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History of Law and Economics
Dedicated to the late Henry G. Manne, this authoritative collection surveys the development of law and economics both as a scholarly field and as an educational program. Starting as a niche area, centered primarily at the University of Chicago, law and economics has grown to be the dominant field in US legal scholarship. The influential articles presented in this volume trace that development from the mid-20th century through to today, focusing on both the personalities who laid the groundwork for the field’s success and the intellectual debates that fueled its growth. Together with an original introduction by the editors, this collection is a valuable research tool for academics and students interested in the history of law and economics.
More Information
Critical Acclaim
Contributors
Contents
More Information
Dedicated to the late Henry G. Manne, this authoritative collection surveys the development of law and economics both as a scholarly field and as an educational program. Starting as a niche area, centered primarily at the University of Chicago, law and economics has grown to be the dominant field in US legal scholarship. The influential articles presented in this volume trace that development from the mid-20th century through to today, focusing on both the personalities who laid the groundwork for the field’s success and the intellectual debates that fueled its growth. Together with an original introduction by the editors, this collection is a valuable research tool for academics and students interested in the history of law and economics.
Critical Acclaim
‘Butler and Klick have done a wonderful job by selecting important articles that an economist or a legal scholar interested in the history of the field should read.’
– Alain Marciano, Journal of the History of Economic Thought
‘History of Law and Economics captures the rise of law and economics as a central discipline in the legal academy, and provides a wonderful introduction to the pioneering figures who forged this path and their major intellectual contributions. The volume also addresses the challenges posed by behavioral economics, the future of law and economics in the US and Europe, and how the empirical revolution will impact what began as a largely theoretical mode of analysis.’
– John J. Donohue III, Stanford Law School, US
– Alain Marciano, Journal of the History of Economic Thought
‘History of Law and Economics captures the rise of law and economics as a central discipline in the legal academy, and provides a wonderful introduction to the pioneering figures who forged this path and their major intellectual contributions. The volume also addresses the challenges posed by behavioral economics, the future of law and economics in the US and Europe, and how the empirical revolution will impact what began as a largely theoretical mode of analysis.’
– John J. Donohue III, Stanford Law School, US
Contributors
36 articles, dating from 1974 to 2016
Contributors include: G.S. Becker, G. Calabresi, R.H. Coase, R.D. Cooter, H. Demsetz, H.G. Manne, F. Parisi, R.A. Posner, G.L. Priest, W.K. Viscusi
Contributors include: G.S. Becker, G. Calabresi, R.H. Coase, R.D. Cooter, H. Demsetz, H.G. Manne, F. Parisi, R.A. Posner, G.L. Priest, W.K. Viscusi
Contents
Contents:
Introduction Henry N. Butler and Jonathan Klick
PART I THE RISE OF LAW AND ECONOMICS
1. George L. Priest (2005), ‘The Rise of Law and Economics: A Memoir of the Early Years’, in Francesco Parisi and Charles K. Rowley (eds), The Origins of Law and Economics: Essays by the Founding Fathers, Chapter 14, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 350–82
2. Edmund W. Kitch (1983), ‘The Fire of Truth: A Remembrance of Law and Economics at Chicago, 1932–1970’, Journal of Law and Economics, XXVI (1), April, 163–234
3. Louis De Alessi (1999), ‘The John M. Olin Fellowship Program in Law and Economics’, Case Western Reserve Law Review, 50 (2), Winter, 341–6
4. Henry N. Butler (1999), ‘The Manne Programs in Economics for Federal Judges’, Case Western Reserve Law Review, 50 (2), Winter, 351–71, 376–87
5. Henry G. Manne (2005), ‘How Law and Economics was Marketed in a Hostile World: A Very Personal History’, in Francesco Parisi and Charles K. Rowley (eds), The Origins of Law and Economics: Essays by the Founding Fathers, Chapter 12, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 309–27
6. Steven G. Medema (2015), ‘From Dismal to Dominance? Law and Economics and the Values of Imperial Science, Historically Contemplated’, in Aristides N. Hatzis and Nicholas Mercuro (eds), Law and Economics: Philosophical Issues and Fundamental Questions, Chapter 5, Abingdon, UK and New York, NY, USA: Routledge, 69–88
PART II PIONEERS AND FOUNDING FATHERS
7. Sam Peltzman (2009), ‘Aaron Director’s Influence on Antitrust Policy’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 3, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 35–49
8. Steven G. Medema (2016), ‘Ronald Coase and the Legal–Economic Nexus’, in Claude Ménard and Elodie Bertrand (eds), The Elgar Companion to Ronald H. Coase, Part V, Chapter 21, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 291–304
9. Harold Demsetz (2009), ‘George J. Stigler and his Contributions to Law and Economics’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 4, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 50–59
10. Richard A. Posner (1993), ‘Gary Becker’s Contributions to Law and Economics’, Journal of Legal Studies, XXII (2), June, 211–5
11. Larry E. Ribstein (2009), ‘Henry Manne: Intellectual Entrepreneur’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 9, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 125–44
12. Robert D. Tollison (2009), ‘Buchanan and Tullock on Law and Economics’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 8, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 115–24
13. Keith N. Hylton (2009), ‘Calabresi’s Influence on Law and Economics’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 13, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 224–45
14. Thomas S. Ulen (2009), ‘Pioneers of Law and Economics: William M. Landes and Richard A. Posner’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 11, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 175–202
15. Nuno Garoupa and Fernando Gómez-Pomar (2009), ‘The Path Breaking Contributions of A. Mitchell Polinsky and Steven Shavell to Law and Economics’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 15, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 267–94
PART III AN ASSESSMENT – FROM WITHIN
16. James M. Buchanan (1974), ‘Good Economics – Bad Law’, Virginia Law Review, 60 (3), March, 483–92
17. Ronald H. Coase (1978), ‘Economics and Contiguous Disciplines’, Journal of Legal Studies, 7 (2), June, 201–11
18. Guido Calabresi (1980), ‘An Exchange – About Law and Economics: A Letter to Ronald Dworkin’, Hofstra Law Review, 8 (3), Spring, 553–62
19. Gary S. Becker (1993), ‘Nobel Lecture: The Economic Way of Looking at Behavior’, Journal of Political Economy, 101 (3), June, 385–409
20. Richard A. Posner (1987), ‘The Law and Economics Movement’, American Economic Review: Papers and Proceedings, 77 (2), May, 1–13
21. Francesco Parisi and Jonathan Klick (2004), ‘Functional Law and Economics: The Search for Value-Neutral Principles of Lawmaking’, Chicago-Kent Law Review, Symposium: Law and Economics and Legal Scholarship, 79 (2), June, 431–50
22. Robert D. Cooter (2005), ‘The Confluence of Justice and Efficiency in the Economic Analysis of Law’, in Francesco Parisi and Charles K. Rowley (eds), The Origins of Law and Economics: Essays by the Founding Fathers, Chapter 8, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 222–40
23. William M. Landes (2003), ‘The Empirical Side of Law and Economics’, University of Chicago Law Review: Centennial Tribute Essays, 70 (1), Winter, 167–80
PART IV THE CURRENT BATTLE
24. Colin Camerer, Samuel Issacharoff, George Loewenstein, Ted O’Donoghue and Matthew Rabin (2003), ‘Regulation for Conservatives: Behavioral Economics and the Case for “Asymmetric Paternalism”’, University of Pennsylvania Law Review, 151 (3), January, 1211–54
25. Christine Jolls and Cass R. Sunstein (2006), ‘Debiasing through Law’, Journal of Legal Studies, 35 (1), January, 199–241
26. Jonathan Klick and Gregory Mitchell (2006), ‘Government Regulation of Irrationality: Moral and Cognitive Hazards’, Minnesota Law Review, 90 (6), 1620–63
27. Edward L. Glaeser (2006), ‘Paternalism and Psychology’, University of Chicago Law Review, Symposium: Homo Economicus, Homo Myopicus, and the Law and Economics of Consumer Choice, 73 (1), Winter, 133–56
28. Jonathan Klick (2005), ‘The Microfoundations of Standard Form Contracts: Price Discrimination vs. Behavioral Bias’, Florida State University Law Review, 32 (2), Winter, 555–69
29. Russell Korobkin (2005), ‘Possibility and Plausibility in Law and Economics’, Florida State University Law Review, 32 (2), Winter, 781–95
30. Joshua D. Wright (2007), ‘Behavioral Law and Economics, Paternalism, and Consumer Contracts: An Empirical Perspective’, NYU Journal of Law and Liberty, 2 (3), 470–511
31. Alan Schwartz (2008), ‘How Much Irrationality Does the Market Permit?’, Journal of Legal Studies, 37 (1), January, 131–59
PART V LOOKING FORWARD
32. Douglas G. Baird (1997), ‘The Future of Law and Economics: Looking Forward’, University of Chicago Law Review, 64 (4), Fall, 1129–65
33. Richard A. Posner (1997), ‘The Future of the Law and Economics Movement in Europe’, International Review of Law and Economics: Annual EALE Conference, Bern, 6-9 September 1995, 17 (1), March, 3–14
34. Henry G. Manne and Joshua D. Wright (2008), ‘The Future of Law and Economics: A Discussion’, George Mason University Law and Economics Research Paper No. 08-35, June, 1–27
35. Jonathan Klick (2011), ‘The Empirical Revolution in Law and Economics: Inaugural Lecture for Erasmus Chair in Empirical Legal Studies’, Erasmus Law Lectures 25, The Hague, the Netherlands: Eleven International Publishing, 7–9, 11–29, 31–34
36. Joni Hersch and W. Kip Viscusi (2012), ’Law and Economics as a Pillar of Legal Education’, Review of Law and Economics, Session Paper: The Past, Present, and Future of Interdisciplinary Legal Education, 2011 Annual Meeting, American Association of Law Schools, 8 (2), October, 487–510
Index
Introduction Henry N. Butler and Jonathan Klick
PART I THE RISE OF LAW AND ECONOMICS
1. George L. Priest (2005), ‘The Rise of Law and Economics: A Memoir of the Early Years’, in Francesco Parisi and Charles K. Rowley (eds), The Origins of Law and Economics: Essays by the Founding Fathers, Chapter 14, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 350–82
2. Edmund W. Kitch (1983), ‘The Fire of Truth: A Remembrance of Law and Economics at Chicago, 1932–1970’, Journal of Law and Economics, XXVI (1), April, 163–234
3. Louis De Alessi (1999), ‘The John M. Olin Fellowship Program in Law and Economics’, Case Western Reserve Law Review, 50 (2), Winter, 341–6
4. Henry N. Butler (1999), ‘The Manne Programs in Economics for Federal Judges’, Case Western Reserve Law Review, 50 (2), Winter, 351–71, 376–87
5. Henry G. Manne (2005), ‘How Law and Economics was Marketed in a Hostile World: A Very Personal History’, in Francesco Parisi and Charles K. Rowley (eds), The Origins of Law and Economics: Essays by the Founding Fathers, Chapter 12, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 309–27
6. Steven G. Medema (2015), ‘From Dismal to Dominance? Law and Economics and the Values of Imperial Science, Historically Contemplated’, in Aristides N. Hatzis and Nicholas Mercuro (eds), Law and Economics: Philosophical Issues and Fundamental Questions, Chapter 5, Abingdon, UK and New York, NY, USA: Routledge, 69–88
PART II PIONEERS AND FOUNDING FATHERS
7. Sam Peltzman (2009), ‘Aaron Director’s Influence on Antitrust Policy’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 3, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 35–49
8. Steven G. Medema (2016), ‘Ronald Coase and the Legal–Economic Nexus’, in Claude Ménard and Elodie Bertrand (eds), The Elgar Companion to Ronald H. Coase, Part V, Chapter 21, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 291–304
9. Harold Demsetz (2009), ‘George J. Stigler and his Contributions to Law and Economics’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 4, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 50–59
10. Richard A. Posner (1993), ‘Gary Becker’s Contributions to Law and Economics’, Journal of Legal Studies, XXII (2), June, 211–5
11. Larry E. Ribstein (2009), ‘Henry Manne: Intellectual Entrepreneur’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 9, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 125–44
12. Robert D. Tollison (2009), ‘Buchanan and Tullock on Law and Economics’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 8, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 115–24
13. Keith N. Hylton (2009), ‘Calabresi’s Influence on Law and Economics’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 13, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 224–45
14. Thomas S. Ulen (2009), ‘Pioneers of Law and Economics: William M. Landes and Richard A. Posner’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 11, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 175–202
15. Nuno Garoupa and Fernando Gómez-Pomar (2009), ‘The Path Breaking Contributions of A. Mitchell Polinsky and Steven Shavell to Law and Economics’, in Lloyd R. Cohen and Joshua D. Wright (eds), Pioneers of Law and Economics, Chapter 15, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 267–94
PART III AN ASSESSMENT – FROM WITHIN
16. James M. Buchanan (1974), ‘Good Economics – Bad Law’, Virginia Law Review, 60 (3), March, 483–92
17. Ronald H. Coase (1978), ‘Economics and Contiguous Disciplines’, Journal of Legal Studies, 7 (2), June, 201–11
18. Guido Calabresi (1980), ‘An Exchange – About Law and Economics: A Letter to Ronald Dworkin’, Hofstra Law Review, 8 (3), Spring, 553–62
19. Gary S. Becker (1993), ‘Nobel Lecture: The Economic Way of Looking at Behavior’, Journal of Political Economy, 101 (3), June, 385–409
20. Richard A. Posner (1987), ‘The Law and Economics Movement’, American Economic Review: Papers and Proceedings, 77 (2), May, 1–13
21. Francesco Parisi and Jonathan Klick (2004), ‘Functional Law and Economics: The Search for Value-Neutral Principles of Lawmaking’, Chicago-Kent Law Review, Symposium: Law and Economics and Legal Scholarship, 79 (2), June, 431–50
22. Robert D. Cooter (2005), ‘The Confluence of Justice and Efficiency in the Economic Analysis of Law’, in Francesco Parisi and Charles K. Rowley (eds), The Origins of Law and Economics: Essays by the Founding Fathers, Chapter 8, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 222–40
23. William M. Landes (2003), ‘The Empirical Side of Law and Economics’, University of Chicago Law Review: Centennial Tribute Essays, 70 (1), Winter, 167–80
PART IV THE CURRENT BATTLE
24. Colin Camerer, Samuel Issacharoff, George Loewenstein, Ted O’Donoghue and Matthew Rabin (2003), ‘Regulation for Conservatives: Behavioral Economics and the Case for “Asymmetric Paternalism”’, University of Pennsylvania Law Review, 151 (3), January, 1211–54
25. Christine Jolls and Cass R. Sunstein (2006), ‘Debiasing through Law’, Journal of Legal Studies, 35 (1), January, 199–241
26. Jonathan Klick and Gregory Mitchell (2006), ‘Government Regulation of Irrationality: Moral and Cognitive Hazards’, Minnesota Law Review, 90 (6), 1620–63
27. Edward L. Glaeser (2006), ‘Paternalism and Psychology’, University of Chicago Law Review, Symposium: Homo Economicus, Homo Myopicus, and the Law and Economics of Consumer Choice, 73 (1), Winter, 133–56
28. Jonathan Klick (2005), ‘The Microfoundations of Standard Form Contracts: Price Discrimination vs. Behavioral Bias’, Florida State University Law Review, 32 (2), Winter, 555–69
29. Russell Korobkin (2005), ‘Possibility and Plausibility in Law and Economics’, Florida State University Law Review, 32 (2), Winter, 781–95
30. Joshua D. Wright (2007), ‘Behavioral Law and Economics, Paternalism, and Consumer Contracts: An Empirical Perspective’, NYU Journal of Law and Liberty, 2 (3), 470–511
31. Alan Schwartz (2008), ‘How Much Irrationality Does the Market Permit?’, Journal of Legal Studies, 37 (1), January, 131–59
PART V LOOKING FORWARD
32. Douglas G. Baird (1997), ‘The Future of Law and Economics: Looking Forward’, University of Chicago Law Review, 64 (4), Fall, 1129–65
33. Richard A. Posner (1997), ‘The Future of the Law and Economics Movement in Europe’, International Review of Law and Economics: Annual EALE Conference, Bern, 6-9 September 1995, 17 (1), March, 3–14
34. Henry G. Manne and Joshua D. Wright (2008), ‘The Future of Law and Economics: A Discussion’, George Mason University Law and Economics Research Paper No. 08-35, June, 1–27
35. Jonathan Klick (2011), ‘The Empirical Revolution in Law and Economics: Inaugural Lecture for Erasmus Chair in Empirical Legal Studies’, Erasmus Law Lectures 25, The Hague, the Netherlands: Eleven International Publishing, 7–9, 11–29, 31–34
36. Joni Hersch and W. Kip Viscusi (2012), ’Law and Economics as a Pillar of Legal Education’, Review of Law and Economics, Session Paper: The Past, Present, and Future of Interdisciplinary Legal Education, 2011 Annual Meeting, American Association of Law Schools, 8 (2), October, 487–510
Index
