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Economic Foundations of Law second edition, by Stephen Spurr
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Economic Foundations of Law (2nd ed.) provides an 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. In line with current trends in legal scholarship, discussion is focused on economic principles such as risk aversion, efficiency, opportunity cost, moral hazard, rent-seeking behaviour and economies of scale.
Accessible, comprehensive and well written, this book uses extensive practical examples and explanations to illustrate key points. There are numerous applications to lawyers and the legal profession, with detailed discussions of subjects as diverse as the proposed market for transplantable human organs, the market for adoptions, the market for bail bonds, the unanticipated effects of Megan’s law, and issues of racial profiling. Fully updated and revised, a new chapter on labor law has also been included.
- Sales Rank: #657865 in Books
- Brand: Brand: Routledge
- Published on: 2010-07-29
- Released on: 2010-06-18
- Original language: English
- Number of items: 1
- Dimensions: 9.68" h x .74" w x 6.85" l, 1.30 pounds
- Binding: Paperback
- 328 pages
- Used Book in Good Condition
About the Author
Stephen Spurr is Professor of Economics at Wayne State University, Detroit, USA.
Most helpful customer reviews
2 of 2 people found the following review helpful.
A non-intimidating introduction to law and economics
By Amazon Customer
This well-written textbook guides the reader through the economic analysis of law. The author presents the material in a non-intimidating manner. The book does not read like an encyclopedia; it is only 300 pages in length, making it is easy to read and digest the central elements of law and economics.
Unlike some other textbooks, the author does not assume that the reader is well-versed in either economics or law. In fact, the first two chapters provide the reader with the required economics knowledge to understand the rest of the book. These introductory chapters explain such important concepts as revenue, cost, economies of scale, supply and demand, input markets, production, taxes and subsidies, elasticity, cartels, monopoly, game theory, time value of money, public goods, externalities, moral hazard, as well as other topics. Chapter 3 then provides an introduction to the legal system. Chapters 4-6 examine the issues surrounding property law. Here the author deals with interesting and controversial material (e.g., the market for human organs and the market for babies), in addition to covering the usual topics of the Coase theorem, eminent domain, intellectual property, and the disposition of property. Contracts and torts are presented in chapters 7 and 8. My favorite material in this section was on medical malpractice and the economics of damages. Chapter 9 covers the economics of litigation, and Chapter 10 uses many applications to help the reader see the link between economics and crime. All the hot-topic issues are covered: profiling, Megan's law, the deterrent effect of capital punishment, illicit drug markets, and the effects of police and abortion on crime. Chapter 11 deals with corporations and financial markets, covering the basics of business organization. Chapter 12 analyzes death taxes, social security taxes, consumption taxes, charitable contributions, and depreciation. The final chapter provides a nice overview of labor law, which is sometimes neglected in other law and economics books. Like elsewhere in the book, the author provides the reader with an unbiased assessment of the topic, giving readers both sides of the debate. This approach is clearly evident when the author discusses the minimum wage and employment protection laws. Overall, the author does a great job using economics to explain and help the reader better understand the various areas of law.
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