Economic analysis of law:
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| Main Author: | |
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| Format: | Book |
| Language: | English |
| Published: |
New York, NY
Aspen Publ.
2007
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| Edition: | 7. ed. |
| Subjects: | |
| Online Access: | Table of contents only Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and indexes |
| Physical Description: | XXII, 787 S. graph. Darst. |
| ISBN: | 9780735563544 |
Staff View
MARC
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Record in the Search Index
| _version_ | 1804136433274847232 |
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| adam_text | Table of Contents ix
Preface xxi
PART I LAW AND ECONOMICS: AN INTRODUCTION 1_
Chapter 1 The Nature of Economic Reasoning 3
Chapter 2 The Economic Approach to Law 23
PART II THE COMMON LAW 29_
Chapter 3 Property 31
Chapter 4 Contract Rights and Remedies 93
Chapter 5 Family Law and Sex Law 143
Chapter 6 Tort Law 167
Chapter 7 Criminal Law 215
Chapter 8 The Common Law, Legal History, and
jurisprudence 249
PART III PUBLIC REGULATION OF THE MARKET 277_
Chapter 9 The Theory of Monopoly 279
Chapter 10 The Antitrust Laws 295
Chapter 11 The Regulation of the Employment Relation 341
Chapter 12 Public Utility and Common Carrier Regulation 367
Chapter 13 The Choice Between Regulation and
Common Law 389
PART TV THE LAW OF BUSINESS ORGANIZA TIONS AND
FINANCIAL MARKETS 417_
Chapter 14 Corporations, Secured and Unsecured
Financing, Bankruptcy 419
Chapter 15 Financial Markets 465
vii
viii Summary of Contents
PART V LAW AND THE DISTRIBUTION OF INCOME
AND WEALTH 489
Chapter 16 Income Ineqvalities, Distributive Justice, and Poverty 491
Chapter 17 Taxation 511
Chapter 18 The Transmission of Wealth at Death 539
PART W THE LEGAL PROCESS 553_
Chapter 19 The Market, the Adversary System, and the Legislative
Process as Methods of Resource Allocation 555
Chapter 20 The Process of Legal Rulemaking 583
Chapter 21 Civil and Criminal Procedure 593
Chapter 22 Evidence 641
Chapter 23 Law Enforcement and the Administrative Process 659
PART VII THE CONSTITUTION AND THE FEDERAL SYSTEM 677
Chapter 24 The Nature and Functions of the Constitution 679
Chapter 25 Economic Due Process 689
Chapter 26 The Economics of Federalism 697
Chapter 27 Racial Discrimination 715
Chapter 28 The Protection of Free Markets in Ideas and Religion 727
Chapter 29 Searches, Seizures, and Interrogations 745
Table of Cases 753
Author Index 757
Subject Index 767
Table of Contents
Preface xxi
PARTI LAW AND ECONOMICS: AN INTRODUCTION 1
Chapter 1 The Nature of Economic Reasoning 3
§1.1 Fundamental Concepts 3
§1.2 Value, Utility, Efficiency 10
§1.3 The Realism of the Economist s Assumptions 15
§1.4 Irrationality and Hyperrationality; Herein of Behavioral
Economics and Game Theory 17
Suggested Readings 20
Problems 21
Chapter 2 The Economic Approach to Law 23
§2.1 Its History 23
§2.2 Positive and Normative Economic Analysis of Law 24
§2.3 Criticisms of the Economic Approach 26
Suggested Readings 27
PART II THECOMMONLAW 29
Chapter 3 Property 31
§3.1 The Economic Theory of Property Rights: Static and
Dynamic Aspects 31
§3.2 Problems in the Creation and Enforcement of Property Rights 34
§3.3 Intellectual Property: Patents, Copyrights, Trademarks,
Trade Secrets, and Privacy 38
§3.4 Property Rights in Law and in Economics: Broadcast
Frequencies and Airwave Auctions 47
§3.5 Rights to Future Use 49
§3.6 Incompatible Uses 50
§3.7 Trespass and Eminent Domain 55
ix
x Table of Contents
§3.8 Pollution: Nuisance and Easement Approaches 61
§3.9 Other Solutions to the Problem of Incompatible Land Uses:
Merger and Restrictive Covenants 65
§3.10 Injunctions Versus Damages as Methods of Protecting
Property Rights 68
§3.11 Divided Ownership — Estates in Land 72
§3.12 Problems in the Transfer of Property Rights 76
§3.13 Possession 81
§3.14 The Distributive Effects of Property Right Assignments 84
§3.15 Public Lands 87
§3.16 The Open Source Movement 88
Suggested Readings 88
Problems 89
CHAPTER 4 CONTRACT RiGHTS AND REMEDIES 93
§4.1 The Process of Exchange and the Economic Roles of
Contract Law 93
§4.2 Consideration 99
§4.3 Problems of Formation; Herein of Mutual Assent and
Unilateral Contracts 101
§4.4 Mutual Mistake 103
§4.5 Contracts as Insurance — Impossibility and Related Doctrines 105
§4.6 Insurance Contracts 108
§4.7 Fraud 111
§4.8 Agency Law 114
§4.9 Duress, Form Contracts, Bargaining Power, and
Unconscionability 115
§4.10 Fundamental Principles of Contract Damages 118
§4.11 Consequential Damages 126
§4.12 Penalties, Liquidated Damages, Forfeitures, and
No Modification Rules 127
§4.13 Specific Performance 130
§4.14 Self Help, Contract Conditions, and Substantial
Performance 132
§4.15 Implied Contracts 134
§4.16 Treaties and Other International Agreements 135
Suggested Readings 140
Problems 141
Chapter 5 Family Law and Sex Law 143
§5.1 The Theory of Household Production 143
§5.2 Formation and Dissolution of Marriage 146
§5.3 Consequences of Dissolution 149
§5.4 The Legal Protection of Children 152
§5.5 Surrogate Motherhood 156
§5.6 Law and Population 158
Table of Contents xi
§5.7 Why Regulate Sexual Behavior? 160
§5.8 Gay Marriage 163
Suggested Readings 165
Problems 165
Chapter 6 Tort Law 167
§6.1 The Economics of Accidents and the Learned Hand
Formula of Liability for Negligence 167
§6.2 The Reasonable Person Standard 171
§6.3 Custom as a Defense 171
§6.4 Victim Fault: Contributory and Comparative Negligence,
Assumption of Risk, and Duties to Trespassers 172
§6.5 Strict Liability 178
§6.6 Products Liability 182
§6.7 Causation and Foreseeability 183
§6.8 Joint Torts, Contribution, Indemnity; Herein of Respondeat
Superior and Sexual Harassment 188
§6.9 Rescue: Liability Versus Restitution 190
§6.10 The Function of Tort Damages 192
§6.11 Damages for Loss of Earning Capacity 192
§6.12 Damages for Pain and Suffering, the Problem of Valuing
Human Life, and the Risk of Overcompensation 196
§6.13 The Collateral Benefits (Collateral Source) Rule 199
§6.14 Negligence with Liability Insurance and Accident Insurance,
No Fault Automobile Accident Compensation, and Capping
Medical Malpractice Judgements 200
§6.15 Intentional Torts 204
§6.16 Defamation 209
§6.17 Successor Liability 210
Suggested Readings 211
Problems 212
Chapter 7 Criminal Law 215
§7.1 The Economic Nature and Function of Criminal Law 215
§7.2 Optimal Criminal Sanctions 219
§7.3 Preventing Crime: Multiple Offender Laws, Attempt and
Conspiracy, Aiding and Abetting, Recidivism, Entrapment 227
§7.4 Pardons 232
§7.5 Criminal Intent 233
§7.6 Hate Crimes 235
§7.7 Recklessness, Negligence, and Strict Liability 236
§7.8 The Defense of Necessity (Compulsion) 238
§7.9 Precautions by Victims; Herein of Provocation and
Gun Control 239
§7.10 The Economics of Organized Crime 240
§7.11 The War on Drugs 242
xü Table of Contents
§7.12 Criminal Punishment of Terrorists 245
Suggested Readings 246
Problems 246
Chapter 8 The Common Law, Legal History, and Jurisprudence 249
§8.1 The Implidt Economic Logic of the Common Law 249
§8.2 Economic Torts 253
§8.3 The Common Law, Economic Growth, and Legal History 256
§8.4 Common Law as Custom: Hayek s Challenge to the Economic
Analysis of the Common Law 259
§8.5 Primitive Law; Revenge; Iceland 260
§8.6 Law and Modernization 262
§8.7 TheRuleofLaw 265
§8.8 Law and Social Norms 268
§8.9 The Moral Content of the Common Law 270
Suggested Readings 273
Problems 274
PART III PUBLIC REGULATION OF THE MARKET 277
Chapter 9 The Theory of Monopoly 279
§9.1 The Monopolist s Price and Output 279
§9.2 Effect of Changes in Cost or Demand on the Monopoly Price 283
§9.3 Effkiency Consequences of Monopoly: Deadweight Loss and
Rent Seeking 284
§9.4 Other Economic Objections to Monopoly; Herein of
Innovation and Cost Minimization 287
§9.5 Price Discrimination 291
§9.6 Two Impediments to Monopolizing (Besides Entry):
Competition for the Market and Durability 292
Suggested Readings 293
Problems 293
Chapter 10 The Antitrust Laws 295
§10.1 Cartels and the Sherman Act 295
§10.2 Borderline Horizontal Agreements — Patent Agreements
and the BMI ASCAP Blanket Licenses 305
§10.3 Resale Price Maintenance 307
§10.4 Mergers That Create Monopolies or Oligopolies 310
§10.5 Market or Monopoly Power 311
§10.6 Market Definition and Market Shares 313
§10.7 Potential Competition 316
§10.8 Predation 317
§10.9 Dumping and the Free Trade Question 322
Table of Contents xiü
§10.10 Foreclosure, Tie Ins and Bundling, Barriers to Entry 324
§10.11 Antitrust and the New Economy 331
§10.12 Boycotts; Herein of Monopsony 333
§10.13 Antitrust Damages 335
Suggested Readings 338
Problems 339
Chapter 11 The Regulation of the Employment Relation 341
§11.1 The Special Treatment of Labor Cartels 341
§11.2 The Economic Logic of the National Labor Relations Act 344
§11.3 Unions and Productivity 347
§11.4 Employment at Will 348
§11.5 Labor Market Failure: The Case of Judicial Law Clerks 349
§11.6 Labor and Antitrust Law 351
§11.7 Minimum Wage and Related Worker Protective Legislation 352
§11.8 Mandated Benefits 355
§11.9 Employment Discrimination on Grounds of Race, Sex, Age,
and Disability 355
§11.10 Federal Pension Law 362
Suggested Readings 364
Problems 365
Chapter 12 Public Utility and Common Carrier Regulation 367
§12.1 Natural Monopoly 367
§12.2 Control of Profits and the Problem of Reasonable Return 370
§12.3 Other Problems Caused by Attempting to Limit a Regulated
Firm s Profits 372
§12.4 Incentive Regulation 374
§12.5 Regulation of Rate Structure and of Entry 376
§12.6 Pay Television 379
§12.7 Taxation by Regulation (Internal Subsidization or
Cross Subsidization) 380
§12.8 The Demand for Regulation 382
§12.9 The Deregulation Movement; Privatization 383
Suggested Readings 386
Problems 386
Chapter 13 The Choice Between Regulation and Common Law 389
§13.1 Optimal Regulation 389
§13.2 Consumer Fraud Revisited 391
§13.3 Mandated Disclosure 393
§13.4 Safety and Health 394
§13.5 Direct Regulation of Pollution 395
§13.6 Traffic Congestion 401
jjjy Table of Contents
§13.7 Mandatory Container Deposits 401
§13.8 Cost Benefit Analysis as a Regulatory Tool 402
§13.9 The Limits of Cost Benefit Analysis: The Case of
Global Warming 404
§13.10 Cable Television: Problems of Copyright and
Local Monopoly 409
§13.11 Selling Highways 412
Suggested Readings 413
Problems 414
PART IV THE LAWOFBUSINESS ORGANIZATIONS AND
FINANCIAL MARKETS 417
chapter 14 corporations, secured and ünsecured financing,
Bankruptcy 419
§14.1 The Nature of the Firm 419
§14.2 The Different Kinds of Firm 421
§14.3 The Corporation as a Standard Contract 424
§14.4 Corporate Debt and Secured Debt 427
§14.5 Corporate Bankruptcy 431
§14.6 Personal Bankruptcy 436
§14.7 Piercing the Corporate Veil 438
§14.8 The Separation of Ownership and Control 440
§14.9 The Transfer of Corporate Control 442
§14.10 Corporate Squeeze Outs and the Competition in Laxity 445
§14.11 The Compensation Issue 446
§14.12 Insider Trading and the Problem of Entrepreneurial Reward 449
§14.13 Corporate Scandals 450
§14.14 Managerial Discretion and the Corporation s Social
Responsibilities 453
§14.15 Corporate Criminality 456
§14.16 The Closely Held Corporation 458
§14.17 Public Utility Regulation Revisited 459
Suggested Readings 460
Problems 461
Chapter 15 Financial Markets 465
§15.1 Portfolio Design 465
§15.2 Diversification, Leverage, and the Debt Equity Ratio 469
§15.3 Why Do Corporations Buy Insurance? 471
§15.4 Stock Picking and the Efficient Market Hypothesis 471
§15.5 The Challenge of Behavioral Finance 473
§15.6 Implications for Monopoly 475
§15.7 ESOPs Revisited: The Problem of Underdiversification 476
§15.8 Trust Investment Law and Index Funds 477
§15.9 Social Investing by Trustees 479
Table of Contents xy
§15.10 The Regulation of the Securities Markets 480
§15.11 Banking Regulation and the S L Crisis 484
Suggested Readings 486
Problems 487
PART V LAWAND THE DISTRIBUTION OF INCOME
AND WEALTH 489
Chapter 16 Income Inequalities, Distributive Justice, and Poverty 491
§16.1 The Measurement of Inequality 491
§16.2 Is Inequality Inefficient? 493
§16.3 The Contract Theory of Distributive Justice, and Its Application
to Social Security 497
§16.4 The Costs of Poverty and the Limitations of Private Charity 499
§16.5 Unrestricted Cash Transfers Versus Benefits in Kind 501
§16.6 Wealth Redistribution by Liability Rules: The Case of
Housing Code Enforcement 504
§16.7 Open Ended Benefits in Kind 507
Suggested Readings 508
Problems 508
Chapter 17 Taxation 511
§17.1 Taxation and Efficiency 511
§17.2 Conscription 513
§17.3 Excise Taxes 515
§17.4 Real Estate Taxes 518
§17.5 Corporate Income Taxation 519
§17.6 Income Taxes Versus Consumption Taxes 521
§17.7 The Definition of Income 523
§17.8 Income Tax Deductions 527
§17.9 The Special Treatment of Capital Gains 529
§17.10 The Progressive Principle 531
Suggested Readings 534
Problems 535
Chapter 18 The Transmission of Wealth at Death 539
§18.1 Death (and Gift) Taxes 539
§18.2 The Murdering Heir 543
§18.3 The Dead Hand 544
§18.4 The Cy Pres Doctrine 546
§18.5 The Incenuves of Charitable Foundations 547
§18.6 Bequests for Purposes 547
§18.7 Conditions in Private Trusts; Herein of the
Spendthrift Trust 548
xvi Table of Contents
§18.8 The Widow s Share 550
Suggested Readings 550
Problems 551
PARTW THE LEGAL PROCESS 553
Chapter 19 The Market, the Adversary System, and the Legislative
Process as Methods of Resource Auocation 555
§19.1 Legal and Market Allocation Compared 555
§19.2 Judicial and Legislative Allocation Compared 560
§19.3 The Economic Theory of Legislation 562
§19.4 Statutory Interpretation in a World of Interest Group Politics 565
§19.5 The Independent Judiciary and Interest Group Politics 567
§19.6 What Do Judges Maximize? 569
§19.7 The Economic Theory of Democracy 573
§19.8 Democracy, Elected Judges, and Judicial Term Limits 578
§19.9 An Antitrust Approach to Democracy 579
Suggested Readings 581
Problems 582
Chapter 20 The Process of Legal Rulemaking 583
§20.1 The Body of Precedents as a Capital Stock 583
§20.2 The Producdon of Precedents 584
§20.3 Statutory Production; Rules Versus Standards 586
§20.4 Stare Decisis 590
Suggested Readings 592
Problems 592
Chapter 21 Civil and Criminal Procedure 593
§21.1 The Economic Goals of Procedure; Herein of Due Process
and Rules of Evidence 593
§21.2 The Costs of Error in Civil Cases 594
§21.3 Anticipatory Adjudication; Herein of Preliminary Injunctions,
Declaratory Judgments, and Advisory Opinions 595
§21.4 The Decision Whether to Settle or Go to Trial 597
§21.5 How Rules of Procedure Affect Settlement 601
§21.6 The Decision to Settle and the Evolution of the
Common Law 604
§21.7 Mediation as an Aid to Settlement 604
§21.8 Liability Rules Revisited 606
§21.9 Plea Bargaining, the Reform of Criminal Procedure, and
the Futility Thesis 607
§21.10 Expenditures on Litigation and the Quest for
Efficient Procedure 610
Table of Contents xvii
§21.11 Access to Legal Remedies — Contingent Fees, Class
Actions, and Indemnity of Legal Fees 613
§21.12 Rule 68 and One Way Indemnity 621
§21.13 Res Judicata and Collateral Estoppel 623
§21.14 Court Delay and Caseload Crises 624
§21.15 Jurors and Arbitrators 628
§21.16 Optimal Adjudication: The Case of Contract 629
§21.17 Appeals 631
§21.18 ChoiceofLaw 633
§21.19 Too Many Lawyers? Too Many Lawsuits? 634
Suggested Readings 636
Problems 638
Chapter 22 Evidence 641
§22.1 Evidence as Search and as Error Minimization 641
§22.2 The Adversarial and Inquisitorial Models Further Compared 642
§22.3 Trial by Jury Revisited 645
§22.4 Bürden of Proof 646
§22.5 Harmless Error 651
§22.6 Rule 403 s Balancing Test 652
§22.7 Character Evidence 653
§22.8 Privilege 654
§22.9 Expert Witnesses 656
Suggested Readings 656
Problems 657
Chapter 23 Law Enforcement and the Administrative Process 659
§23.1 Public Versus Private Law Enforcement: The Tradeoffs 659
§23.2 Public Versus Private Enforcement: Positive Implications 661
§23.3 Choice of Cases by the Public Agency 664
§23.4 The Structure of the Administrative Agency 668
§23.5 The Behavior of Administrative Agencies 670
§23.6 Agency Costs in Public Agencies 671
§23.7 Agencies and Courts 672
Suggested Readings 674
Problems 674
PART VII THE CONSTITUTION AND THE
FEDERAL SYSTEM 677
Chapter 24 The Nature and Functions of the Constitution 679
§24.1 The Economics of Constitutionalism: An Introduction 679
§24.2 The Separation of Powers 682
§24.3 The Protection of Rights 684
xyjß Table of Contents
§24.4 The Scope of Constitutional Rights: The Case
of Terrorism 685
§24.5 Rationality Review 687
Suggested Readings 688
Problem 688
Chapter 25 Economic Due Process 689
§25.1 Liberty of Contract as a Constitutional Principle 689
§25.2 Economic Due Process Revived: The Poor as a Constitutionally
Protected Class 693
§25.3 The Due Process Rights of Consumers and Public Employees 694
Suggested Readings 696
Problems 696
Chapter 26 The Economics of Federausm 697
§26.1 The Allocation of Responsibilities Between the Federal
Government and the States 697
§26.2 Responding to Emergencies: Katrina and Terrorism 699
§26.3 Federal Courts and Federal Law Enforcement 700
§26.4 State Taxation: Excise Taxes 702
§26.5 State Taxation: Real Estate and Corporate Income Taxes 706
§26.6 Due Process Limitations on Personal Jurisdiction 707
§26.7 Interbasin Water Transfers 707
§26.8 The Exportation of Poverty 709
§26.9 Conflict of Laws, and Pollution, Revisited 710
§26.10 The Commerce Power 711
Suggested Readings 712
Problems 713
Chapter 27 Racial Discrimination 715
§27.1 The Taste for Discrimination 715
§27.2 School Segregation 717
§27.3 The Requirement of State Action 719
§27.4 Antidiscrimination Laws 720
§27.5 Reverse Discrimination 723
Suggested Readings 725
Problems 726
Chapter 28 The Protection of Free Markets in Ideas and Religion 727
§28.1 The Economic Basis of Freedom of Speech 727
§28.2 The Scope of the Protected Activity: Incitement, Threats,
Defamation, Obscenity, and Flag Burning 728
Table of Contents xix
§28.3 Prior Restraints, Viewpoint Restrictions, and Forums Law 733
§28.4 Cost Benefit Analysis of Free Speech: The Categorical Approach 735
§28.5 The Regulation of Broadcasting 736
§28.6 False Advertising and the Relation Between Political
and Economic Rights 738
§28.7 Subsidizing Speech 740
§28.8 The Economics of Religious Freedom 741
Suggested Readings 743
Problems 744
Chapter 29 Searches, Seizures, and Interrogations 745
§29.1 The Right of Privacy Revisited 745
§29.2 Fourth Amendment Remedies 747
§29.3 The Puzzle of Self Incrimination and Coerced Confessions 749
Suggested Readings 751
Problems 751
Table of Cases 753
Author Index 757
Subject Index 767
|
| adam_txt |
Table of Contents ix
Preface xxi
PART I LAW AND ECONOMICS: AN INTRODUCTION 1_
Chapter 1 The Nature of Economic Reasoning 3
Chapter 2 The Economic Approach to Law 23
PART II THE COMMON LAW 29_
Chapter 3 Property 31
Chapter 4 Contract Rights and Remedies 93
Chapter 5 Family Law and Sex Law 143
Chapter 6 Tort Law 167
Chapter 7 Criminal Law 215
Chapter 8 The Common Law, Legal History, and
jurisprudence 249
PART III PUBLIC REGULATION OF THE MARKET 277_
Chapter 9 The Theory of Monopoly 279
Chapter 10 The Antitrust Laws 295
Chapter 11 The Regulation of the Employment Relation 341
Chapter 12 Public Utility and Common Carrier Regulation 367
Chapter 13 The Choice Between Regulation and
Common Law 389
PART TV THE LAW OF BUSINESS ORGANIZA TIONS AND
FINANCIAL MARKETS 417_
Chapter 14 Corporations, Secured and Unsecured
Financing, Bankruptcy 419
Chapter 15 Financial Markets 465
vii
viii Summary of Contents
PART V LAW AND THE DISTRIBUTION OF INCOME
AND WEALTH 489
Chapter 16 Income Ineqvalities, Distributive Justice, and Poverty 491
Chapter 17 Taxation 511
Chapter 18 The Transmission of Wealth at Death 539
PART W THE LEGAL PROCESS 553_
Chapter 19 The Market, the Adversary System, and the Legislative
Process as Methods of Resource Allocation 555
Chapter 20 The Process of Legal Rulemaking 583
Chapter 21 Civil and Criminal Procedure 593
Chapter 22 Evidence 641
Chapter 23 Law Enforcement and the Administrative Process 659
PART VII THE CONSTITUTION AND THE FEDERAL SYSTEM 677
Chapter 24 The Nature and Functions of the Constitution 679
Chapter 25 Economic Due Process 689
Chapter 26 The Economics of Federalism 697
Chapter 27 Racial Discrimination 715
Chapter 28 The Protection of Free Markets in Ideas and Religion 727
Chapter 29 Searches, Seizures, and Interrogations 745
Table of Cases 753
Author Index 757
Subject Index 767
Table of Contents
Preface xxi
PARTI LAW AND ECONOMICS: AN INTRODUCTION 1
Chapter 1 The Nature of Economic Reasoning 3
§1.1 Fundamental Concepts 3
§1.2 Value, Utility, Efficiency 10
§1.3 The Realism of the Economist's Assumptions 15
§1.4 Irrationality and Hyperrationality; Herein of Behavioral
Economics and Game Theory 17
Suggested Readings 20
Problems 21
Chapter 2 The Economic Approach to Law 23
§2.1 Its History 23
§2.2 Positive and Normative Economic Analysis of Law 24
§2.3 Criticisms of the Economic Approach 26
Suggested Readings 27
PART II THECOMMONLAW 29
Chapter 3 Property 31
§3.1 The Economic Theory of Property Rights: Static and
Dynamic Aspects 31
§3.2 Problems in the Creation and Enforcement of Property Rights 34
§3.3 Intellectual Property: Patents, Copyrights, Trademarks,
Trade Secrets, and Privacy 38
§3.4 Property Rights in Law and in Economics: Broadcast
Frequencies and Airwave Auctions 47
§3.5 Rights to Future Use 49
§3.6 Incompatible Uses 50
§3.7 Trespass and Eminent Domain 55
ix
x Table of Contents
§3.8 Pollution: Nuisance and Easement Approaches 61
§3.9 Other Solutions to the Problem of Incompatible Land Uses:
Merger and Restrictive Covenants 65
§3.10 Injunctions Versus Damages as Methods of Protecting
Property Rights 68
§3.11 Divided Ownership — Estates in Land 72
§3.12 Problems in the Transfer of Property Rights 76
§3.13 Possession 81
§3.14 The Distributive Effects of Property Right Assignments 84
§3.15 Public Lands 87
§3.16 The Open Source Movement 88
Suggested Readings 88
Problems 89
CHAPTER 4 CONTRACT RiGHTS AND REMEDIES 93
§4.1 The Process of Exchange and the Economic Roles of
Contract Law 93
§4.2 Consideration 99
§4.3 Problems of Formation; Herein of Mutual Assent and
Unilateral Contracts 101
§4.4 Mutual Mistake 103
§4.5 Contracts as Insurance — Impossibility and Related Doctrines 105
§4.6 Insurance Contracts 108
§4.7 Fraud 111
§4.8 Agency Law 114
§4.9 Duress, Form Contracts, Bargaining Power, and
Unconscionability 115
§4.10 Fundamental Principles of Contract Damages 118
§4.11 Consequential Damages 126
§4.12 Penalties, Liquidated Damages, Forfeitures, and
No Modification Rules 127
§4.13 Specific Performance 130
§4.14 Self Help, Contract Conditions, and Substantial
Performance 132
§4.15 Implied Contracts 134
§4.16 Treaties and Other International Agreements 135
Suggested Readings 140
Problems 141
Chapter 5 Family Law and Sex Law 143
§5.1 The Theory of Household Production 143
§5.2 Formation and Dissolution of Marriage 146
§5.3 Consequences of Dissolution 149
§5.4 The Legal Protection of Children 152
§5.5 Surrogate Motherhood 156
§5.6 Law and Population 158
Table of Contents xi
§5.7 Why Regulate Sexual Behavior? 160
§5.8 Gay Marriage 163
Suggested Readings 165
Problems 165
Chapter 6 Tort Law 167
§6.1 The Economics of Accidents and the Learned Hand
Formula of Liability for Negligence 167
§6.2 The Reasonable Person Standard 171
§6.3 Custom as a Defense 171
§6.4 Victim Fault: Contributory and Comparative Negligence,
Assumption of Risk, and Duties to Trespassers 172
§6.5 Strict Liability 178
§6.6 Products Liability 182
§6.7 Causation and Foreseeability 183
§6.8 Joint Torts, Contribution, Indemnity; Herein of Respondeat
Superior and Sexual Harassment 188
§6.9 Rescue: Liability Versus Restitution 190
§6.10 The Function of Tort Damages 192
§6.11 Damages for Loss of Earning Capacity 192
§6.12 Damages for Pain and Suffering, the Problem of Valuing
Human Life, and the Risk of Overcompensation 196
§6.13 The Collateral Benefits (Collateral Source) Rule 199
§6.14 Negligence with Liability Insurance and Accident Insurance,
No Fault Automobile Accident Compensation, and Capping
Medical Malpractice Judgements 200
§6.15 Intentional Torts 204
§6.16 Defamation 209
§6.17 Successor Liability 210
Suggested Readings 211
Problems 212
Chapter 7 Criminal Law 215
§7.1 The Economic Nature and Function of Criminal Law 215
§7.2 Optimal Criminal Sanctions 219
§7.3 Preventing Crime: Multiple Offender Laws, Attempt and
Conspiracy, Aiding and Abetting, Recidivism, Entrapment 227
§7.4 Pardons 232
§7.5 Criminal Intent 233
§7.6 Hate Crimes 235
§7.7 Recklessness, Negligence, and Strict Liability 236
§7.8 The Defense of Necessity (Compulsion) 238
§7.9 Precautions by Victims; Herein of Provocation and
Gun Control 239
§7.10 The Economics of Organized Crime 240
§7.11 The War on Drugs 242
xü Table of Contents
§7.12 Criminal Punishment of Terrorists 245
Suggested Readings 246
Problems 246
Chapter 8 The Common Law, Legal History, and Jurisprudence 249
§8.1 The Implidt Economic Logic of the Common Law 249
§8.2 Economic Torts 253
§8.3 The Common Law, Economic Growth, and Legal History 256
§8.4 Common Law as Custom: Hayek's Challenge to the Economic
Analysis of the Common Law 259
§8.5 Primitive Law; Revenge; Iceland 260
§8.6 Law and Modernization 262
§8.7 TheRuleofLaw 265
§8.8 Law and Social Norms 268
§8.9 The Moral Content of the Common Law 270
Suggested Readings 273
Problems 274
PART III PUBLIC REGULATION OF THE MARKET 277
Chapter 9 The Theory of Monopoly 279
§9.1 The Monopolist's Price and Output 279
§9.2 Effect of Changes in Cost or Demand on the Monopoly Price 283
§9.3 Effkiency Consequences of Monopoly: Deadweight Loss and
Rent Seeking 284
§9.4 Other Economic Objections to Monopoly; Herein of
Innovation and Cost Minimization 287
§9.5 Price Discrimination 291
§9.6 Two Impediments to Monopolizing (Besides Entry):
Competition for the Market and Durability 292
Suggested Readings 293
Problems 293
Chapter 10 The Antitrust Laws 295
§10.1 Cartels and the Sherman Act 295
§10.2 Borderline Horizontal Agreements — Patent Agreements
and the BMI ASCAP Blanket Licenses 305
§10.3 Resale Price Maintenance 307
§10.4 Mergers That Create Monopolies or Oligopolies 310
§10.5 Market or Monopoly Power 311
§10.6 Market Definition and Market Shares 313
§10.7 Potential Competition 316
§10.8 Predation 317
§10.9 Dumping and the Free Trade Question 322
Table of Contents xiü
§10.10 Foreclosure, Tie Ins and Bundling, Barriers to Entry 324
§10.11 Antitrust and the "New Economy" 331
§10.12 Boycotts; Herein of Monopsony 333
§10.13 Antitrust Damages 335
Suggested Readings 338
Problems 339
Chapter 11 The Regulation of the Employment Relation 341
§11.1 The Special Treatment of Labor Cartels 341
§11.2 The Economic Logic of the National Labor Relations Act 344
§11.3 Unions and Productivity 347
§11.4 Employment at Will 348
§11.5 Labor Market Failure: The Case of Judicial Law Clerks 349
§11.6 Labor and Antitrust Law 351
§11.7 Minimum Wage and Related "Worker Protective" Legislation 352
§11.8 Mandated Benefits 355
§11.9 Employment Discrimination on Grounds of Race, Sex, Age,
and Disability 355
§11.10 Federal Pension Law 362
Suggested Readings 364
Problems 365
Chapter 12 Public Utility and Common Carrier Regulation 367
§12.1 Natural Monopoly 367
§12.2 Control of Profits and the Problem of Reasonable Return 370
§12.3 Other Problems Caused by Attempting to Limit a Regulated
Firm's Profits 372
§12.4 Incentive Regulation 374
§12.5 Regulation of Rate Structure and of Entry 376
§12.6 Pay Television 379
§12.7 Taxation by Regulation (Internal Subsidization or
Cross Subsidization) 380
§12.8 The Demand for Regulation 382
§12.9 The Deregulation Movement; Privatization 383
Suggested Readings 386
Problems 386
Chapter 13 The Choice Between Regulation and Common Law 389
§13.1 Optimal Regulation 389
§13.2 Consumer Fraud Revisited 391
§13.3 Mandated Disclosure 393
§13.4 Safety and Health 394
§13.5 Direct Regulation of Pollution 395
§13.6 Traffic Congestion 401
jjjy Table of Contents
§13.7 Mandatory Container Deposits 401
§13.8 Cost Benefit Analysis as a Regulatory Tool 402
§13.9 The Limits of Cost Benefit Analysis: The Case of
Global Warming 404
§13.10 Cable Television: Problems of Copyright and
Local Monopoly 409
§13.11 Selling Highways 412
Suggested Readings 413
Problems 414
PART IV THE LAWOFBUSINESS ORGANIZATIONS AND
FINANCIAL MARKETS 417
chapter 14 corporations, secured and ünsecured financing,
Bankruptcy 419
§14.1 The Nature of the Firm 419
§14.2 The Different Kinds of Firm 421
§14.3 The Corporation as a Standard Contract 424
§14.4 Corporate Debt and Secured Debt 427
§14.5 Corporate Bankruptcy 431
§14.6 Personal Bankruptcy 436
§14.7 Piercing the Corporate Veil 438
§14.8 The Separation of Ownership and Control 440
§14.9 The Transfer of Corporate Control 442
§14.10 Corporate Squeeze Outs and the Competition in Laxity 445
§14.11 The Compensation Issue 446
§14.12 Insider Trading and the Problem of Entrepreneurial Reward 449
§14.13 Corporate Scandals 450
§14.14 Managerial Discretion and the Corporation's Social
Responsibilities 453
§14.15 Corporate Criminality 456
§14.16 The Closely Held Corporation 458
§14.17 Public Utility Regulation Revisited 459
Suggested Readings 460
Problems 461
Chapter 15 Financial Markets 465
§15.1 Portfolio Design 465
§15.2 Diversification, Leverage, and the Debt Equity Ratio 469
§15.3 Why Do Corporations Buy Insurance? 471
§15.4 Stock Picking and the Efficient Market Hypothesis 471
§15.5 The Challenge of Behavioral Finance 473
§15.6 Implications for Monopoly 475
§15.7 ESOPs Revisited: The Problem of Underdiversification 476
§15.8 Trust Investment Law and Index Funds 477
§15.9 Social Investing by Trustees 479
Table of Contents xy
§15.10 The Regulation of the Securities Markets 480
§15.11 Banking Regulation and the S L Crisis 484
Suggested Readings 486
Problems 487
PART V LAWAND THE DISTRIBUTION OF INCOME
AND WEALTH 489
Chapter 16 Income Inequalities, Distributive Justice, and Poverty 491
§16.1 The Measurement of Inequality 491
§16.2 Is Inequality Inefficient? 493
§16.3 The Contract Theory of Distributive Justice, and Its Application
to Social Security 497
§16.4 The Costs of Poverty and the Limitations of Private Charity 499
§16.5 Unrestricted Cash Transfers Versus Benefits in Kind 501
§16.6 Wealth Redistribution by Liability Rules: The Case of
Housing Code Enforcement 504
§16.7 Open Ended Benefits in Kind 507
Suggested Readings 508
Problems 508
Chapter 17 Taxation 511
§17.1 Taxation and Efficiency 511
§17.2 Conscription 513
§17.3 Excise Taxes 515
§17.4 Real Estate Taxes 518
§17.5 Corporate Income Taxation 519
§17.6 Income Taxes Versus Consumption Taxes 521
§17.7 The Definition of Income 523
§17.8 Income Tax Deductions 527
§17.9 The Special Treatment of Capital Gains 529
§17.10 The Progressive Principle 531
Suggested Readings 534
Problems 535
Chapter 18 The Transmission of Wealth at Death 539
§18.1 Death (and Gift) Taxes 539
§18.2 The Murdering Heir 543
§18.3 The Dead Hand 544
§18.4 The Cy Pres Doctrine 546
§18.5 The Incenuves of Charitable Foundations 547
§18.6 Bequests for Purposes 547
§18.7 Conditions in Private Trusts; Herein of the
Spendthrift Trust 548
xvi Table of Contents
§18.8 The Widow's Share 550
Suggested Readings 550
Problems 551
PARTW THE LEGAL PROCESS 553
Chapter 19 The Market, the Adversary System, and the Legislative
Process as Methods of Resource Auocation 555
§19.1 Legal and Market Allocation Compared 555
§19.2 Judicial and Legislative Allocation Compared 560
§19.3 The Economic Theory of Legislation 562
§19.4 Statutory Interpretation in a World of Interest Group Politics 565
§19.5 The Independent Judiciary and Interest Group Politics 567
§19.6 What Do Judges Maximize? 569
§19.7 The Economic Theory of Democracy 573
§19.8 Democracy, Elected Judges, and Judicial Term Limits 578
§19.9 An Antitrust Approach to Democracy 579
Suggested Readings 581
Problems 582
Chapter 20 The Process of Legal Rulemaking 583
§20.1 The Body of Precedents as a Capital Stock 583
§20.2 The Producdon of Precedents 584
§20.3 Statutory Production; Rules Versus Standards 586
§20.4 Stare Decisis 590
Suggested Readings 592
Problems 592
Chapter 21 Civil and Criminal Procedure 593
§21.1 The Economic Goals of Procedure; Herein of Due Process
and Rules of Evidence 593
§21.2 The Costs of Error in Civil Cases 594
§21.3 Anticipatory Adjudication; Herein of Preliminary Injunctions,
Declaratory Judgments, and Advisory Opinions 595
§21.4 The Decision Whether to Settle or Go to Trial 597
§21.5 How Rules of Procedure Affect Settlement 601
§21.6 The Decision to Settle and the Evolution of the
Common Law 604
§21.7 Mediation as an Aid to Settlement 604
§21.8 Liability Rules Revisited 606
§21.9 Plea Bargaining, the Reform of Criminal Procedure, and
the Futility Thesis 607
§21.10 Expenditures on Litigation and the Quest for
Efficient Procedure 610
Table of Contents xvii
§21.11 Access to Legal Remedies — Contingent Fees, Class
Actions, and Indemnity of Legal Fees 613
§21.12 Rule 68 and One Way Indemnity 621
§21.13 Res Judicata and Collateral Estoppel 623
§21.14 Court Delay and Caseload Crises 624
§21.15 Jurors and Arbitrators 628
§21.16 Optimal Adjudication: The Case of Contract 629
§21.17 Appeals 631
§21.18 ChoiceofLaw 633
§21.19 Too Many Lawyers? Too Many Lawsuits? 634
Suggested Readings 636
Problems 638
Chapter 22 Evidence 641
§22.1 Evidence as Search and as Error Minimization 641
§22.2 The Adversarial and Inquisitorial Models Further Compared 642
§22.3 Trial by Jury Revisited 645
§22.4 Bürden of Proof 646
§22.5 Harmless Error 651
§22.6 Rule 403's Balancing Test 652
§22.7 Character Evidence 653
§22.8 Privilege 654
§22.9 Expert Witnesses 656
Suggested Readings 656
Problems 657
Chapter 23 Law Enforcement and the Administrative Process 659
§23.1 Public Versus Private Law Enforcement: The Tradeoffs 659
§23.2 Public Versus Private Enforcement: Positive Implications 661
§23.3 Choice of Cases by the Public Agency 664
§23.4 The Structure of the Administrative Agency 668
§23.5 The Behavior of Administrative Agencies 670
§23.6 Agency Costs in Public Agencies 671
§23.7 Agencies and Courts 672
Suggested Readings 674
Problems 674
PART VII THE CONSTITUTION AND THE
FEDERAL SYSTEM 677
Chapter 24 The Nature and Functions of the Constitution 679
§24.1 The Economics of Constitutionalism: An Introduction 679
§24.2 The Separation of Powers 682
§24.3 The Protection of Rights 684
xyjß Table of Contents
§24.4 The Scope of Constitutional Rights: The Case
of Terrorism 685
§24.5 Rationality Review 687
Suggested Readings 688
Problem 688
Chapter 25 Economic Due Process 689
§25.1 Liberty of Contract as a Constitutional Principle 689
§25.2 Economic Due Process Revived: The Poor as a Constitutionally
Protected Class 693
§25.3 The Due Process Rights of Consumers and Public Employees 694
Suggested Readings 696
Problems 696
Chapter 26 The Economics of Federausm 697
§26.1 The Allocation of Responsibilities Between the Federal
Government and the States 697
§26.2 Responding to Emergencies: Katrina and Terrorism 699
§26.3 Federal Courts and Federal Law Enforcement 700
§26.4 State Taxation: Excise Taxes 702
§26.5 State Taxation: Real Estate and Corporate Income Taxes 706
§26.6 Due Process Limitations on Personal Jurisdiction 707
§26.7 Interbasin Water Transfers 707
§26.8 The Exportation of Poverty 709
§26.9 Conflict of Laws, and Pollution, Revisited 710
§26.10 The Commerce Power 711
Suggested Readings 712
Problems 713
Chapter 27 Racial Discrimination 715
§27.1 The Taste for Discrimination 715
§27.2 School Segregation 717
§27.3 The Requirement of State Action 719
§27.4 Antidiscrimination Laws 720
§27.5 Reverse Discrimination 723
Suggested Readings 725
Problems 726
Chapter 28 The Protection of Free Markets in Ideas and Religion 727
§28.1 The Economic Basis of Freedom of Speech 727
§28.2 The Scope of the Protected Activity: Incitement, Threats,
Defamation, Obscenity, and Flag Burning 728
Table of Contents xix
§28.3 Prior Restraints, Viewpoint Restrictions, and Forums Law 733
§28.4 Cost Benefit Analysis of Free Speech: The Categorical Approach 735
§28.5 The Regulation of Broadcasting 736
§28.6 False Advertising and the Relation Between Political
and Economic Rights 738
§28.7 Subsidizing Speech 740
§28.8 The Economics of Religious Freedom 741
Suggested Readings 743
Problems 744
Chapter 29 Searches, Seizures, and Interrogations 745
§29.1 The Right of Privacy Revisited 745
§29.2 Fourth Amendment Remedies 747
§29.3 The Puzzle of Self Incrimination and Coerced Confessions 749
Suggested Readings 751
Problems 751
Table of Cases 753
Author Index 757
Subject Index 767 |
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| author | Posner, Richard A. 1939- |
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| discipline | Rechtswissenschaft Wirtschaftswissenschaften |
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| geographic | USA (DE-588)4078704-7 gnd |
| geographic_facet | USA |
| id | DE-604.BV022378003 |
| illustrated | Illustrated |
| index_date | 2024-07-02T17:10:06Z |
| indexdate | 2024-07-09T20:56:19Z |
| institution | BVB |
| isbn | 9780735563544 |
| language | English |
| lccn | 2006032587 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-015587034 |
| oclc_num | 71812844 |
| open_access_boolean | |
| owner | DE-M382 DE-384 DE-355 DE-BY-UBR DE-29 DE-703 DE-19 DE-BY-UBM DE-20 DE-83 DE-11 DE-2070s DE-188 |
| owner_facet | DE-M382 DE-384 DE-355 DE-BY-UBR DE-29 DE-703 DE-19 DE-BY-UBM DE-20 DE-83 DE-11 DE-2070s DE-188 |
| physical | XXII, 787 S. graph. Darst. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | Aspen Publ. |
| record_format | marc |
| spelling | Posner, Richard A. 1939- Verfasser (DE-588)128423986 aut Economic analysis of law Richard A. Posner 7. ed. New York, NY Aspen Publ. 2007 XXII, 787 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and indexes Rechtseconomie gtt Law and economics Wirtschaftsrecht (DE-588)4066510-0 gnd rswk-swf Recht (DE-588)4048737-4 gnd rswk-swf Wirtschaftstheorie (DE-588)4079351-5 gnd rswk-swf Rechtspolitik (DE-588)4048822-6 gnd rswk-swf Ökonomische Theorie des Rechts (DE-588)4135492-8 gnd rswk-swf Wirtschaft (DE-588)4066399-1 gnd rswk-swf Wirtschaftsordnung (DE-588)4066475-2 gnd rswk-swf Rechtsordnung (DE-588)4135330-4 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf Ökonomische Theorie des Rechts (DE-588)4135492-8 s DE-604 USA (DE-588)4078704-7 g Wirtschaft (DE-588)4066399-1 s Recht (DE-588)4048737-4 s 1\p DE-604 Wirtschaftsrecht (DE-588)4066510-0 s 2\p DE-604 Rechtspolitik (DE-588)4048822-6 s 3\p DE-604 Wirtschaftsordnung (DE-588)4066475-2 s 4\p DE-604 Rechtsordnung (DE-588)4135330-4 s 5\p DE-604 Wirtschaftstheorie (DE-588)4079351-5 s 6\p DE-604 http://www.loc.gov/catdir/toc/ecip072/2006032587.html Table of contents only HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015587034&sequence=000006&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 3\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 4\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 5\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 6\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Posner, Richard A. 1939- Economic analysis of law Rechtseconomie gtt Law and economics Wirtschaftsrecht (DE-588)4066510-0 gnd Recht (DE-588)4048737-4 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd Rechtspolitik (DE-588)4048822-6 gnd Ökonomische Theorie des Rechts (DE-588)4135492-8 gnd Wirtschaft (DE-588)4066399-1 gnd Wirtschaftsordnung (DE-588)4066475-2 gnd Rechtsordnung (DE-588)4135330-4 gnd |
| subject_GND | (DE-588)4066510-0 (DE-588)4048737-4 (DE-588)4079351-5 (DE-588)4048822-6 (DE-588)4135492-8 (DE-588)4066399-1 (DE-588)4066475-2 (DE-588)4135330-4 (DE-588)4078704-7 |
| title | Economic analysis of law |
| title_auth | Economic analysis of law |
| title_exact_search | Economic analysis of law |
| title_exact_search_txtP | Economic analysis of law |
| title_full | Economic analysis of law Richard A. Posner |
| title_fullStr | Economic analysis of law Richard A. Posner |
| title_full_unstemmed | Economic analysis of law Richard A. Posner |
| title_short | Economic analysis of law |
| title_sort | economic analysis of law |
| topic | Rechtseconomie gtt Law and economics Wirtschaftsrecht (DE-588)4066510-0 gnd Recht (DE-588)4048737-4 gnd Wirtschaftstheorie (DE-588)4079351-5 gnd Rechtspolitik (DE-588)4048822-6 gnd Ökonomische Theorie des Rechts (DE-588)4135492-8 gnd Wirtschaft (DE-588)4066399-1 gnd Wirtschaftsordnung (DE-588)4066475-2 gnd Rechtsordnung (DE-588)4135330-4 gnd |
| topic_facet | Rechtseconomie Law and economics Wirtschaftsrecht Recht Wirtschaftstheorie Rechtspolitik Ökonomische Theorie des Rechts Wirtschaft Wirtschaftsordnung Rechtsordnung USA |
| url | http://www.loc.gov/catdir/toc/ecip072/2006032587.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015587034&sequence=000006&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT posnerricharda economicanalysisoflaw |