Book section · January 1, 2024
In Observations on Several Acts of Parliament, the economic dangers of the strengthened Navigation Acts are spelled out by a group of Boston merchants. They argue that if the colonies suffer great economic hardship through their decreasing trade, particula ...
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Book section · January 1, 2021
For most economists at Chicago, Marshall was simply an input, the supplier of an approach to economic analysis. For Ronald Coase, however, Marshall was much more than this—a subject of fascination and, at times, almost a reverence and obsession. Trained in ...
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Book section · January 1, 2021
Though economists typically eschewed non-welfarist arguments in the post-WWII period, there is at least one prominent instance in which such arguments were very much in play, both directly and as underpinnings for welfare-related arguments: The debate over ...
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Book section · January 1, 2019
The University of Chicago occupies a central place in the history of Law and Economics. To this point, however, scant attention has been given in the literature to how the prospect of an economic analysis of law was received within the law school at Chicag ...
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Book section · January 1, 2018
This article traces economists’s attitudes towards government intervention since the term ‘laissez-faire’ was first used in late 17th- or early 18th-century France. Understanding of the term has changed significantly since then. Adam Smith, popularly assoc ...
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Book section · January 1, 2018
Economics is difficult to define unambiguously, many definitions having been proposed as the subject has evolved. Definitions are ex post constructions, even rationalizations, but they can nonetheless influence what economist do and how they set about doin ...
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Book section · January 1, 2018
Ronald Coase made seminal contributions to law and economics and to the theory of the firm, for which he received the 1991 Nobel Prize. The importance of understanding the role of transaction costs in economic activity and the influence of alternative inst ...
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Book section · January 1, 2018
Aaron Director’s enduring contribution to economics came via his role in the development of the Chicago law and economics tradition. Director was born in Charterisk (in present-day Ukraine) in 1901 and emigrated to the United States with his family in 1913 ...
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Book section · January 1, 2016
Q. What could you tell us about the influence of the Italian public finance school in general on the Anglo-American economic thought? What happened was that because so little of the Italian literature was translated into English, the diffusion of this lite ...
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Book section · January 1, 2015
The history of the economic analysis of law is one of success, whether success is measured by the field’s explanatory power or by its professional entrenchment. On the economics side, its journals have significant status within the profession at large, the ...
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Book section · January 1, 2015
It is generally accepted that Léon Walras’s greatest influence on American and British economics began only in the 1930s. While there is a significant element of truth to this, it begs the question of the degree to which Walras’s work was known in the Engl ...
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Book section · January 1, 2015
The Coase theorem evolved from Ronald Coase's classic 1960 article, “The Problem of Social Cost,” and is one of the most controversial propositions in modern economics, with an impact stretching across economics, law, and sundry other fields. This entry pr ...
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Book section · January 1, 2011
It is common practice to equate “law and economics” with the Chicago School and Chicago law and economics with Richard Posner and the economic analysis of law. Just as common is the tendency to equate Chicago microeconomics, or price theory, with Gary Beck ...
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Book section · January 1, 2010
Adam Smith’s discussion of the system of natural liberty, its eff ects on the functioning of the market system, and the resultant implications for the economic role of the state has formed the basis for much of the subsequent economic literature analyzing ...
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Book section · January 1, 2010
Richard A. Posner (1939–) was born on January 11, 1939 in New York City. He received his BA from Yale College (1959) and his LLD from Harvard Law School (1962), where he served as President of the Law Review. The period following his graduation was spent i ...
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Book section · January 1, 2010
The field of law and economics is arguably the most successful of economics’ various imperialistic movements, and this success has been driven largely by scholars from the University of Chicago and their protégés. If one spends much time examining the curr ...
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Book section · January 1, 2010
Ronald Harry Coase was born on December 29, 1910 in the London suburb of Willesden. An only child, Coase was educated at the Kilburn Grammar School and the London School of Economics (LSE), from which he graduated with a degree in commerce in 1932. Interes ...
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Book section · January 1, 2010
INTRODUCTION The idea that the pursuit of private interests may not redound to the larger social interest has a long history in economic thinking, but it was not until the second half of the 19th century that this line of thought began to coalesce into an ...
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