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Economic Analysis of Law | Richard Posner | download
Posner Economic Analysis Of Law [DOWNLOAD] Posner Economic Analysis Of Law [PDF] [EPUB] ID: UdHT7WRE0jzPYJi Powered by TCPDF (blogger.com) 1 / 1. Title: Posner Economic Analysis Of Law Author: blogger.com Subject: Posner Economic Analysis Of Law. Economic Analysis of Law Richard Posner Lucid, comprehensive, and definitive in its field, this text covers every aspect of economic analysis of the law, from common law, corporate and commercial law, and public international law to family law, evidence, and the economic theory of democracy. From then on, Becker's influence on Posner and, from a broader perspective, on the evolution of law and economics into an economic analysis of law (see also Medema, , pp. ) is blogger.com, on several occasions, Posner acknowledges the huge debt of the law and economics movement to Becker, writing that "Gary Becker's contributions to.
Economic analysis of law posner pdf download
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A short summary of this paper. Thus, after Posner "[n]ever again would Law and Economics be thought of as exclusively the domain of antitrust and corporate law. Now its domain was the very heart of the legal system, torts, property, contracts, domestic relations, procedure, even constitutional law" Manne, After all, Posner himself defines his economic analyses of law as "recent developments in law and economics" Posner,emphasis added.
In this article, we depart from a dominant interpretation that amounts at minimizing Posner's economic analysis of law to mere additions to law and economics.
We rather argue that several essential differences exist between law and economics and an economic analysis of economic analysis of law posner pdf download. These differences justify to consider Posner's contributions as specific and original compared to law and economics.
More precisely, we claim that these discrepancies make it actually difficult to reconcile both fields as parts of a same movement and account for Posner using the expression "economic analysis of law" preferably to law and economics, in order to label his own work at the beginning of the s.
From this perspective, we build upon Coase's statement that "two parts" co-exist in law and economicsp. Thus, a first part to which Coase has attached his own name aims to "study the influence of the legal system on the working of the economic system"p. To this second part, as Coase acknowledged Coase in Epstein et al.
We put these claims in a historical perspective and concentrate our analysis mainly on the changes that occur at the turn of the s. It allows us to propose and demonstrate a twofold original argument. First, we show that Posner does not only propose an economic analysis of the working of the legal system but also that his approach has changed in the early s, shifting from a law and economics perspective in which the focus is put on the working of the economic system to an economic analysis of law in which the emphasis is put on the functioning of the legal system.
Therefore, and this is the second part of our demonstration, we show that the evolution in Posner's works essentially derives from the influence of Becker and the adoption by the former of the methodological views of the latter.
More precisely, we claim that Posner no longer retains a --restrictive --definition of economics by subject matter but that he aligns himself on Becker and his broader definition of economics placing nonmarket decisions and method at the core of the discipline. In other words, we argue that Posner is the first who transposes Becker's definition of economics in law and economics and that this is precisely what makes Posner's economic analysis of law possible and specific, and also of particular importance.
His debut in the academic career is no exception. Thus, at the end of the s --he is then assistant professor at Stanford University --and then in the early s --as a professor of Law at the University of Chicago -- more specifically in the three years from toPosner publishes eight articles.
Through their topics and the issues they deal with, these works form a remarkably consistent set and can be classified as "law and economics" papers. In other words, Posner's early works cannot yet be considered as instances of economic analyses of law. In these articles, in effect, Posner discusses regulatory policies, antimonopoly or anti-trust rules, non-competitive --natural monopolies or oligopolies --markets and the efficie ncy of legal rules and administrative procedures that can be used to control them Posner, a, b, c;a, b;a, b, c.
He therefore deals with issues that have been continuously discussed and analysed in academic journals as "law and economics" issues since the origins of the field, in the s at the University of Chicago: "[f]or more than thirty years the pages of The Journal of Political Economy and Law and Economics have set forth the empirical findings and explanations of the adoption and workings of [regulatory] policies, both major and minor" Mitchell,p. In particular, the issues that Posner deals with economic analysis of law posner pdf download that time are also those that appear under the pen of Aaron Director and Ronald Coase, two representatives of the -old -law and economics tradition 4 and major influences on Posner.
Posner gets acquainted with Director in at Stanford where the latter has retired 5. Most of the articles that Posner then writes reveal the influence of Director, and Posner acknowledges it. Interestingly, Posner specifically thanks Director for his "help" and also acknowledges to be indebted to him in different articles.
In his "Oligopoly and Antitrust Laws", Posner notes that the approach that he develops "is a product of a collaboration with Aaron Director, who, in economic analysis of law posner pdf download, first suggested many of the ideas that are developed in [the article]" Posner, b Posner,p.
Stigler, who first suggested the study and have made many helpful 4 The Problem of the Social Cost is "an unintended result of law and economics of the old variety" Medema,p. He was living near Stanford and had an office in the Stanford Law School. I recognized the name when I started teaching at Stanford inand I went into his office and introduced myself.
I became very friendly with him, economic analysis of law posner pdf download. Later, he explains that:"Aaron suggested to me that I complete a project that he had started with a student. That was to do some descriptive statistics on economic analysis of law posner pdf download enforcement [., economic analysis of law posner pdf download.
Thus, Director suggested to Posner to use legal rules as data in analyses of what is fundamentally an economic problem. A few years later, Posner still mentions Director and refers to one of his contribution Posner, a as one of "some recent testaments of his continuing influence" Posner,p. Similarly, and even i f he does not specifically thank him for a direct help, Posner insists on the influence of Coase --with whom he has worked on the "Stigler Report" 6 --on his work.
For instance, he acknowledges that The Problem of the Social Cost "has largely influenced [his] own thinking" Posner, c, p. To understand the economic analysis of law posner pdf download of their influence on Posner, it is necessary to stress that both Director and Coase shared common views on how to define economics, what economists should do and, as a consequence, why they should pay attention to the law.
As to this latter point, both fundamentally agree on the influence of legal rules on economic activities. Thus, Director was involved in the birth of law and economics through the Antitrust Project in the s at the University of Chicago Law School, a project obviously concerned with antitrust policy see more details in van Horn and Mirowski, ;van Horn, In effect, the problems Director was interested in were of economic nature or problems of economic public policy but, as noted by George Priestp.
Director looked to antitrust cases as sources of evidence of industrial behavior", economic analysis of law posner pdf download. This is also the reason for which Posner praises him in the seventies, noting that Director was known for being "the seminal figure" Posner, economic analysis of law posner pdf download,p.
For his part, Coase has always claimed that his interest in law and economic s was that of "an economist" see for instance, Coase in Epstein et al. Thus, he argues: "in 'The 6The "Stigler Report", economic analysis of law posner pdf download, officially known as "The Report of the President's Task Force on Productivity and Competi tion" was written for the incoming Nixon Administration and denounced the feasibility of attacking conglomerates using the existing antitrust laws.
Posner got involved in the task force in charge of the report through Director: "through Aaron I became very friendly with George [Stigler]. Through Aaron Director I was put on a task force on antitrust policy for the president-elect, the infamous Nixon.
Problem of Social Cost' I used the concept of transaction costs to demonstrate the way in which the legal system could affect the working of the economic system, and I did not press beyond this" Coase,p. It was aimed at economists. What I wanted to do was to improve our analysis of the working of the economic system" Coase,p. And, from this perspective, Coase finds it necessary to deal with legal rules because they affect the economypp.
For him, this is the only reason for which legal decisions must be drawn into the analysis: to evidence the impact of the law on the economy. In law and economics as Coase conceives it, economists "study … legal cases both to learn about the details of actual business practices information largely absent in the economics literatureand to appraise the impact on them of the law. I and no doubt others have used the legal cases to illustrate the economic problem"p.
For Coase, to be an economist bears a specific meaning. It relates to the specific definition of the discipline that Coase associates with Alfred Marshall and, maybe more surprisingly, with George Stigler, economic analysis of law posner pdf download. Indeed, both Marshall and Stigler refer to economics in terms of an object to study and of the activities that form this object and "emphasize that economists study certain kinds of activities" Coase,p.
From this perspective, it is not only assumed that there exists a specific area in human activities that is defined by the nature of these activities and that is called "the economy", but also that economists have to restrict their analyses to these activities. In other words, this means that there exists a subject matter or an object of study for economists and that it consists in analysing economic or market activities. Such is the perspective adopted by Coase, who for instance writes: "I think economists do have a subject matter: the study of the working of the economic system, economic analysis of law posner pdf download, a system in which we earn and spend our incomes" Coase,p.
In slightly different terms, he has already written earlier that economists "study the economic system […] What economists study is the working of the social institutions which bind together the economic system: firms, markets for goods and services, labour markets, capital markets, the banking system, international trade, and so on" Coase,pp.
Thus, the identification of a subject matter is not only a sufficient but also a necessary condition to define economics. In other words, as most economists did, Coase define his 7 See also Coasep. The delineation or delimitation of the scope of economics allows them to distinguish the discipline from other social sciences and guarantees the unity of the discipline as well, since the subject matter is "the dominant factor producing the cohesive force that makes a group of scholars a recognizable profession" Ibid.
Accordingly, economists can only use the specific tools that characterise their discipline within the limits of their subject matter and economists "should use these analytical tools to study the economic system" Coase,p. Conversely, to envisage economics as tools without subject matter does not make sense: economists who "think of themselves as having a box of tools but no subject matter" Ibid.
Posner's early analyses are thus typical instances of law and economics on two main accounts. First, Posner's early writings primarily focus on economic problems --the "working of the economic system" in Coase's terms. Dealing with regulatory policies issues, antimonopoly or economic analysis of law posner pdf download rules, i.
In that sense, economic analysis of law posner pdf download, they concern core "economic" issues, such as the allocation of resources, consumer surplus, interdependence pricing between oligopolies and their "tendency to avoid vigorous price competition" Posner, b Posner,p. For sure, Posner does not analyse these economic problems as such but because of their "legal" dimension. Because rules influence the decisions made by firms, and because they can be used to regulate anticompetitive behaviours and the functioning of markets, they raise several important issues that Posner will deal with successively in his papers.
For instance, how to regulate those markets in which competitive regulation is impossible Posner, a;a? Are antitrust laws an efficient means to control oligopolies Posner, b Posner,economic analysis of law posner pdf download Can administrative agencies --in that case, the Federal Trade Commission --play an efficient role in antimonopoly policies Posner, a?
Following up this line, Posner even outlines a program for the Anti-trust Division of the Department of 8 Coase quotes two "memorable. Justice, economic analysis of law posner pdf download, in which he develops an approach "seeking to maximize the efficiency of antitrust enforcement by discovering and implementing those policies whose net social product is largest" Posner, a, p. Also close to these topics, he finally devotes economic analysis of law posner pdf download last paper to regulation as a means of taxation Posner, b.
A second feature of Posner's analyses at that time is also particularly interesting and important from the perspective of a connection with law and economics. It relates to the nature of the rules that Posner takes into consideration i n his analyses. Namely, Posner deals with regulatory antitrust laws, for instance the Sherman or the Clayton Acts, i. In that sense, Posner does not propose an analysis of all legal rules but rather focuses on what can be called "political" rules, i. This does not imply that courts are absent from the reasoning.
On the contrary, the references to decisions made by courts, especially the U. Supreme Court of Justice, are frequent, economic analysis of law posner pdf download. Posner refers to them because they do not only influence firms behaviour but also result from their behaviour and, therefore, influence the way the economy functions and its efficiency, economic analysis of law posner pdf download.
This makes it legitimate for economists to study legal rules because and whenever they relate to the economic problem that has been identified in the first place. As a corollary, the decision-making processes that give birth to legal and judicial rules are not discussed in themselves. To economic analysis of law posner pdf download contrary, rules are assumed to be given. For instance, the decisions made by courts are not examined per se, but as Posner notes, because they "provide a rich mine of information about business practices''" Posner,p.
In sum, at the turn of the s, Posner's works still belong to law and economics, a field he will la ter describe himself as concentrating on "explicit economic markets''" and "explicit economic relationships" Posner,p.
Economic Analysis of Law
, time: 43:53Economic analysis of law posner pdf download
Economic Analysis of Law Richard Posner Lucid, comprehensive, and definitive in its field, this text covers every aspect of economic analysis of the law, from common law, corporate and commercial law, and public international law to family law, evidence, and the economic theory of democracy. Economic Analysis of Law-Richard A. Posner This text for students of law and economics concentrates on the progress of scholarship in the field. Concrete applications are emphasized over abstract theory in the book. Economic Analysis of Law-Richard A. Posner Economic Analysis of the Law-Donald A. Wittman Providing students. Posner Economic Analysis Of Law [DOWNLOAD] Posner Economic Analysis Of Law [PDF] [EPUB] ID: UdHT7WRE0jzPYJi Powered by TCPDF (blogger.com) 1 / 1. Title: Posner Economic Analysis Of Law Author: blogger.com Subject: Posner Economic Analysis Of Law.
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