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BL
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| Record Number
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844866
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| Main Entry
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Spurr, Stephen Josiah,1944-
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| Title & Author
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Economic foundations of law /\ Stephen J. Spurr.
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| Edition Statement
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Third edition.
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| Publication Statement
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London :: Routledge,, 2019.
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| Page. NO
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1 online resource
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| ISBN
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1351239759
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: 1351239767
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: 1351239775
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: 1351239783
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: 9781351239752
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: 9781351239769
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: 9781351239776
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: 9781351239783
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0815375441
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0815375468
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9780815375449
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9780815375463
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| Bibliographies/Indexes
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Includes bibliographical references and index.
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| Contents
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Cover; Half Title; Title Page; Copyright Page; Dedication; Table of Contents; List of figures; List of tables; Preface; Acknowledgments; Table of cases; 1 Principles of microeconomics (I); A basic principle: the fungibility of money; Cost; Demand curves and supply curves; The equilibrium of a competitive market; Price ceilings; The market for lawyers; The factor market; The effects of a tax; The effects of a subsidy; Elasticities; Income and substitution effects; 2 Principles of microeconomics (II); Monopolies and cartels; Relation between marginal and average amounts; Cartels.
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Bilateral monopolyHow disputes are decided by law; The Coase Theorem; Eminent domain; Self-assessment; How the entitlement should be protected; How to determine ownership of property; Intellectual property; 5 Problems of incomplete property rights; Inalienability; Problems when there are no property rights; Problems when property rights are divided; Problems when property rights are uncertain; Limits on the disposition of property at death; Appendix 5.1: When should a tree be harvested?; 6 Informal creation of property rights; Property rights in surfing; The Gold Rush; Sharecropping contracts.
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Game theory and the prisoners' dilemmaRent-seeking behavior; Capital; human capital; The present value of future payments; Interest rates; Efficient capital markets; Externalities; Attitudes toward risk; Markets with incomplete information; Public goods; Appendix 2.1: Continuous compounding; 3 Introduction to the legal system; Litigation and the court system; Precedents and the common law; Different standards of proof; Quantifying the standard of proof; The U.S. Constitution; The division of jurisdiction between federal and state courts; 4 Property law; Efficiency; Transaction costs.
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SubrogationSubrogation and potential moral hazard of tort victims; The economics of subrogation; Moral hazard arising from abolition of the collateral source rule; A note on trial strategy: should the jury know about insurance?; Whether dangerous conduct should be controlled by tort law or regulation; No-fault automobile insurance; 9 The economics of litigation; An optimal judicial system; The standard of proof for a preliminary injunction; The economic model of litigation; Pre-trial discovery; Procedural rules which make litigation more efficient; Agency problems; Class actions.
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Whaling customsThe division of profits in law firms; The Shakers; 7 The law of contracts; The economic functions of the law of contracts; General rules of contract law; The common law of slavery; The controversy concerning standard form contracts; Unconscionability; Remedies for breach of contract; The lost-volume or expansible seller; Specific performance; Liquidated damages and penalties; 8 Torts; Negligence; Strict liability; The Learned Hand rule; The law of rescue; The collateral source rule; Comparative negligence; More on strict liability; Medical malpractice; Contribution; Damages.
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| Abstract
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The third edition of Economic Foundations of Law introduces readers to the economic analysis of the major areas of the law: property law, torts, contracts, criminal law, civil procedure, corporation law and financial markets, taxation, and labor law. No prior knowledge of law is required, but a prior course in the principles of microeconomics would be quite helpful. The text opens with a review of the basic principles of price theory and an overview of the legal system, to ensure readers are equipped with the tools necessary for economic analysis of the law. The third edition provides expanded or new coverage of key topics including intellectual property law, how the creation of new forms of property rights affects the conservation of species such as elephants and fish, controversies involving liability for medical malpractice and class actions, the transformation of personal injury litigation by the intervention of insurance companies as plaintiffs, how to predict the outcome of litigation with game theory, an economic analysis of the ownership and use of guns, bankruptcy law, and the economics of bank regulation. Comprehensive and well-written, this text is a compelling introduction to law and economics that is accessible to both economics and law students.
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| Subject
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Law and economics.
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| Subject
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BUSINESS ECONOMICS-- Economics-- Microeconomics.
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BUSINESS ECONOMICS-- General.
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Law and economics.
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LAW-- Business Financial.
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| Subject
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LAW-- General.
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LAW-- Military.
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| Dewey Classification
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343/.07
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| LC Classification
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K487.E3
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