Abstract
The economic analysis of law involves three distinct but related enterprises. The first is the use of economics to predict the effects of legal rules. The second is the use of economics to determine what legal rules are economically efficient, in order to recommend what the legal rules ought to be. The third is the use of economics to predict what the legal rules will be. Of these, the first is primarily an application of price theory, the second of welfare economics, and the third of public choice.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Bibliography
Becker, G. 1968. Crime and punishment: An economic approach. Journal of Political Economy 76(March): 169–217.
Becker, G. 1976. The economic approach to human behavior. Chicago: University of Chicago Press.
Calabresi, G. 1961. Some thoughts on risk distribution and the law of torts. Yale Law Journal 70(March): 499–553.
Calabresi, G., and A.D. Melamed. 1972. Property rules, liability rules, and inalienability: One view of the cathederal. Harvard Law Review 85(6): 1089–1182.
Coase, R.H. 1960. The problem of social cost. Journal of Law and Economics 3(October): 1–44.
Demsetz, H. 1967. Toward a theory of property rights. American Economic Review, Papers and Proceedings 57(2): 347–359, especially 351–353.
Ehrlich, I. 1972. The deterrent effect of criminal law enforcement. Journal of Legal Studies 1(2): 259–276.
Goetz, C.J. 1984. Cases and materials on law and economics. St Paul: West.
Landes, E.M. 1982. Insurance, liability, and accidents: A theoretical and empirical investigation of the effect of no-fault on accidents. Journal of Law and Economics 25(1): 49–65.
Landes, W., and R. Posner. 1978. Salvors, finders, good samaritans, and other rescuers: An economic study of law and altruism. Journal of Legal Studies 7(1): 83–128.
McGee, J.S. 1958. Predatory price cutting: The Standard Oil (N.J.) case. Journal of Law and Economics 1(October): 137–169.
Peltzman, S. 1975. The effects of automobile safety regulations. Journal of Political Economy 83(4): 677–725.
Posner, R. 1986. Economic analysis of law. Boston: Little, Brown.
Smith, A. 1776. An inquiry into the nature and causes of the wealth of nations. London: W. Strahan & T. Cadell.
Tullock, G. 1971. The logic of the law. New York: Basic Books.
Author information
Authors and Affiliations
Editor information
Copyright information
© 2018 Macmillan Publishers Ltd.
About this entry
Cite this entry
Friedman, D. (2018). Law and Economics. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_693
Download citation
DOI: https://doi.org/10.1057/978-1-349-95189-5_693
Published:
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-95188-8
Online ISBN: 978-1-349-95189-5
eBook Packages: Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences