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Nov 26, 2001 · Ronald Coase [1960] and Guido Calabresi [1961] are generally identified as the seminal articles but Commons [1924] and Hale [1952] among others had brought economic thinking to the study of law in the 1910s and 1920s.
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Richard Posner [1973] brought economic analysis of law to the attention of the general legal academy; by the late 1970s, his work had provoked a vigorous controversy within the legal academy. That controversy has usually defined the debate around the philosophical foundations of economic analysis of law.
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director, George Stigler, and Ronald Coase.
L Law, Economic Analysis of. A. Mitchell Polinsky and Steven Shavell. Abstract. This article surveys the economic analysis of five primary fields of law: property law; liabil-ity for accidents; contract law; litigation; and public enforcement and criminal law. It also brie y considers some criticisms of the eco-fl nomic analysis of law.
In 1972, Richard Posner, a law and economics scholar and the major advocate of the positive theory of efficiency, published the first edition of Economic Analysis of Law and founded the Journal of Legal Studies, both important events in the creation of the field as a thriving scholarly discipline.
The field of economic analysis of law may be said to have begun with Bentham (1789, 1827, 1830), who systematically examined how actors would behave in the face of legal incentives and who evaluated outcomes with respect to a clearly stated measure
Mar 1, 1999 · By Steven Shavell. Economic analysis of law involves two elements: prediction of behavior in response to legal rules, assuming that actors are forward-looking and rational, and evaluation of outcomes in relation to well-articulated measures of social welfare.
