Since 1979 Research in Law and Economics has been presenting original research that explores the extent to which the constraints of law explain economic behavior and the role of economics in forming the law. The first chapter in this volume proposes three different definitions for market power from an antitrust perspective. Chapter two suggests a new means of measuring market power by moving away from traditional indicators of averaging industry profits. The third chapter is an analysis of efforts exerted and utilities obtained in a double lawsuit. Chapter four surveys recent developments in economics of contract interpretation. The fifth chapter examines the impact of changes in foreign exchange legislation on the levels of R&D undertaken by pharmaceutical firms in India. Chapter six addresses the role of transaction costs in explaining governance in environmental economics can play in helping choose environmental policy tools. The final chapter is an examination of economic evidence relating to the allegations in litigation against cigarette manufacturers.

This volume explores the relationship between law and economics principles and the promotion of social justice. By social justice, we mean a vision of society that embraces more than traditional economic efficiency. Such a vision might include, for example, a reduction of subordination and discrimination based on race, religion, gender, sexual orientation, age, disability or class; increased wealth dispersion throughout all sectors of society; a safe and healthy environment; worker rights; and, a flourishing political democracy. The volume chapters here fall into four main categories, Assumptions of Law & Economics; Law & Economics: Implications of Behavioralism; Economics and Corporate Governance: Finding the Holes; and, Gender, Class and Race: Implications of and Alternatives to the Dominant Economic Paradigm. In addition, most of the chapters invoke the lens of corporate law theory or the corporate context as part of their analysis of the intersection of economics and social justice.