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A Review of Steven Shavell's Foundations of Economic Analysis of Law

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  • Richard A. Posner

Abstract

Steven Shavell's Foundations of Economic Analysis of Law (Harvard University Press, 2004) is a major theoretical contribution to "law and economics," the applied field of economics that studies the economic properties and consequences of legal doctrines and institutions. It is a field of immense practical importance, but unfamiliar to many economists--a situation that Shavell's book bids fair to rectify. This review essay situates Shavell's book in the history of economic scholarship about law and uses the book as a springboard for speculation about new directions in that scholarship.

Suggested Citation

  • Richard A. Posner, 2006. "A Review of Steven Shavell's Foundations of Economic Analysis of Law," Journal of Economic Literature, American Economic Association, vol. 44(2), pages 405-414, June.
    • Handle: RePEc:aea:jeclit:v:44:y:2006:i:2:p:405-414
    Note: DOI: 10.1257/jel.44.2.405
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    References listed on IDEAS

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    1. Daniel Berkowitz, 2005. "American Civil Law Origins: Implications for State Constitutions," American Law and Economics Review, Oxford University Press, vol. 7(1), pages 62-84.
    2. Gary S. Becker, 1974. "Crime and Punishment: An Economic Approach," NBER Chapters, in: Essays in the Economics of Crime and Punishment, pages 1-54, National Bureau of Economic Research, Inc.
    3. Gary S. Becker & William M. Landes, 1974. "Essays in the Economics of Crime and Punishment," NBER Books, National Bureau of Economic Research, Inc, number beck74-1, March.
    4. Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, number 9780198288817, Decembrie.
    5. Luis Garicano & Richard A. Posner, 2005. "Intelligence Failures: An Organizational Economics Perspective," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 151-170, Fall.
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    Cited by:

    1. Dionne, Georges, 2006. "Book review of Foundations of Economic Analysis of Law, by Steven Shavell," Working Papers 06-9, HEC Montreal, Canada Research Chair in Risk Management.
    2. Anthony Niblett, 2017. "On the efficiency of the common law: an application to the recovery of rewards," European Journal of Law and Economics, Springer, vol. 43(3), pages 393-417, June.

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