Economics of the Law: Torts, Contracts, Property, Litigation

Rating:
Summary: Good intro and overview.
Review: I can't say I have any great love for the school of thought expounded in this volume. But if it's mathematical models you want, it's mathematical models you'll get in this fine introduction. (Me, I disagree with the mathematical-models approach pretty much _in toto_ and favor the Austrian school of economics -- von Mises, Rothbard, et alia -- on a foundation of rationalism. But my disagreement doesn't detract from the quality of Miceli's presentation.)

In each of the four areas mentioned in his subtitle, Miceli presents a basic "model" in one chapter and then rings the changes on it in the next. His presentation is clear and solid, though it does require at least some background in undergraduate-level mathematics. (And in general, it's a good idea to know at least enough mathematics to overcome the tendency to be impressed by it!)

Readers interested in this field but without much background in math are advised to read Mercuro/Medema's _Economics and the Law_ first, especially the chapter on the Chicago School. I'd personally recommend reading Miceli's book before moving on to Posner's _Economic Analysis of the Law_, Landes/Posner's _Economic Structure of Tort Law_, and Shavell's _Economic Analysis of Accident Law_.

For another good introductory work in some respects "orthogonal" to this one, see Polinsky's _An Introduction to Law and Economics_. In addition to providing a fuller discussion of the Coase Theorem, Polinsky also raises questions about possible conflicts between efficiency and equity. Personally, I don't think this entire school of thought deals adequately with those conflicts, but Polinsky does make the attempt.

Readers critical of "law and economics" and seeking an opposing point of view -- indeed, an opposing fundamental outlook -- might wish to read Ernest Weinrib's _The Idea of Private Law_. (In my own view based on my reading to date, the genuine insights of the "law and economics" movement can be taken up, with appropriate modification, into Weinrib's outlook -- but the other direction doesn't work.)

Rating:
Summary: Good intro and overview.
Review: I can't say I have any great love for the school of thought expounded in this volume. But if it's mathematical models you want, it's mathematical models you'll get in this fine introduction. (Me, I disagree with the mathematical-models approach pretty much _in toto_ and favor the Austrian school of economics -- von Mises, Rothbard, et alia -- on a foundation of rationalism. But my disagreement doesn't detract from the quality of Miceli's presentation.)

In each of the four areas mentioned in his subtitle, Miceli presents a basic "model" in one chapter and then rings the changes on it in the next. His presentation is clear and solid, though it does require at least some background in undergraduate-level mathematics. (And in general, it's a good idea to know at least enough mathematics to overcome the tendency to be impressed by it!)

Readers interested in this field but without much background in math are advised to read Mercuro/Medema's _Economics and the Law_ first, especially the chapter on the Chicago School. I'd personally recommend reading Miceli's book before moving on to Posner's _Economic Analysis of the Law_, Landes/Posner's _Economic Structure of Tort Law_, and Shavell's _Economic Analysis of Accident Law_.

For another good introductory work in some respects "orthogonal" to this one, see Polinsky's _An Introduction to Law and Economics_. In addition to providing a fuller discussion of the Coase Theorem, Polinsky also raises questions about possible conflicts between efficiency and equity. Personally, I don't think this entire school of thought deals adequately with those conflicts, but Polinsky does make the attempt.

Readers critical of "law and economics" and seeking an opposing point of view -- indeed, an opposing fundamental outlook -- might wish to read Ernest Weinrib's _The Idea of Private Law_. (In my own view based on my reading to date, the genuine insights of the "law and economics" movement can be taken up, with appropriate modification, into Weinrib's outlook -- but the other direction doesn't work.)

Rating:
Summary: Best Textbook Treatment of the Economics of Law
Review: Thomas Miceli wrote the most comprehensive technical treatment of law and economics. The text contains formal mathematical models with a coherent coverage of the main issues in contracts, property, torts, and litigation. The book is written for an educated audience. Unquestionably the best among the wide-range treatments of law and economics. Comparable in quality and technical sophistication to Posner-Landes's treatment of tort law and Shavell's treatment of accident law.