This comprehensive textbook provides a thorough guide to the economic analysis of law, with a particular focus on civil law systems. It encapsulates a structured analysis and nuanced evaluation of norms and legal policies, using the tools of economic theory.
Key features include:
- Examples and cases that illustrate central concepts of the economic analysis of law in relation to civil law doctrines
- Examination of the core areas of civil law: tort law, contract law, property law, intellectual property law as well as basic problems of insolvency law and corporate law
- In-depth analysis of the legal rules of statutory law and judge-made law, demonstrating the extent to which these rules are either based on economic criteria or run parallel to them - and the extent to which such criteria facilitate the application and further development of law.
This substantially revised second edition presents the latest insights into legal economic research, including important empirical and behavioural deliberations. It will be a valuable guide for advanced undergraduate and postgraduate students of law and economics.
Industry Reviews
'This work's relevance extends significantly beyond Germany to jurisdictions in Asia as well as many Anglo-American-law countries. The book offers a systematic coverage of the civil law system, utilizing the law and economics scholarship the authors have pioneered for half a century. It provides accessible discussions on the core pillars of economics that underpin the analyses of legal doctrines. These comprehensive chapters will be a masterpiece introduction for novices and experts alike.' -- Iljoong Kim, SungKyunKwan University, South Korea
'Hans-Bernd Schaefer and Claus Ott provide a definitive economic analysis of private law in European civil-law systems. With rigorous style and insightful discussions, this outstanding book is a valuable companion for students of both law and economics, explaining in a lucid and comprehensive manner the economic impact of legal norms. Combining the more traditional aspects of efficiency and welfare with behavioural and psychological methods, this is a must-read for all scholars willing to understand the economic foundations of private law.' -- Emanuela Carbonara, University of Bologna, Italy
'Professors Hans-Bernd Schaefer and Claus Ott are both scientific pillars and co-founders of the economic analysis of law. This publication is a comprehensive, path-breaking and much-needed tool for academic use, for legislative drafting and for legal policy-making aimed at human development while addressing the equity and efficiency foundations of all main legal traditions worldwide. Clearly a masterpiece!' -- Edgardo Buscaglia, Columbia University, US and National University of Buenos Aires, Argentina
