This is an expanded second edition of Nicholas Mercuro and
Steven Medema's influential book "Economics and the Law," whose
publication in 1998 marked the most comprehensive overview of the
various schools of thought in the burgeoning field of Law and
Economics. Each of these competing yet complementary traditions has
both redefined the study of law and exposed the key economic
implications of the legal environment. The book remains true to the
scope and aims of the first edition, but also takes account of the
field's evolution.
At the book's core is an expanded discussion of the Chicago
school, Public Choice Theory, Institutional Law and Economics, and
New Institutional Economics. A new chapter explores the Law and
Economics literature on social norms, today an integral part of
each of the schools of thought. The chapter on the New Haven and
Modern Civic Republican approaches has likewise been expanded.
These chapters are complemented by a discussion of the Austrian
school of Law and Economics. Each chapter now includes an "At Work"
section presenting applications of that particular school of
thought.
By providing readers with a concise, noncritical description of
the broad contours of each school, this book illuminates the
fundamental insights of a field with important implications not
only for economics and the law, but also for political science,
philosophy, public administration, and sociology.
General
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