Economic Principles of Law

Author: Cento G. Veljanovski  

Publisher: Cambridge University Press‎

Publication year: 2007

E-ISBN: 9780511287138

P-ISBN(Paperback): 9780521873741

Subject: D90 theory of law (jurisprudence)

Keyword: 微观经济学Microeconomics

Language: ENG

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Economic Principles of Law

Description

Economic Principles of Law, first published in 2007, applies economics to the doctrines, rules and remedies of the common law. In plain English and using non-technical analysis, it offers an introduction and exposition of the 'economic approach' to law - one of the most exciting and vibrant fields of legal scholarship and applied economics. Beginning with a brief history of the field, it sets out the basic economic concepts useful to lawyers, and applies these to assess the core areas of the common law - property, contract, tort and crime - with particular emphasis on their doctrinal structure and remedies. This is done using leading cases drawn from the birthplace of the common law (England & Wales) and other common law jurisdictions. The book serves as a primer to the wider use of economics which has become increasingly important for law students, lawyers, legislators, regulators and those concerned with our legal system generally.

Chapter

further topics and reading

Chapter 2 The economic approach

choice and scarcity

Economic rationality

Incentive analysis

benefits and costs

Benefits: willingness to pay (WTP)

Valuing intangibles

Costs as lost opportunities

Costs vs transfers

Time value of money: discounting and interest

Risk and uncertainty

economic efficiency

Three qualifications

The second best

Efficiency–wealth distribution link

Static vs. dynamic efficiency

markets

market failure

Monopoly

Externality

Public good

Asymmetric information

the coase theorem

The Theorem explained

Endowment effects

Transactions costs

Ten Coasean tenets

one view of the common law

further topics and reading

Chapter 3 Property

property rights theory

The case for property

The economics of property rights

Property as a bundle of rights

Exclusivity

Transferability

Appropriability

Divisibility

common property

Tragedy of the commons

creation of property rights

the role of property law

intellectual property rights

adverse possession

transfer of title

economics of incompatible property use

Nuisance bargains

Bargaining failure

Where bargaining is not possible

Summary

nuisance

Legal position

Physical vs amenity loss

The reasonableness test

Substantiality

Locality

Hypersensitivity

Social utility

coming to the nuisance65

remedies

Legal position

Economics of damages

Injunctions

trespass

riparian rights

further topics and reading

Chapter 4 Contract

the law

the economic framework

The economics of contracts

Types of contract and contract problems

the economics of contract law

The basics

Contract law as gap filling

Economic functions

sale of goods

Basics of market transactions

Market sanctions

Warranties

Standard form contracts

The lost volume ‘puzzle’

consideration

Consideration in law

The pre-existing duty rule

Unilateral promises

disclosure and mistake

Economics of information

Pre-contractual disclosure

Mistake

Common mistake

Unilateral mistake

remoteness

frustration

duress

economics of remedies

The basics

Specific performance

Types of damages

Efficient breach

Efficient reliance

cost of cure/completion

liquidated damages, penalties and deposits

non-pecuniary damages

unjust enrichment

mitigation

relational contracts

contracts and competition

further topics and reading

Chapter 5 Tort

objectives

tort as contract

negligence principles

Hand test

economics of liability

Joint care

The activity test

reasonable man standard

Custom

Special skill

Minors

Errors and compliance

contributory negligence

strict liability

duty revisited

causation, foreseeability and remoteness

Foreseeability and Remoteness

Simultaneous joint torts

Successive torts

economic loss

product liability

employers’ liability

Employers’ liability law prior to 1880

Risk, negligence and common employment

Some further theory

Volenti and deterrence

death and personal injury damages

Meaning of ‘full compensation’

Optimal deterrence damages

Future income losses

Death and WTP

Pain and suffering

exemplary damages

further topics and reading

Chapter 6 Crime

features of criminal law

concept of crime

deterrence

efficent penalities

Optimal deterrence

So why aren’t punishments draconian?

Actual criminal sanctions

mens rea and attempts

public vs private enforcement

plea bargaining

further topics and reading

Economic glossary

Select bibliography

TEXTS

ANTHOLOGIES

SURVEY ARTICLES

SPECIALIST LAW AND ECONOMICS JOURNALS

Index

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