Hostname: page-component-78c5997874-lj6df Total loading time: 0 Render date: 2024-11-07T21:10:24.709Z Has data issue: false hasContentIssue false

Law and Economics—Valuable but Controversial

Published online by Cambridge University Press:  27 December 2018

Abstract

Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Type
Review Essay
Copyright
Copyright © American Bar Foundation, 1992 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

1 Coase, Ronald H., “The Problem of Social Cost,” 3 J.L. & Econ 1 (1960).CrossRefGoogle Scholar

2 Calabresi, Guido, “Some Thoughts on Risk Distribution and the Law of Torts,” 70 Yale L.J 11 (1961).CrossRefGoogle Scholar

3 Coase, , 3 J.L. & Econ.Google Scholar

4 Coase, , 3 J.L. Law & Econ. (cited in note 1).Google Scholar

5 Hall v. City of Santa Barbara, 833 F.2d 1270 (9th Cir. Ct. App. 1986). This ruling is in conflict with one rendered more recently by a California appellate court in Yee v. City of Escondido, 224 Cal. App. 3d 1349 (Oct. 1990).Google Scholar

6 Azul Pacifico, Inc. v. City of Los Angeles, Daily Journal, DAR 13599 (1991).Google Scholar

7 The term used most often to refer to returns that exceed competitive returns is a “rent,” but to avoid confusion with the more conventional meaning of that term, for example, that used in the discussion of rent control laws, here the term “profits” is used to stand for “economic profits.” All these terms imply that there is an asset that bears a rate of return higher than that which would prevail under competitive conditions.Google Scholar

8 Such an appreciation in the value of a coach results when rent control laws lower rental rates below market levels and thus provide coach owners with a windfall in the form of capitalized lower rent payments in the future.Google Scholar

9 Hall v. City of Santa Barbara, 833 F.2d.Google Scholar

10 Hirsch, Werner Z., “An Inquiry into the Effects of Mobile Home Park Rent Control,” 24 J. Urban Econ 212 (1988).CrossRefGoogle Scholar

11 Becker, Gary, “Crime and Punishment: An Economic Approach,” 76 J. Pol. Econ 169 (1969).CrossRefGoogle Scholar

12 Brown, J. P., “Toward an Economic Theory of Liability,” 2 J. Legal Stud 323 (1973).CrossRefGoogle Scholar

13 Shavell, Steven, “Strict Liability versus Negligence,” 71 J. Legal Stud 1 (1980).CrossRefGoogle Scholar

14 Horvitz, Sigmund A. & Stern, Louis H., “Liability Rules and the Selection of a Socially Optimal Production Technology,” 7 Int'l Rev. L. & Econ 121 (1987).CrossRefGoogle Scholar

15 Cohen, Mark A., “Optimal Enforcement of Strategy to Prevent Oil Spills: An Application of a Principal-Agent Model with Moral Hazard,” 30 J.L. & Econ 23 (1987).CrossRefGoogle Scholar

16 Werner Z. Hirsch, Law and Economics 183 (2d ed. Boston: Academic Press, 1988) (“Hirsch, Law and Economics”).Google Scholar

17 Schwartz, Gary, “The Myth of the Ford Pinto Case,” 43 Rutgers L. Rev 1013 (1991).Google Scholar

18 Hirsch, Law and Economics 4–9.Google Scholar

19 A. Mitchell Polinsky, An Introduction to Law and Economics 7–10 (Boston: Little, Brown & Co., 1989).Google Scholar

20 For a definition, see note 4.Google Scholar

21 See, e.g., James M. Buchanan, Robert D. Tollison, & Gordon Tullock, eds., Toward a Theory of the Rent-seeking Society (College Station: Texas A & M Press, 1980).Google Scholar

22 See, e.g., Becker, Gary, “A Theory of Competition among Pressure Groups for Political Influence,” 98 Q.J. Econ 371 (1983), as well as Buchanan, et al. just cited.CrossRefGoogle Scholar

23 Cooter, Robert D. & Rubinfeld, Daniel L., “Economic Analysis of Legal Disputes and Their Resolution,” 27 J. Econ. Literature 1067 (1989).Google Scholar

24 Schwartz, , 43 Rutgers L. Rev. (cited in note 17).Google Scholar

25 Coase, , 3 J.L & Econ. (cited in note 1).Google Scholar