The Measure of Law and Economics Robert Cooter and Jody Kraus European Association of Law and...
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Transcript of The Measure of Law and Economics Robert Cooter and Jody Kraus European Association of Law and...
![Page 1: The Measure of Law and Economics Robert Cooter and Jody Kraus European Association of Law and Economics 22 September 2011.](https://reader036.fdocuments.us/reader036/viewer/2022062511/55192ace5503462f428b4d31/html5/thumbnails/1.jpg)
The Measure of Law and Economics
Robert Cooter and Jody KrausEuropean Association of Law and Economics
22 September 2011
![Page 2: The Measure of Law and Economics Robert Cooter and Jody Kraus European Association of Law and Economics 22 September 2011.](https://reader036.fdocuments.us/reader036/viewer/2022062511/55192ace5503462f428b4d31/html5/thumbnails/2.jpg)
What is an x?
• What is a man? A rational animal. (Socrates)• What is justice? A utopian republic. (Plato)• What is law and economics?– Economic analysis applied to law?(Posner) – A non-legal form of reasoning? (Coleman)
![Page 3: The Measure of Law and Economics Robert Cooter and Jody Kraus European Association of Law and Economics 22 September 2011.](https://reader036.fdocuments.us/reader036/viewer/2022062511/55192ace5503462f428b4d31/html5/thumbnails/3.jpg)
Three Facts About History of Law and Economics in the U.S.A.
• Fact 1: Explosive growth of L&E beginning in 1980s
• Fact 2: L&E is strongest in the elite law schools.
• Fact 3: A small proportion of legal scholars follow the L&E approach.
![Page 4: The Measure of Law and Economics Robert Cooter and Jody Kraus European Association of Law and Economics 22 September 2011.](https://reader036.fdocuments.us/reader036/viewer/2022062511/55192ace5503462f428b4d31/html5/thumbnails/4.jpg)
• Fact 1: Explosive growth of L&E beginning in 1980s– Scholarship (citation studies –Landes)– Institutions (journals, associations, professors)
![Page 5: The Measure of Law and Economics Robert Cooter and Jody Kraus European Association of Law and Economics 22 September 2011.](https://reader036.fdocuments.us/reader036/viewer/2022062511/55192ace5503462f428b4d31/html5/thumbnails/5.jpg)
AALS Professors Teaching Law and Economics
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Professors Teaching Law and Economics and Law School’s Ranking
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Law Professors Teaching L&E Compared to All Law Professors
2.0% 2.4%
![Page 8: The Measure of Law and Economics Robert Cooter and Jody Kraus European Association of Law and Economics 22 September 2011.](https://reader036.fdocuments.us/reader036/viewer/2022062511/55192ace5503462f428b4d31/html5/thumbnails/8.jpg)
Two Enterprises
• Say what the law requires of people.
• Say what the law is.• Interpret laws.• Restate the law.• Offer legal reasons.• Determine the law’s
correct categories.
Legal ContentLegal Causes
• Prove the effects of laws.
• Find the empirical consequences of laws.
• Model responses to laws.
• Find what caused officials to make or repeal a law.
![Page 9: The Measure of Law and Economics Robert Cooter and Jody Kraus European Association of Law and Economics 22 September 2011.](https://reader036.fdocuments.us/reader036/viewer/2022062511/55192ace5503462f428b4d31/html5/thumbnails/9.jpg)
Examples of Two Enterprises
• Comparative negligence is the liability rule for automobile accidents.
• Disgorgement damages are available for breach of fiduciary duty.
• Article I Section 8 of the US constitution authorizes Congress to regulate commerce.
Legal ContentLegal Causes
• A negligence rule causes excessive activity by injurers.
• Expectation damages cause excessive reliance by promisees.
• Predictable judgments cause more settlements out of court.
• Compulsory racial integration of neighborhood schools caused residential segregation.
![Page 10: The Measure of Law and Economics Robert Cooter and Jody Kraus European Association of Law and Economics 22 September 2011.](https://reader036.fdocuments.us/reader036/viewer/2022062511/55192ace5503462f428b4d31/html5/thumbnails/10.jpg)
Explaining the Three Facts About History of Law and Economics in the U.S.A.
• Fact 1: Explosive growth of L&E beginning in 1980s.– Explanation: hole in ecology of ideas.
• Fact 2: L&E is strongest in the elite law schools.--Explanation: lower-level law schools teach legal facts, higher-level law schools teach legal reasoning.
• Fact 3: A small proportion of legal scholars follow the L&E approach--Explanation: Most law teaching concerns legal facts on the bar examination.
![Page 11: The Measure of Law and Economics Robert Cooter and Jody Kraus European Association of Law and Economics 22 September 2011.](https://reader036.fdocuments.us/reader036/viewer/2022062511/55192ace5503462f428b4d31/html5/thumbnails/11.jpg)
Economic and Legal Reasoning
In law, economic reasoning is immanent but seldom explicit. – Abstracts from the form of legal reasoning.– Occasionally explicit in legal reasoning.– Law and economics recedes as it succeeds.
Example: Hand Formula abstracts from balancing tests that pervade law, but the Hand Formula is found explicitly only in US tort law.
![Page 12: The Measure of Law and Economics Robert Cooter and Jody Kraus European Association of Law and Economics 22 September 2011.](https://reader036.fdocuments.us/reader036/viewer/2022062511/55192ace5503462f428b4d31/html5/thumbnails/12.jpg)
Conclusion:What is law and economics?
• Economic analysis applied to law? No.• A non-legal form of reasoning? No.
L&E = cause enterprise + content enterprise