Economic Approach to Law

Thomas J. Miceli

Hardcover

ISBN 10: 0804746559 ISBN 13: 9780804746557

Publisher: Stanford University Press, 2004

In recent decades, the economic approach to law has developed into a mainstream field of study for both legal scholars and economists. This book provides a textbook treatment of the subject, primarily directed toward undergraduate economics students. It presumes a basic familiarity with economic principles, but little knowledge of the law. An effort is made to show both how economic principles can explain the actual structure of the law, and how they can help to make the law more efficient. The book emphasizes unifying themes and methodologies rather than an exhaustive coverage of legal topics. To that end, the scope of analysis is limited to the basic common law areas of torts, contracts, and property, as well as the legal process and criminal law. The hope is that after reading the book, students can apply the basic principles to other areas of law.

Review:

"The second edition of Miceli's The Economic Approach to Law is most welcome. Miceli's approach is to start with the socially optimal solution to any problem and then examine individual behavior. His unremitting economic approach hammers home the economic way of thinking about law and economics. The writing is as clear as the thought process. My students like this book a lot."―Roger D. Blair, University of Florida

"In The Economic Approach to Law, Thomas Miceli offers a clear, concise, and consistent exploration of the economics of law. This book is ideal for readers who are familiar with microeconomic theory and can use it to analyze how the law affects consumer and firm behavior. Miceli illustrates how legal rules can encourage use of efficient precautions, reduce transactions costs, and spread risk." (Michelle J. White, University of California)

About the Author:

Thomas J. Miceli received a Ph.D. in economics from Brown University in 1988 and is currently professor of economics at the University of Connecticut, where he has taught since 1987. He has published widely in the areas of law and economics and urban econ