The Analytical Failures of Law and Economics

The law-and-economics movement is still a dominant force in American private law, but this book argues that many of its arguments fail on their own terms, even for those who accept its assumptions and goals. Shawn Bayern demonstrates that economic thinking fails to explain or justify most rules in the common law, and that those who accept the importance of efficiency should not be persuaded by the kind of law-and-economics arguments that have remained in vogue for decades.

Format: Hardback
Length: 240 pages
Publication date: 28 September 2023
Publisher: Cambridge University Press

The law-and-economics movement continues to exert a significant influence on American private law, despite the acknowledgment by courts and commentators that many of its assumptions are questionable and that efficiency is not the sole objective of the law. This book contributes to the ongoing debate by demonstrating that numerous prominent law-and-economics arguments fall short on their own merits, even when their core assumptions and goals are accepted. Shawn Bayern adopts an analytical approach and employs law-and-economics methodologies to challenge the dominant arguments within the field. Through a comprehensive survey of key law-and-economics arguments in tort, contract, and property law, Bayern compellingly argues that economic reasoning fails to provide an adequate explanation or justification for the majority of rules in the common law. Those who prioritize efficiency should be cautious of the arguments that have maintained popularity among legal scholars for decades, as they are fragile, self-contradictory, or otherwise problematic.

Weight: 444g
ISBN-13: 9781009159210