression of public policy whose purported purpose is an unambiguous increase in allocative efficiency (for example, consolidation of research and development New product design and development is more often than not a crucial factor in the survival of a company. In an industry that is fast changing, firms must continually revise their design and range of products. This is necessary due to continuous technology change and development as well as other competitors and the changing preference of customers costs through increased mergers and acquisitions The phrase mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business entity resulting from a systematic relaxation of anti-trust laws) is, according to critics, fundamentally incorrect; as there is no general reason to conclude that an increase in allocative efficiency is more likely than a decrease.

Essentially, the "first-best" neoclassical analysis fails to properly account for various kinds of general-equilibrium feedback relationships that result from intrinsic Pareto imperfections.^[8]

Another critique comes from the fact that there is no unique optimal result. Warren Samuels in his 2007 book, The Legal-Economic Nexus, argues, "efficiency in the Pareto sense cannot dispositively be applied to the definition and assignment of rights themselves, because efficiency requires an antecedent determination of the rights (23-4)."

Responses

Law and economics has adapted to some of these criticisms (see "contemporary developments," below). One critic, Jon D. Hanson of Harvard Law School Harvard Law School is one of the professional graduate schools of Harvard University. Located in Cambridge, Massachusetts, it is the oldest continually-operating law school in the United States and is home to the largest academic law library in the world. HLS is highly prestigious and perennially tops various law school rankings, including Judging, argues that our legal, economic, political, and social systems are unduly influenced by an individualistic model that assumes "dispositionism" -- the idea that outcomes are the result of our "dispositions" (economists would say "preferences"). Instead, Hanson argues, we should look to the "situation", both inside of us (including cognitive biases) and outside of us (family, community, social norms, and other environmental factors) that have a much larger impact on our actions than mere "choice." Hanson has written many law review articles on the subject and has books forthcoming.

Contemporary developments

Law and economics has developed in a variety of directions. One important trend has been the application of game theory Game theory is a branch of applied mathematics that is used in the social sciences, most notably in economics, as well as in biology , engineering, political science, international relations, computer science, and philosophy. Game theory attempts to mathematically capture behavior in strategic situations, in which an individual's success in making to legal problems. Other developments have been the incorporation of behavioral economics Behavioral economics uses social, cognitive and emotional factors in understanding the economic decisions of individuals and institutions performing economic functions, including consumers, borrowers and investors, and their effects on market prices, returns and the resource allocation into economic analysis of law, and the increasing use of statistical and econometrics techniques. Within the legal academy, the term socio-economics has been applied to economic approaches that are self-consciously broader than the neoclassical tradition.

Universities with law and economics programs

Almost every major American law school, and most leading economics departments, offer courses in law and economics and has faculty working in the field.

Two of the leading Law Schools focusing on Law and Economics are the University of Chicago Law School, whose distinguished faculty includes Judge Richard A. Posner, Ronald Coase and Gary Becker, and the George Mason University School of Law, whose faculty used to include Nobel laureate Vernon Smith (though Smith and his team have sinced moved to Chapman University), and perennial Nobel finalist, Gordon Tullock. In the spring of 2006, Vanderbilt University Law School announced the creation of a new program to award a Ph.D. in Law & Economics. A ranking of law & economics Ph.D. programs was published in the Southern Economics Journal in 2008, and also includes among the top 10 programs (based on publications in the field) the economics departments at UC Berkeley, Harvard University, University of Connecticut, UC San Diego, Princeton University, MIT, University of Wisconsin - Madison, Florida State University, Central Michigan University, and the University of Michigan.

The University of Toronto's Faculty of Law offers a combined J.D. / M.A. Economics, as well as a J.D. / Ph.D. Economics.

In Europe, a consortium of universities from ten different countries is running the European Master Program in Law and Economics, also known as EMLE which is the leading European program in the field since 1990. A newer European Doctorate in Law and Economics program is operated by three leading European centers in Law and Economics.

The Collegio Carlo Alberto in Turin, Italy hosts an International Ph.D. Program in Institutions, Economics and Law within the CLEI Centre. Members of the teaching staff come from various academic institutes in Europe and the United States. A separate Doctoral Program in Law and Economics is currently run by the School of Economics at the University of Siena. Also in Italy, the International University College of Turin [2], with students and faculty from worldwide, runs a biennial Master of Sciences in Comparative Law, Economics and Finance which challenges mainstream views on the subject.

Switzerland's University of St. Gallen has a Law and Economics Program on both the undergraduate (Bachelor of Arts in Law and Economics) and graduate levels (Master of Arts in Law and Economics). The graduate program was initiated in October 2005 at the first international scientific conference on Law and Economics by the President of the University, Ernst Mohr and the St.Gallen Professor and leading business lawyer Peter Nobel. The Law and Economics Program is supported by an International Academic Council lead by leading experts in the field of law and economics, such as Richard A. Posner, Ronald J. Gilson, Victor Goldberg or Geoffrey P. Miller.

Operating outside this particular framework, the Utrecht University offers students the possibility to major in law and economics as part of their undergraduate studies, or to specialize in law and economics in a one-year post-graduate programme.

University of Economics, Prague, namely Department of Institutional Economics at the Faculty of Economics and Public Administration, offers Law and Economics as a possible specialization for graduate students, while complete graduate program is being prepared.

The University of Cambridge also has a specific course called 'Land Economy', who combines law, economy and the environment into one discipline.[3] The University of Manchester Law School, Nottingham University Business School and City University Law School, London have undergraduate courses in Law and Economics. University College London offers undergraduate courses in Law and Economics in its Economics Faculty and post-graduate courses in its Law Faculty. In India, the National University of Juridical Sciences (NUJS) offers two courses in Law and Economics to its undergraduate students. [4]

In the National University of Singapore, a highly selective Double Honours Programme in Law and Economics was launched in 2005, whereby students complete two Bachelors' degrees in five years.

The University of Bonn has recently founded a Center for the Advanced Studies of Law and Economics (CASTLE).

Journals

• American Law and Economics Review
• Asia Pacific Law and Economics Review
• Erasmus Law and Economics Review (open access)
• European Journal of Law and Economics
• Review of Law and Economics
• International Review of Law and Economics
• Journal of Law, Economics, and Organization
• Journal of Law, Economics & Policy
• Journal of Law and Economics
• Journal of Legal Studies
• Supreme Court Economic Review (USA)

Regional and international associations

• Asia - Asian Law and Economics Association
• Australia - Australian Law and Economics Association
• Austria - Verein zur Pflege der Rechtsökonomik / Joseph von Sonnenfels Center for the Study of Public Law and Economics
• Brazil - Associação Brasileira de Direito e Economia
• Canada - Canadian Law and Economics Association
• Europe - European Association of Law and Economics
• Finland - Finnish Association of Law and Economics
• Germany - Gesellschaft für Recht und Ökonomik
• Greece - Greek Association of Law and Economics
• Israel - Israeli Association for Law and Economics
• Italy - Italian Society of Law and Economics
• Japan - Law & Economics Association of Japan
• Korea - Korean Law and Economics Association
• Latin America and Iberia - Latin American and Iberian Law and Economics Association
• New Zealand - Law and Economics Association of New Zealand
• Scandinavia - Scandinavian Association of Law and Economics
• Switzerland - Master in Law and Economics Foundation, University of St.Gallen The Swiss Law and Economics Students' Society, St. Gallen, Switzerland
• Turkey - Turkish Forum for Law and Economics
• USA - American Law and Economics Association
• USA - Midwestern Law and Economics Association

Bibliography

• Bouckaert,Boudewijn, and Gerrit De Geest, eds. (2000). Encyclopedia of Law and Economics (Edward Elgar, Online version.
• Coase, Ronald (1990). The Firm, The Market, and the Law (Chicago: University of Chicago Press, reprint ed. ISBN 0-226-11101-6.
• Cooter, Robert and Thomas Ulen (2007). Law and Economics (Addison Wesley Longman, 5th edition. ISBN 0-321-33634-8
• Friedman, David (1987). "law and economics," The New Palgrave: A Dictionary of Economics, v. 3, pp. 144-48.
• _____ (2000). Law's Order. Princeton. Chapter-preview links.
• Kennedy, Duncan (1998). "Law-and-Economics from the Perspective of Critical Legal Studies" (from The New Palgrave Dictionary of Economics and the Law PDF
• Kornhauser, Lewis (2006). "The Economic Analysis of Law," Stanford Encyclopedia of Philosophy.
• Polinsky, A. Mitchell, and Steven Shavell (2008). "law, economic analysis of," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract and pre-publication copy.
• Posner, Richard A. (2007). Economic Analysis of Law (Aspen, 7th edition). ISBN 978-0-7355-6354-4.

See also

Notes

1. ^ David Friedman (1987). "law and economics," The New Palgrave: A Dictionary of Economics, v. 3, p. 144.
2. ^ Coase, Ronald (1960). "The Problem of Social Cost". The Journal of Law and Economics 3 (1): 1–44. doi:10.1086/466560. This issue was actually published in 1961.
3. ^ Calabresi, Guido (1961). "Some Thoughts on Risk Distribution and the Law of Torts". Yale Law Journal 70: 499.
4. ^ Posner, Richard (1983). The Economics of Justice. Cambridge: Harvard University Press. p. 4. ISBN 0674235258.
5. ^ Litan, Robert (1988). Liability: Perspectives and Policy. Brookings Institution Press. ISBN 0815752717.
6. ^ Anthony T. Kronman, The Lost Lawyer 166 (1993).
7. ^ ISBN 0-674-80280-2
8. ^ ^{a b} Markovits, Richard (Vol. 73, 1998). Second-Best Theory and Law & Economics: An Introduction. Chicago-Kent Law Review.

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