Law and Economics, 6th Edition. By Robert Cooter, Thomas Ulen. Prentice Hall 2011. ISBN: 0132540657; 9780132540650
Law and economics has become a central course in U.S. legal education and for students majoring in topics like economics, political science, and philosophy. Cooter and Ulen provide a clear introduction to economic analysis and its application to legal rules and institutions that is accessible to any student who has taken principles of microeconomics.
The book’s structure is flexible, beginning with an introductory overview of economic tools followed by paired chapters in five core areas of law: property, contracts, torts, legal process, and crime. Students leave the course understanding how microeconomic theory can be used to critically evaluate law and public policy.
As the best-selling text in the market, the level and structure are accessible for most undergraduate courses. Two introductory chapters help orient students who have not taken microeconomics recently.
Chapter 2 offers a brief review of microeconomics theory.
Chapter 3 is an introduction to the law and the legal process for those who have had no formal legal training.
Five key areas of the law are covered: property, contracts, torts, legal process, and crime.
The unique paired-chapter organization lends flexibility to professors. Each pair of chapters has one chapter that introduces an economic model and one chapter that applies the model to a specific area of law.
Chapters 4 and 5 focus on property law, including material on intellectual property and organizations-as-property.
Chapters 6 and 7 discuss contracts, covering incentives and the agency problem.
Chapters 8 and 9 on torts incorporate material on damages for incompensable losses.
Chapters 11 and 12 discuss crime and punishment with topics such as overcoming weakness of will and coordinating powers of criminal law.
Coverage of recent developments is expanded, including that of law and social norms, efficiency vs. equity, private disputes vs. tax-and-transfer, and behavioral law and economics.
Empirical literature and data expose students to the latest research in the field.
A clear writing style and extensive collection of applications, both in the text and on the Companion Website, allow for flexibility in level and teaching styles.
Web Notes in each chapter closely link the text with relevant content on the Companion Website.
Questions are distributed throughout each chapter, testing students’ understanding as they move through the material.
Boxes provide real-world situations that illustrate key topics and connect students’ learning to everyday life.
New To This Edition
The Sixth Edition of Law and Economics 6e by Cooter & Ulen has been revised and updated to reflect the latest developments in law and economics. Major changes to the text are as follows:
Tables and graphs have been updated.
New boxes and suggested readings have been added throughout the text. Boxes provide real-world situations that illustrate key topics and connect students’ learning to everyday life.
Web Notes have been updated and added. This feature is located in each chapter and they closely link the text with relevant content on the Companion Website.
Additional information on liability and customs in trade can be found in Chapter 6, “An Economic Theory of Tort Law”.
The explanation of contractual commitments through a better representation of the principal-agent problem is improved in Chapter 8, “An Economic Theory of Contract Law”.
NEW material on lapses, vicarious liability, incomprehensible harms, punitive damages, mass torts, medical malpractice, and some behavioral aspects of contract remedies in Chapter 9, “Topics in the Economics of Contract Law”
A new treatment of decision making by potential litigants and their lawyers, and new figures and decision trees can be found in Chapter 10, ” Topics in the Economics of the Legal Process”.
NEW! Combined material on the legal process and an updated empirical assessment of various aspects of legal disputes can be found in Chapter 11, “Topics in the Economics of the Legal Process.”
Theoretical material on crime and punishment, updated and clarified in Chapter 12, “An Economic Theory of Crime and Punishment.”
Table of Contents
Chapter 1: An Introduction to Law and Economics
Chapter 2: A Brief Review of Microeconomic Theory
Chapter 3: A Brief Introduction to Law and Legal Institutions
Chapter 4: An Economic Theory of Property
Chapter 5: Topics in the Economics of Property Law
Chapter 6: An Economic Theory of Tort Law
Chapter 7: Topics in the Economics of Tort Liability
Chapter 8: An Economic Theory of Contract Law
Chapter 9: Topics in the Economics of Contract Law
Chapter 10: An Economic Theory of the Legal Process
Chapter 11: Topics in the Economics of the Legal Process
Chapter 12: An Economic Theory of Crime and Punishment
Chapter 13: Topics in the Economics of Crime and Punishment
Robert Cooter, a pioneer in the field of law and economics, began teaching in the Department of Economics at UC Berkeley in 1975 and joined the Boalt faculty in 1980. He has been a visiting member of the Institute for Advanced Study at Princeton and a recipient of various awards and fellowships, including Guggenheim, the Jack N. Pritzker Visiting Research Professorship at Northwestern Law School, and, most recently, the Max Planck Research Prize. He was an Olin visiting professor at the University of Virginia Law School and lectured at the University of Cologne in 1989. He is coeditor of the International Review of Law and Economics. He is one of the founders of the American Law and Economics Association and served from 1994 to 1995 as its president. In 1999 he was elected to the American Academy of Arts and Sciences.
Professor Thomas Ulen received a bachelor’s degree from Dartmouth College, a master’s from St. Catherine’s College, Oxford, and a Ph.D. in Economics from Stanford University. He holds a Swanlund Chair, one of the highest endowed titles on the Urbana-Champaign campus, and is Director of the College’s Program in Law and Economics. In addition, he is a research affiliate of the Environmental Council, a member of the Campus Honors faculty, and holds positions in the Department of Economics and the Institute for Government and Public Affairs. Recently, Professor Ulen served as a Visiting Professor at the University of Bielefeld, and as the Foreign Chair in International and Comparative Law at the University of Ghent, Belgium. He has previously been a Visiting Professor in Belgium, Germany, Slovenia, and a Ford Foundation Professor in Shanghai, China. Professor Ulen was a member of the founding Board of Directors of the American Law and Economics Association and has served as a member of the editorial board of several professional journals. He is also a co-organizer, with Professor Tom Ginsburg and Professor Richard McAdams, of the Midwest Law and Economics Association Annual Meeting at the College of Law. PDF