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This book proposes an overview of the fields in the economics of law to which the author has contributed. It also covers in detail other fields and many contributions to the literature. The emphasis is on theory, but some empirical facts are mentioned...I very much enjoyed reading the book. It covers with great competence the relevant topics of positive and normative analyses of law. The book reflects the strong academic competence of the author. I recommend the book to academics and professionals. I also recommend its use for teaching the economics of law in law schools, economics departments, and business schools. -- Dionne Georges Journal of Risk and Insurance 20061201
Product Description
In this book Steven Shavell provides an in-depth analysis and synthesis of the econoic approach to the building blocks of our legal system, namely, property law, tort law, contract law and criminal law. He also examines the litigation process as well as welfare economics and morality. Aimed at a broad audience, this book requires neither a legal background nor technical economics or mathematics to understand it. Because of its breadth, analytical clarity and general accessibility, it is likely to serve as a definitive work in the economic analysis of law.
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Front Cover | Copyright | Table of Contents | Excerpt | Index
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7 reviews
6 of 6 people found the following review helpful
Great Survey
18 Jan 2008
Format:Hardcover
Accessible and comprehensive. It's not about depth on any one topic and, accordingly, one of its best features is the excellent direction it gives to those who are looking to dive deeper into the field. It was just what I was looking for.
4 of 4 people found the following review helpful
Analytical Depth is Woefully Lacking
17 Feb 2009
Format:Hardcover
There is something to be said for compiling a work such as this which covers a wide array of subject matter. The problem with Foundations is not the ambition shown in tackling various topics, but the depth of the analysis he produces. It contains more normative propaganda than thoughtful analysis.
Many of the theoretical examples include numerous "if" statements, but he frequently fails to help the reader consider the outcomes if one or more of the assumptions are relaxed.
In other examples he altogether ignores opportunity cost - one of the most fundamental concepts in economic analysis.
At other times he labels his opinions as facts so as to give his preferred policy prescriptions more weight than they deserve.
This all adds up to a systematic pro-State, anti-market bias in assumptions, examples and analysis. Shavell masterfully does all this in a manner so subtle that it goes unnoticed by most readers. I'm giving the book 1 star not because it is poorly written, but because it is a normative dissertation posing as positive analysis.
Many of the theoretical examples include numerous "if" statements, but he frequently fails to help the reader consider the outcomes if one or more of the assumptions are relaxed.
In other examples he altogether ignores opportunity cost - one of the most fundamental concepts in economic analysis.
At other times he labels his opinions as facts so as to give his preferred policy prescriptions more weight than they deserve.
This all adds up to a systematic pro-State, anti-market bias in assumptions, examples and analysis. Shavell masterfully does all this in a manner so subtle that it goes unnoticed by most readers. I'm giving the book 1 star not because it is poorly written, but because it is a normative dissertation posing as positive analysis.
3 of 3 people found the following review helpful
Breakthrough in understanding law and economics
5 Feb 2008
Format:Hardcover
This book is simply a breakthrough to understanding law and economics. It's easy, self explanatory way and simplified examples explain the most complex ideas in a very simple and approachable way. No previous economic or legal background is necessary, though some tort law and contract law background might be helpful in enhancing the analysis tools that this book provides. This is by far the best law and economics book I have read so far and I highly recommend it to anyone who is a beginner and interested in this area and this method of analysis.
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