The Future of Law and Economics

Guido Calabresi, Sterling Professor Emeritus of Law 

(Yale University Press)

In this book, Guido Calabresi, a senior judge on the United States Court of Appeals for the Second Circuit and one of the founders and most influential advocates of the law and economics movement, divides the subject into two separate areas, which he identifies with Jeremy Bentham and John Stuart Mill. The first, Benthamite, strain, “economic analysis of law,” examines the legal system in the light of economic theory and shows how economics might render law more effective. The second strain, law and economics, gives equal status to law, and explores how the more realistic, less theoretical discipline of law can lead to improvements in economic theory. It is the latter approach that Guido Calabresi advocates in this series of essays.

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