Law, economics and public policy

The purpose of this book is to provide an introductory exploration into the theory of Law and Economics. Throughout the book we use Law and Economics (higher case L and E) to include the new law and economics, the economics of property rights, old law and economics, public choice theory, neo institutionalist economic theory, and critical legal studies. The descriptive model of Law and Economics presented in the book encompasses these various schools of thought under an umbrella frame work that identifies their commonalities as well as their differences.

The book presumes some understanding of economics, but not beyond the intermediate level. The attempt has been to identify and explicate some of the predominant legal economic theories contained in these schools of thought. We would hope that the level of the integrative treatment of law and economics provided in the book will allow both legal and economic scholars to better understand the interrelationships that exist between the two disciplines.