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Description
Written by a lawyer and an economist, this is the
first full-length economic study of tort law--the
body of law that governs liability for accidents
and for intentional wrongs such as battery and
defamation. Landes and Posner propose that tort
law is best understood as a system for achieving
an efficient allocation of resources to
safety--that, on the whole, rules and doctrines
of tort law encourage the optimal investment in
safety by potential injurers and potential
victims. The book contains both a comprehensive
description of the major doctrines of tort law
and a series of formal economic models used to
explore the economic properties of these
doctrines. All the formal models are translated
into simple commonsense terms so that the math
less reader can follow the text without
difficulty legal jargon is also avoided, for the
sake of economists and other readers not trained
in the law. Although the primary focus is on
explaining existing doctrines rather than on
exploring their implementation by juries,
insurance adjusters, and other real world actors,
the book has obvious pertinence to the ongoing
controversies over damage awards, insurance rates
and availability, and reform of tort law-in fact
it is an essential prerequisite to sound reform.
Among other timely topics, the authors discuss
punitive damage awards in products
liability cases, the evolution of products
liability law, and the problem of liability for
mass disaster torts, such as might be produced by
a nuclear accident. More generally, this book is
an important contribution to the law and
economics movement, the most exciting and
controversial development in modern
legal education and scholarship, and will become
an obligatory reference for all who are concerned
with the study of tort law.
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The Economic Structure of Tort Law First Edition