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Economics and the Law

From Posner to Postmodernism and Beyond - Second Edition

Steven G. Medema, Nicholas Mercuro

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Princeton University Press img Link Publisher

Sozialwissenschaften, Recht, Wirtschaft / Wirtschaft

Beschreibung

This is an expanded second edition of Nicholas Mercuro and Steven Medema's influential book Economics and the Law, whose publication in 1998 marked the most comprehensive overview of the various schools of thought in the burgeoning field of Law and Economics. Each of these competing yet complementary traditions has both redefined the study of law and exposed the key economic implications of the legal environment. The book remains true to the scope and aims of the first edition, but also takes account of the field's evolution.


At the book's core is an expanded discussion of the Chicago school, Public Choice Theory, Institutional Law and Economics, and New Institutional Economics. A new chapter explores the Law and Economics literature on social norms, today an integral part of each of the schools of thought. The chapter on the New Haven and Modern Civic Republican approaches has likewise been expanded. These chapters are complemented by a discussion of the Austrian school of Law and Economics. Each chapter now includes an "At Work" section presenting applications of that particular school of thought.


By providing readers with a concise, noncritical description of the broad contours of each school, this book illuminates the fundamental insights of a field with important implications not only for economics and the law, but also for political science, philosophy, public administration, and sociology.

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Schlagwörter

Chicago school of economics, Public policy, Common-pool resource, Cost–benefit analysis, Economy, Law and economics, Market price, New institutional economics, Economic Life, Republicanism, Market failure, Compensation principle, Judiciary, Neoclassical economics, Consumer, Income, Provision (accounting), Microeconomics, Commodity, Economics, Pareto efficiency, Property rights (economics), Regulation, Rational choice theory, Pollution, Legislation, Institution, Decision-making, Scarcity, Market economy, Calculation, Wealth, School of thought, Law school, Contract, Resource allocation, Underpinning, Public choice, Welfare economics, Governance, Attempt, German Historical School, Contract curve, Norm (social), Consideration, Factors of production, Lawrence M. Friedman, Property law, Tax, Result, Richard Posner, Profit maximization, Market (economics), Expense, Politics, Institutional economics, Market sector, Methodological individualism, Payment, Welfare, Externality, Social cost, Policy, Pricing, Requirement, Economist, Statute, Supply (economics), Economic interventionism, Transaction cost