Economic Analysis of Law

RICHARD A. POSNER

Law Practice

Little. Brown and Company

CONTENTS: LAW AND ECONOMICS: AN INTRODUCTION * 1) Nature of Economic Reasoning 2) The Economic Approach to Law THE COMMON LAW * 1) Property 2) Contract Rights and Remedies 3) Family Law and Sexual Regulation 6) Tort Law 7) Criminal Law 8) The Common Law, Legal History and Jurisprudence PUBLIC REGULATION OF THE MARKET * 9) The Theory of Monopoly 10) The Antitrust Laws 11) The Regulation of the Employment Relation 12) Public Utility and Common Carrier Regulation 13) The Choice Between Regulation and Common Law THE LAW OF BUSINESS ORGANIZATIONS AND FINANCIAL MARKETS * 14) Corporations (w/a glance at lending and bankruptcy) 15) Financial Markets LAW AND THE DISTRIBUTION OF INCOME AND WEALTH * Income Inequalities, Distributive Justice and Poverty * Taxation * The Transmission of Wealth at Death THE LEGAL PROCESS * The Market, the Adversary System, and the Legislative Process as Methods of resource Allocation * The Process of Legal Rulemaking * Civil and Criminal Procedure * Law Enforcement and the Administrative Process THE CONSTITUTION AND THE FEDERAL SYSTEM * The Nature and Functions of the Constitution * Economic Due Process * Economics of Federalism * Racial Discrimination * The Protection of Free Markets in Ideas and Religion * Searches, Seizures, and Interrogations

Reference

In this timely book, the first comprehensive study of the modern American public intellectual--that individual who speaks to the public on issues of political or ideological moment--Richard Posner charts the decline of a venerable institution that included worthies from Socrates to John Dewey.
With the rapid growth of the media in recent years, highly visible forums for discussion have multiplied, while greater academic specialization has yielded a growing number of narrowly trained scholars. Posner tracks these two trends to their inevitable intersection: a proliferation of modern academics commenting on topics outside their ken. The resulting scene--one of off-the-cuff pronouncements, erroneous predictions, and ignorant policy proposals--compares poorly with the performance of earlier public intellectuals, largely nonacademics whose erudition and breadth of knowledge were well suited to public discourse.
Leveling a balanced attack on liberal and conservative pundits alike, Posner describes the styles and genres, constraints and incentives, of the activity of public intellectuals. He identifies a market for this activity--one with recognizable patterns and conventions but an absence of quality controls. And he offers modest proposals for improving the performance of this market--and the quality of public discussion in America today.
This paperback edition contains a new preface and and a new epilogue.

Public Intellectuals: A Study of Decline, With a New Preface and Epilogue

History

Historical Study & Educational Resources

Harvard University Press

The most exciting development in legal thinking since World War II has been the growth of interdisciplinary legal studies--the application of the social sciences and the humanities to law in the hope of making law less formalistic, more practical, better grounded empirically, bettered tailored to social goals. Judge Richard A. Posner has been a leader in this movement, and his new book explores its rapidly expanding frontier. The book examines five principal areas or directions of interdisciplinary study: economics, history, psychology, the epistemology of law and the empirical study of law. These approaches are seen to interpenetrate and to compose a coherent body of legal theory--a unified framework for understanding such seemingly disparate phenomena as the economics of free speech, the intellectual history of economic analysis of law, the relation between income and liberty, the law of possession, the psychology of legal decisionmaking, the role of emotion in law, and the use of citation analysis to evaluate judges and law professors. The book carries on Posner's project of analyzing the law as an institution of social governance.

Frontiers of Legal Theory

Legal Theory & Systems

A distinguished and experienced appellate court judge, Richard A. Posner offers in this new book a unique and, to orthodox legal thinkers, a startling perspective on how judges and justices decide cases. When conventional legal materials enable judges to ascertain the true facts of a case and apply clear pre-existing legal rules to them, Posner argues, they do so straightforwardly; that is the domain of legalist reasoning. However, in non-routine cases, the conventional materials run out and judges are on their own, navigating uncharted seas with equipment consisting of experience, emotions, and often unconscious beliefs. In doing so, they take on a legislative role, though one that is confined by internal and external constraints, such as professional ethics, opinions of respected colleagues, and limitations imposed by other branches of government on freewheeling judicial discretion. Occasional legislators, judges are motivated by political considerations in a broad and sometimes a narrow sense of that term. In that open area, most American judges are legal pragmatists. Legal pragmatism is forward-looking and policy-based. It focuses on the consequences of a decision in both the short and the long term, rather than on its antecedent logic. Legal pragmatism so understood is really just a form of ordinary practical reasoning, rather than some special kind of legal reasoning. 
 Supreme Court justices are uniquely free from the constraints on ordinary judges and uniquely tempted to engage in legislative forms of adjudication. More than any other court, the Supreme Court is best understood as a political court.

How Judges Think

Rules & Procedures

The financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp-speed at which it is occurring. How could it have happened, especially after all that we’ve learned from the Great Depression? Why wasn’t it anticipated so that remedial steps could be taken to avoid or mitigate it? What can be done to reverse a slide into a full-blown depression? Why have the responses to date of the government and the economics profession been so lackluster? Richard Posner presents a concise and non-technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it. No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed. This is a book for intelligent generalists that will interest specialists as well. Among the facts and causes Posner identifies are: excess savings flowing in from Asia and the reckless lowering of interest rates by the Federal Reserve Board; the relation between executive compensation, short-term profit goals, and risky lending; the housing bubble fuelled by low interest rates, aggressive mortgage marketing, and loose regulations; the low savings rate of American people; and the highly leveraged balance sheets of large financial institutions. 
 Posner analyzes the two basic remedial approaches to the crisis, which correspond to the two theories of the cause of the Great Depression: the monetarist—that the Federal Reserve Board allowed the money supply to shrink, thus failing to prevent a disastrous deflation—and the Keynesian—that the depression was the product of a credit binge in the 1920’s, a stock-market crash, and the ensuing downward spiral in economic activity. Posner concludes that the pendulum swung too far and that our financial markets need to be more heavily regulated. Read Richard Posner's blog, and his latest article in The Atlantic.

A Failure of Capitalism: The Crisis of '08 and the Descent into Depression

Business & Money

Economics

Written by a lawyer and an economist, this is the first full-length economic study of tort law--the body of law that governs liability for accidents and for intentional wrongs such as battery and defamation. Landes and Posner propose that tort law is best understood as a system for achieving an efficient allocation of resources to safety--that, on the whole, rules and doctrines of tort law encourage the optimal investment in safety by potential injurers and potential victims. 
 The book contains both a comprehensive description of the major doctrines of tort law and a series of formal economic models used to explore the economic properties of these doctrines. All the formal models are translated into simple commonsense terms so that the "math less" reader can follow the text without difficulty; legal jargon is also avoided, for the sake of economists and other readers not trained in the law. 
 Although the primary focus is on explaining existing doctrines rather than on exploring their implementation by juries, insurance adjusters, and other "real world" actors, the book has obvious pertinence to the ongoing controversies over damage awards, insurance rates and availability, and reform of tort law-in fact it is an essential prerequisite to sound reform. Among other timely topics, the authors discuss punitive damage awards in products liability cases, the evolution of products liability law, and the problem of liability for "mass disaster" torts, such as might be produced by a nuclear accident. More generally, this book is an important contribution to the "law and economics" movement, the most exciting and controversial development in modern legal education and scholarship, and will become an obligatory reference for all who are concerned with the study of tort law.

The Economic Structure of Tort Law

William M. Landes

Law and Literature: A Misunderstood Relation

Law and Literature: Revised and Enlarged Edition

Hailed in its first edition as an "outstanding work, as stimulating as it is intellectually distinguished" (New York Times), Richard A. Posner's Law and Literature has handily lived up to the Washington Post's prediction that the book would "remain essential reading for many years to come." This new edition, extensively revised and enlarged, continues to emphasize the essential differences between law and literature, which are rooted in the different social functions of legal and literary texts. But it also explores areas of mutual illumination and expands its range to include new topics such as popular fiction about law, literary education for lawyers, the legal narrative movement, and judicial biography.  Literary works from classics by Sophocles, Shakespeare, Dostoevsky, Melville, Kafka, and Camus to contemporary fiction by William Gaddis, Tom Wolfe, and John Grisham come under Posner's scrutiny, as do recent attempts to apply the techniques of literary analysis to statutes, judicial opinions, and the Constitution. In a section entirely new in this edition, Posner discusses the increasing efforts of legal scholars to enrich their scholarship by borrowing the methods and insights of literature--even by insisting that legal education is incomplete without the ethical insights afforded by an immersion in literature.  Thoroughly rewritten and updated, free of legal and literary jargon, and informed by Posner's extensive erudition and legal experience, this book remains the most clear, acute, and comprehensive account of the intersection of law and literature--"a wonderfully original and instructive study of what literature has to teach us about the law, the methods of legal argument, and the interpretation of statutes and the Constitution" (Wall Street Journal).

Literature & Fiction

History & Criticism

Legal theory must become more factual and empirical and less conceptual and polemical, Richard Posner argues in this wide-ranging new book. The topics covered include the structure and behavior of the legal profession; constitutional theory; gender, sex, and race theories; interdisciplinary approaches to law; the nature of legal reasoning; and legal pragmatism. Posner analyzes, in witty and passionate prose, schools of thought as different as social constructionism and institutional economics, and scholars and judges as different as Bruce Ackerman, Robert Bork, Ronald Dworkin, Catharine MacKinnon, Richard Rorty, and Patricia Williams. He also engages challenging issues in legal theory that range from the motivations and behavior of judges and the role of rhetoric and analogy in law to the rationale for privacy and blackmail law and the regulation of employment contracts. Although written by a sitting judge, the book does not avoid controversy; it contains frank appraisals of radical feminist and race theories, the behavior of the German and British judiciaries in wartime, and the excesses of social constructionist theories of sexual behavior. 
 Throughout, the book is unified by Posner's distinctive stance, which is pragmatist in philosophy, economic in methodology, and liberal (in the sense of John Stuart Mill's liberalism) in politics. Brilliantly written, eschewing jargon and technicalities, it will make a major contribution to the debate about the role of law in our society.

Overcoming Law

Legal Education

See the best price to sell, buy, or rent books by RICHARD A. POSNER. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by RICHARD A. POSNER

See the best price to sell, buy, or rent books by RICHARD A. POSNER. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Economic Analysis of Law

Economic Analysis of Law

Public Intellectuals: A Study of Decline, With a New Preface and Epilogue

Frontiers of Legal Theory

How Judges Think

A Failure of Capitalism: The Crisis of '08 and the Descent into Depression

The Economic Structure of Tort Law

Law and Literature: A Misunderstood Relation

Law and Literature: Revised and Enlarged Edition

Overcoming Law