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Economic foundations of law / Stephen J. Spurr.

By: Spurr, Stephen Josiah, 1944- [author.]Material type: Text

TextPublisher: London : Routledge, 2019Edition: Third editionDescription: 1 online resourceContent type: text Media type: computer Carrier type: online resourceISBN: 9781351239769; 1351239767; 9781351239776; 1351239775; 9781351239752; 1351239759; 9781351239783; 1351239783Subject(s): Law and economics | LAW -- Military | LAW -- Business & Financial | BUSINESS & ECONOMICS / General | BUSINESS & ECONOMICS / Economics / Microeconomics | LAW / GeneralDDC classification: 343/.07 LOC classification: K487.E3Online resources: Taylor & Francis | OCLC metadata license agreement

Contents:

Chapter 1: Principles of Microeconomics (I)A Basic Principle: the Fungibility of MoneyCostDemand Curves and Supply CurvesThe Equilibrium of a Competitive MarketPrice CeilingsThe Market for LawyersThe Factor MarketThe Effects of a TaxThe Effects of a SubsidyElasticitiesIncome and Substitution EffectsChapter 2: Principles of Microeconomics (II)Monopolies and CartelsRelation Between Marginal and Average AmountsCartelsGame Theory and the Prisoners' DilemmaRent-Seeking BehaviorCapital; Human CapitalThe Present Value of Future Payments Interest RatesEfficient Capital MarketsExternalitiesAttitudes Toward RiskMarkets with Incomplete Information: Moral Hazard and Adverse SelectionPublic GoodsAppendix 2.1: Continuous CompoundingChapter 3: Introduction to the Legal System Litigation and the Court System Precedents and the Common Law How the Supreme Court Decides Whether to Grant Certiorari Different Standards of Proof The U.S. Constitution The Division of Jurisdiction Between Federal and State CourtsChapter 4: Property LawEfficiencyTransactions CostsBilateral MonopolyHow Disputes are Decided by LawThe Coase TheoremEminent DomainSelf-AssessmentHow the Entitlement Should be ProtectedHow to Determine Ownership of PropertyIntellectual PropertyChapter 5: Problems of Incomplete Property RightsInalienabilityProblems 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 HarvestedChapter 6: Informal Creation of Property RightsProperty Rights in SurfingThe Gold RushSharecropping ContractsWhaling CustomsThe Division of Profits in Law FirmsThe ShakersChapter 7: The Law of ContractsThe Economic Functions of the Law of ContractsGeneral Rules of Contract LawThe Common Law of SlaveryThe Controversy Concerning Standard Form ContractsUnconscionabilityRemedies for Breach of ContractThe Lost-Volume or Expansible SellerSpecific PerformanceLiquidated Damages and Penalties.Chapter 8: TortsNegligenceStrict Liability The Learned Hand RuleThe Law of RescueThe Collateral Source RuleComparative NegligenceMore on Strict Liability Medical MalpracticeContributionDamagesSubrogationWhether Dangerous Conduct Should Be Controlled By Tort Law or RegulationNo-Fault Automobile InsuranceChapter 9: The Economics of LitigationAn Optimal Judicial SystemThe Standard of Proof for a Preliminary InjunctionThe Economic Model of LitigationPre-trial DiscoveryProcedural Rules Which Make Litigation More EfficientAgency ProblemsThe English RuleCourt DelayExpert WitnessesDetermining the Quality of a Judge (or a Court)Whether the Common Law Is EfficientRules of Collateral EstoppelThe JuryAnalyzing Litigation with Game TheoryChapter 10: Criminal LawThe Economic Model of Crime and PunishmentThe Optimal Type of PunishmentAn Application: Megan's LawsEvaluating the System of Law EnforcementMeasuring the Determinants of Crime and the Benefits of Law EnforcementMarkets for CrimeExternalities Resulting From Precautions Taken Against Crime; Lojack The Economics of Gun Ownership and UseFactors Affecting the Quality of Law EnforcementPublic Versus Private Enforcement of Law Chapter 11: Corporations and Financial MarketsThe Characteristics of the CorporationCommon and Preferred StockPotential Conflicts Between Managers and Stockholders:Compensation of Investment AdvisorsThe Competition to be the State of IncorporationThe Prohibition of Insider TradingConflicts Among Shareholders Deposit Insurance and Moral Hazard Bankruptcy LawThe Economics of Bank RegulationChapter 12: TaxationThe Effects of a Death TaxSocial SecurityThe Effect on Savings of Tax Rules Concerning InterestThe Proposal for a Tax on ConsumptionCharitable ContributionsDepreciationPercentage DepletionThe Subsidy for Residential HousingThe Social Cost of the Tax Exemption of Interest on Municipal BondsChapter 13: Topics in Labor LawCovenants Not to CompeteGeneral and Firm-Specific Human CapitalMaximum and Minimum WagesEmployment Protection LawsRegulation of PensionsComparable Worth Glossary NotesIndex

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.

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.

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.

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.

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.

Summary: 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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Item type	Current library	Call number	Status	Date due	Barcode
Ebooks	Mysore University Main Library		Not for loan

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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