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Law and Economics - 3rd Edition - ISBN: 9780123494825, 9780080885551

Law and Economics

3rd Edition

An Introductory Analysis

Author: Werner Hirsch
eBook ISBN: 9780080885551
Hardcover ISBN: 9780123494825
Imprint: Academic Press
Published Date: 14th June 1999
Page Count: 358
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Since the publication of the second edition of Law and Economics in 1988, there have been major developments in economics, jurisprudence, and in the field of law and economics. These changes are reflected in the updated and improved Third Edition. About 30% of the material in the new edition is different. The reader will find that the book incorporates recent scholarly contributions and court rulings on, for example, the Takings Clause of the constitution, the high-tech communication revolution in determining what constitutes a legal contract, no-fault insurance and its economic effects, and empirical cost-benefit analysis of environmental laws. Moreover, attention is paid to recent developments in anti-monopoly law as applied to high-tech information and communication firms. Students in management, policy, law, economics, and business programs, as well as law professionals, find the new edition of Law and Economics has kept up with the changing economic and legal climate.

Key Features

  • Features new examinations of the takings clause of the Constitution, contract law, and tort law
  • Includes new cost-benefit analyses in chapters on criminal law and environmental law
  • Offers new insights into anti-monopoly laws, especially policies concerning high-tech industries


Upper division undergraduate students in economics; graduate students in MBA programs and law schools; scholars in urban economics, urban planning, environmental resource management, business management, criminology, and applied ethics

Table of Contents

Preface to the Third Edition.
Preface to the Second Edition.
Preface to the First Edition.
Law and Economics.
Nature and Origin of Laws.
Nature and History of Economics.
The Interface between Law and Economics.
Where Law and Economics Might Not Meet.
Entitlements and Externalities and the Role of the Law.
Property Law's Basic Legal Premises:
Defining Rights and Entitlements to Property.
Permanent Transfer of Rights and Entitlements.
Temporary Transfer of Rights and Entitlements.
Land Use Planning and Development.
Economic Analysis of Landlord-Tenant Laws:
Habitability Laws.
Rent Control Laws.
Laws Complementing Rent Control.
Just-Cause Laws.
Housing Subsidy Laws.
Economic Analysis of Zoning Laws:
Residential--Commercial--Industrial Zoning Ordinances.
Exclusionary Zoning.
Inclusionary Zoning.
Zoning as a Taking?
Expanding Aims of Zoning.
Contract Law:
The Basic Legal Premises of Contract Law.
Economic Considerations of Contract Law.
Tort Law's Basic Legal Premises:
What is a Tort?
Proximate Cause.
Liability Rules--Introductory Classification.
The Rule of Contributory Negligence.
The Rule of Comparative Negligence.
The Rule of Strict Liability.
Probabilistic Causation.
Economic Analysis of Tort Law:
Economic Analysis of Medical Malpractice.
Effects of Liability Standards.
Some Economic Considerations of Product Liability.
Economic Analysis of Accident Law.
Sovereign Immunity.
Rules for Assigning Liability for Litigation Costs.
Tort Reforms' Economic Effects.
Criminal Law:
Basic Legal Premises of Criminal Law.
Economic Analysis of Criminal Law.
Crime Deterrence by Raising Costs to Criminals.
Crime Deterrence by Raising Legal Income.
Environmental Law:
Legal Aspects of Environmental Protection.
Court-Made Environmental Law.
Statutory Environmental Law.
Economic Analysis.
Antimonopoly Law:
The Economic Incentive to Monopolize Markets.
A Brief Outline of Antimonopoly Acts.
Ways to Monopolize Markets: Many Roads Lead to Rome.
Horizontal Mergers and Conglomerates.
Price Discrimination.
Foreclosing Entry.
Vertical Integration
Government-Induced Price Fixing and Foreclosure.
Some Further Economic Considerations.
Anti-Trust Policy Toward High-Tech Industries.
Discrimination Law:
Employment Discrimination Law.
Housing Discrimination Law.
Age Discrimination.


No. of pages:
© Academic Press 1999
14th June 1999
Academic Press
eBook ISBN:
Hardcover ISBN:

About the Author

Werner Hirsch

Werner Hirsch

Professor Werner Z. Hirsch has been active in the field of Law and Economics since the early 1970s. Not only has he been active in the theoretical side of the field, but also in the practice of it by participating in the law-making process as an advisor and committee member on numerous occasions. In addition, he has served as an expert witness in a host of court cases, where he has given input on the economic rationale behind the laws. He is currently a professor in the UCLA Department of Economics, where his major interests lie in the fields of Law and Economics, Urban Economics, and Public Finance.

Affiliations and Expertise

University of California, Los Angeles, U.S.A.


Praise for this Edition
"Among the leading analysts in law and economics, Werner Hirsch displays a special interest in the empirical implications of scholarship in this field. For that and many other reasons, his textbook is very welcome." --GARY T. SCHWARTZ, University of California School of Law, Los Angeles

"Werner Hirsch's book stands alone among law-and-economics texts in its use of empirical data to test and inform economic theorems, and in its broad, non-ideological approach. The Third Edition is an excellent textbook and a real contribution to the field." --RICHARD H. SANDER, University of California, Los Angeles

"Few schools of thought have had as much of an impact on modern American law as law and economics, and few, if any, works on the subject are as comprehensive and understandable as Professor Hirsch's Law and Economics: An Introductory Analysis, Third Edition. Professor Hirsch collects some of the most important views on law and economics, and combines them with his own impressive understanding, to create a remarkable work that will open new horizons to all who read it." --ALEX KOZINSKI, U.S. Circuit Judge, Pasadena, California

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