The Future of Law and Economics : Essays in Reform and Recollection

In A Concise, Compelling Argument, One Of The Founders And Most Influential Advocates Of The Law And Economics Movement Divides The Subject Into Two Separate Areas, Which He Identifies With Jeremy Bentham And John Stuart Mill. The First, Benthamite, Strain, Economic Analysis Of Law, Examines The Legal System In The Light Of Economic Theory And Shows How Economics Might Render Law More Effective. The Second Strain, Law And Economics, Gives Equal Status To Law, And Explores How The More Realistic, Less Theoretical Discipline Of Law Can Lead To Improvements In Economic Theory. It Is The Latter Approach That Judge Calabresi Advocates, In A Series Of Eloquent, Thoughtful Essays That Will Appeal To Students And Scholars Alike.-- Of Law And Economic Analysis Of Law : The Role Of The Lawyer -- Of Merit Goods : Commodification And Commandification -- Of Merit Goods And Inequality -- Of Merit Goods Generally : Specific Applications And Concluding Thoughts -- Of Altruism, Beneficence, And Not-for-profit Institutions -- Of The Relationship Of Markets And Command In The Liability Mode -- Of Tastes And Values Ignored -- Of Tastes And Values : What Economics Can Tell Us About Them -- Appendix: Farewell Letter Of Arthur Corbin To The Yale Law School Faculty. Guido Calabresi. Includes Bibliographical References And Index. Cover 1 Contents 8 Preface 10 1. Of Law and Economics and Economic Analysis of Law: The Role of the Lawyer 16 2. Of Merit Goods: Commodification and Commandification 39 3. Of Merit Goods and Inequality 56 4. Of Merit Goods Generally: Specific Applications and Concluding Thoughts 88 5. Of Altruism, Beneficence, and Not-for-Profit Institutions 105 6. Of the Relationship of Markets and Command in the Liability Rule 132 7. Of Tastes and Values Ignored 146 8. Of Tastes and Values: What Economics Can Tell Us About Them 172 Appendix: Farewell Letter of Arthur Corbin to the Yale Law School Faculty 188 Notes 192 Index 238 A 238 B 238 C 239 D 239 E 239 F 240 G 240 H 240 I 240 J 240 K 240 L 241 M 241 N 242 O 242 P 242 R 242 S 242 T 243 U 243 V 243 W 243 Y 243 Z 243 In a concise, compelling argument, one of the founders and most influential advocates of the law and economics movement divides the subject into two separate areas, which he identifies with Jeremy Bentham and John Stuart Mill. The first, Benthamite, strain, economic analysis of law, examines the legal system in the light of economic theory and shows how economics might render law more effective. The second strain, law and economics, gives equal status to law, and explores how the more realistic, less theoretical discipline of law can lead to improvements in economic theory. It is the latter approach that Judge Calabresi advocates, in a series of eloquent, thoughtful essays that will appeal to students and scholars alike.-- Provided by Publisher In a concise, compelling argument, one of the founders and most influential advocates of the law and economics movement divides the subject into two separate areas, which he identifies with Jeremy Bentham and John Stuart Mill. The first, Benthamite, strain, “economic analysis of law,” examines the legal system in the light of economic theory and shows how economics might render law more effective. The second strain, law and economics, gives equal status to law, and explores how the more realistic, less theoretical discipline of law can lead to improvements in economic theory. It is the latter approach that Judge Calabresi advocates, in a series of eloquent, thoughtful essays that will appeal to students and scholars alike.