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In “Getting Incentives Right,” Bob Cooter & Ariel Porat argue that tort law, contract law, and even the law of restitution can be improved by paying better attention to parties' incentives. If we fine-tune the incentives that private law provides, then actors will behave in a more optimal way, which will, in turn, increase total social welfare. In making this claim, Cooter & Porat represent the main stream in an important movement -- the law and economics movement. The movement's tradition of optimism about the ability of the law, and particularly private law, to produce better behavior is what guides Cooter & Portat's work in “Getting Incentives Right.” Standing on the shoulders of giants, Cooter & Porat's wonderful book continues this tradition by further fine-tuning private law so that it provides even better incentives for actors to engage in optimal behavior than those previously prescribed by scholars. Because their commitment is to the theoretical ideal of making the world better, Cooter & Porat have no problem -- in fact they take pride in -- crashing traditional legal structures that have been in use for centuries. As a result, their prescriptions are not always acceptable to courts. Indeed, the belief in the ability to better fine-tune actors' incentives is the strength of the book, but also, as I show inside, its weakness. This is because the book places a high level of demands on courts and relevant actors. Yet, these demands are perhaps too high to meet.
Although the relationship between fairness and the economic concept of efficiency is usually cast as an adversarial one, this collection demonstrates the robust and diverse ways in which economics engages - and cannot avoid engaging - with fairness. Part I contains papers presenting positive analyses of fairness preferences and beliefs, which are fundamental means through which fairness matters for economic models. Part II turns to normative analysis and the broad question of how law should reconcile fairness and efficiency considerations. Part III presents a sampling of legal and policy applications in which both fairness and efficiency considerations prove important. Along with an original introduction by the editors this is a must-have volume that will appeal to students, academics and practitioners who are interested in this exciting field.
Combining natural law theory, reliance theory, and economic analysis to develop a jurisprudential approach, this is a prescriptive work presenting a vision of what contract law would be like if it were devoted to teaching moral virtue. The jurisprudential approach draws upon insights of Aristotle, Saint Thomas Aquinas, and other thinkers in the natural law tradition. The author applies this approach to selected legal issues to produce the only contemporary book that uses a natural law approach in prescribing specific reforms in American contract law. Although this study is theoretical, the author, who practiced law for more than eight years, explains technical terms for non-specialist readers. The book employs a pluralistic moral theory and presents a serious challenge to contemporary jurisprudential theories that focus on some single dominant value. A key idea is that contract law should teach and employ certain moral principles when applied to legal issues related to enforceability, remedies, offer and acceptance, and nondisclosure. With respect to each issue, the author compares his proposed resolution with the prevailing current law.
This is a collection of both classic and recent scholarship on the economics of remedies in tort and contract law.
Acclaim for the first edition: As a whole, Stephen Weatherill crafts a detailed and wonderfully rich consideration of this dynamic issue and is a resource which practitioners in this area could ill do without. Weatherills thorough and thoughtful insights with regard to these issues provide an important basis for understanding the complexities and vagaries of market integration in the EU Community. Peter G. Fitzgerald, Canadian Law Library Review Steve Weatherill provides an excellent thought-provoking account of EU consumer law and policy. It will be required reading for all those interested in this important subject. Paul Craig, St Johns College, Oxford, UK This is a characteristically excellent book by Steve Weatherill, combining incisive legal analysis of an important policy field with an authoritative and up-to-date account of the underlying legal and constitutional framework. Grainne de Burca, European University Institute, Italy This new edition of Stephen Weatherills acclaimed book provides a comprehensive introduction to all facets of the EUs involvement in consumer law and policy. Consumers are expected to benefit from the EUs project of economic integration, enjoying wider choice and improved quality, and yet they need protection from the dangers that flow from malfunctioning and unfair markets. The EUs consumer law and policy is an attempt to have the best of both worlds a liberalised yet properly regulated trading space for Europe This highly esteemed book, now in a brand new edition, provides a comprehensive and up-to-date introduction to the subject, explaining the evolution of consumer law and policy in the EU in terms of both legislative and judicial activity. The book also situates EU consumer law and policy within its broader social, political and economic context, providing a window to a range of wider issues (and tensions) relating to Union regulatory strategies and their effect on the member states. It concludes with a newly written examination of the relationship between EU and national initiatives of market regulation symbiosis or disruption? A readable yet critically sound textbook, this fully updated edition will be indispensable for both postgraduate and undergraduate students of EU law. It will also appeal strongly to all academics, regulators and practising lawyers with an interest in EU trade law or indeed European law more generally.
Introduces the concept of 'IP accidents' to establish a new way to look at intellectual property law and its enforcement.
Distinguished by brevity, lucid writing, and well-chosen examples, An Introduction to Law and Economics, now in its Fifth Edition, focuses on a set of core topics that include property, contracts, torts, criminal law, and litigation. Avoiding specialized jargon and mathematics, Polinsky teaches students how to think like an economist and understand legal issues from an economic perspective. New to the Fifth Edition: A streamlining of the products liability chapter A revised discussion of the redistributive effects of legal rules to reflect more recent scholarship on this topic The addition of several other refinements in the text and in new footnotes An updated bibliography Professors and students will benefit from: Solid coverage of relevant economic principles A normative approach that illustrates how to assess legal rules and policies in terms of economic and social goals Clear explanations of concepts
Representing an unprecedented joint effort from top scholars in the field, this volume collects original contributions to examine the fundamental role of 'fault' in contract law. Is it immoral to breach a contract? Should a breaching party be punished more harshly for willful breach? Does it matter if the victim of breach engaged in contributory fault? Is there room for a calculus of fault within the 'efficient breach' framework? For generations, contract liability has been viewed as a no-fault regime, in sharp contrast to tort liability. Is this dichotomy real? Is it justified? How do the American and European traditions compare? In exploring these and related issues, the essays in this volume bring together a variety of outlooks, including economic, psychological, philosophical, and comparative approaches to law.
The casebook you asked for is here! Instructors nationwide have requested a First Amendment off-shoot from the best-selling Constitutional Law casebook by authors Stone, Seidman, Sunstein, and Tushnet. Now, Aspen is proud to meet that request with this current, concise, and focused volume designed expressly for a separate course or seminar dedicated to the First Amendment. Developed fromtheir chapters on Freedom of Expression and the Constitution and Religion, the authors focus 75 percent of the book on freedom of religion. The authors' annual supplement to their Constitutional Law casebook will now include any new developments or revisions to the First Amendment to keep this new text completely up-to-date.