The economics of civil and common law / [electronic resource]
Zagros Madjd-Sadjadi.
- First edition.
- 1 online resource (viii, 199 pages)
- Economics collection, 2163-7628 .
- Economics collection. .
Includes bibliographical references (pages 187-194) and index.
1. The interaction of law and economics -- 2. Property rights -- 3. Contracts -- 4. Torts -- 5. Organization of the firm and competition law -- 6. Other laws -- Glossary -- Notes -- References -- Index.
Access restricted to authorized users and institutions.
Law is supposed to encourage innovation, morality, and conformity with societal expectations, yet it may provide perverse incentives causing individuals, or even the State, to act in discordant, inefficient, and even immoral ways. It will explore the inefficiencies that are created that serve to deny individuals work and shelter in a haphazard and capricious manner. It will examine property rights, including eminent domain that lets the State take property away with seemingly arbitrary compensation to the owner. Individuals must understand both civil law, codified by statutes, and common law, enshrined in precedential judicial decisions, and why the common law tends to better reduce transactions costs and thus avoid courts entirely. This book is written for economists and noneconomists and has an extensive glossary of economic, political, and legal terms. Two items that are not formally treated in other economics of law textbooks are the legal organization of businesses and tax law from an economics perspective.
9781606495858
Law and economics. Law--Economic aspects.
adverse selection antitrust law civil law climate change Coase theorem common law contracts corporate personhood deadweight loss discrimination externalities family law free trade information asymmetry Laffer curve moral hazard patents Pigouvian tax precedent price discrimination principal-agent program property rights Supreme Court decisions tax incidence Theory of the Firm torts transaction costs unconscionability