Economic analysis of law


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Many great features make this text an ideal option for your classroom: - maintains its standing as the preeminent work in the field, covering the legal-economic perspective on all key areas, from common law to the Constitution - presents the expertise of a highly distinguished author, pioneer in law and economics analysis - offers accessible, lucid, and user-friendly writing and organization: i. non-quantitative approach does not assume or require prior knowledge of economics or mathematics ii. part and chapter organization ...

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Mar 11, 2010

By a lawyer, for lawyes

Judge Posner writes about the subject clearly, and introduces the translation of welfare economics to law in an orderly fashion. Examples and cases abound. This is a good introduction both to the rational choice way of thinking about human motivation, as well as the consequences this will have for policy and law. Posner also points out some common misunderstandings and mistakes that lawyers - even SCOTUS justices - make about economics.

Sadly, the book is an introduction by a lawyer, aimed at lawyers. This shows. The mathematical rigour is severly lacking, and the microeconomic theory presented is very basic. For instance, Judge Posner does a brilliant job of explaining efficient contract interpretation, but the crucial contract formation bit - requiring a bit of game theory (that might put some of the more radical claims about efficiency to shame) - is left in the 'too hard to solve basket'. This is a shame.

That said, a good introduction and reference - for lawyers as well as social science students - which deserves its status as a classic. However, by no means strong enough on economic theory or maths to be a good standalone book for an econ major studying law and economics.

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