Economic analysis can shed light on the consequences of the law's murky operations by focusing on the incentives created by the law. Applying economic principles to legal problems brings a better understanding of the implications of legal rules.

Designed more to complement an existing text on the subject of Law & Economics, this casebook has more complete cases than the leading texts. Brief sections follow the cases in order to highlight the key points of economic analysis. The text fulfills the need for more complete case material, and important case material, that is sometimes glossed over in texts. At the same time, the analyses provide summaries of the key economic elements to the cases.

An examination of the core principles, landmark disputes, and modern developments in IEL reflecting a global approach.

This accessible volume integrates wide-ranging economic methodologies with a vast array of legal subjects. Coverage includes the first-year law school curriculum along with institutions and doctrines comprising the core foundation of upper level legal study. Dedicated chapters introduce neoclassical economics, interest group theory, social choice, and game theory, and the book intersperses alternative methodological insights. The analysis synthesizes these methodologies with modern and classic case law, other legal materials, and policy discussions inspired by current events. Ideal for a law school seminar or capstone course, this unique volume is also perfectly suited for business school courses on legal methods and public policy. Professors will find a rich array of materials adaptable to varying pedagogical styles and substantive areas of emphasis. Students exploring these materials will emerge with a deeper understanding of law and economics and a greater appreciation of our lawmaking institutions.

The purchase of this ebook edition does not entitle you to receive access to the Connected eBook on CasebookConnect. You will need to purchase a new print book to get access to the full experience including: lifetime access to the online ebook with highlight, annotation, and search capabilities, plus an outline tool and other helpful resources. Law and Economics: Theory, Cases, and Other Materialsis a comprehensive introduction to the subject area of law and economics, with stimulating in depth discussion of actual case law by two leading scholars in the field. It provides a clear description of the key points of law and economics across various substantive areas of law, combining the traditional approach to the study of law and economics with new important insights from behavioral economics and competing theories. Importantly, Law and Economics artfully introduces and connects theory to practice to provide a coherent picture rather than a patch-like studying experience. Using detailed case-notes, comments and examples, Law and Economics explains why future lawyers should care about economic analysis of the law and how economics can and should play a role in litigation and conflict resolution. This important new casebook not only makes law and economics accessible to students but also indubitably establishes the importance of law and economics in a globalized world. Highlights of the First Edition: Introduces students to basic tools (e.g., game theory and decision theory) and concepts (e.g., efficiency criteria) using simple and innovative methods Facilitates the understanding of complicated concepts by providing the theoretical backgrounds as well as clear explanations, examples, exercises, and comprehensive comments and notes that do not require any background in math or economics Allows readers to test their understanding by providing practice questions with full answers Carefully selected cases, with discussion emphasizing the economic rationales underlying decisions and demonstrating how these rationales impact decisions Marries the virtues of a textbook (explaining the theoretical underpinning of different economic notions and how they relate to different legal doctrines) to those of acasebook by tying concepts to actual decisions Adopts a modern approach that covers competing theories as they relate to specific decisions and theories Includes methodology chapters where the same methodology (e.g., decision making, game theory, supply and demand) is used to analyze different areas of the law, as well as subject matter chapters in which specific areas of the law (e.g., property) are analyzed using different methodologies A modular structure, allowing the professor to pick and cover materials in almost any order, to skip certain materials and to focus on court decisions, the theory, or both Professors and students will benefit from: The use of alternative intuitive methods to explain theories The use of simple algebra to teach the most complex subjects The artful combination of theory with a practical approach that ties the economic concepts (including game theory and decision theory) to specific subject matters, legal rules and specific decisions In-depth discussion of decisions and how they could they be explained or argued differently in light of the theoretical concepts reviewed The use of summary boxes to recap complicated concepts Fantastic notes and practical questions following cases

Provides students with a method for applying economic analysis to the study of legal rules and institutions. Four key areas of law are covered: property; contracts; torts; and crime and punishment. Added examples and cases help to clarify economic applications further.

What effects do laws have? Do individuals drive more cautiously, clear ice from sidewalks more diligently, and commit fewer crimes because of the threat of legal sanctions? Do corporations pollute less, market safer products, and obey contracts to avoid suit? And given the effects of laws, which are socially best? Such questions about the influence and desirability of laws have been investigated by legal scholars and economists in a new, rigorous, and systematic manner since the 1970s. Their approach, which is called economic, is widely considered to be intellectually compelling and to have revolutionized thinking about the law. In this book Steven Shavell provides an in-depth analysis and synthesis of the economic 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.