The Economic Approach to Law - 3rd edition

Zusatztext "We live in a complex and global world. Law is everywhere. Legal institutions rule our daily lives. This book challenges students and instructors, economists and lawyers, scholars and policymakers to think about the law in new ways. The author does a wonderful job in explaining important concepts in law and economics to anyone who wants to understand the relationship between rational behavior, economic reasoning, and the law." Informationen zum Autor Thomas J. Miceli is Professor of Economics at the University of Connecticut. Klappentext Thomas J. Miceli is Professor of Economics at the University of Connecticut. Zusammenfassung Now in its third edition, this book uses the basic tools of economic theory to depict law as a social institution, aimed at inducing socially desirable behavior. Up-to-date with discussions of recent cases and the latest research, The Economic Approach to Law is optimally organized for courses in Law and Economics. Inhaltsverzeichnis Contents and Abstracts1Introductory Concepts chapter abstract This chapter introduces the reader to the basic concepts of law and economics, including the distinction between positive and normative analysis, the justification for using efficiency as a norm for evaluating law, the specific notion of efficiency that will be used throughout the book (namely, Kaldor Hicks efficiency), and the Coase Theorem. The chapter also gives an overview of the legal system in the United States. 2An Economic Model of Tort Law chapter abstract This chapter develops the economic model of tort law, called the "model of precaution." The model is based on the proposition that the rules of tort law are designed to give parties engaged in risky activities an incentive to undertake all cost-justified precautions. The analysis compares the principal liability rules-strict liability and negligence-with respect to this objective and argues that, as regards cost minimization, negligence is the superior rule. The chapter then examines the famous Hand rule, the legal test for negligence, in light of the economic analysis. Finally, the chapter examines various extensions of the basic model, including variations on the simple negligence rule, sequential accidents, the role of causation rules, the function of punitive damages, the judgment proof problem, and the impact of liability insurance, litigation costs, and legal error on the functioning of the tort system. 3Applying the Economic Model of Tort Law chapter abstract This chapter applies the economic model of tort law to the following specific areas: products liability, workplace accidents, environmental accidents, and medical malpractice. In addition to reviewing the specific doctrines that apply to each area, the analysis raises an important new conceptual issue-namely, the difference between accidents involving "strangers" and accidents involving parties already in a contractual relationship. This distinction has important implications for the optimal design of the law, and for the relationship between markets and legal rules in allocating responsibility for legal wrongs. This is a theme that runs throughout the book. 4The Economics of Contract Law I: The Elements of a Valid Contract chapter abstract This chapter is the first of two on the economics of contract law, which is the legal means by which people enforce promises that they make to one another. This chapter focuses on the question of what makes a valid contract. From an economic perspective, the answer is based on the objective of maximizing the gains from trade, and so the guiding principles are the defining features of a competitive market. The specific focus is on how the law deals with departures from those ideal features in actual contract settings. In particular, it answers the question: when can a party get out of his or her obligation to perform as specified in the contract? Several justifi...

Produktdetails

• Autoren: Thomas J Miceli, Thomas J. Miceli
• Verlag: Stanford University Press
• Sprache: Englisch
• Produktform: Fester Einband
• Erschienen: 31.12.2017
• EAN: 9781503600065
• ISBN: 978-1-5036-0006-5
• Seiten: 448
• Abmessung: 203 mm x 245 mm x 30 mm
• Thema: Sozialwissenschaften, Recht,Wirtschaft > Wirtschaft > Volkswirtschaft