Law and economics or economic analysis of law is the application of economic theory to the analysis of law that began with scholars from the Chicago school of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, to predict which legal rules will be promulgated; the historical antecedents of law and economics can be traced back to the classical economists, who are credited with the foundations of modern economic thought. As early as the 18th century, Adam Smith discussed the economic effects of mercantilist legislation. David Ricardo opposed the British Corn Laws on the grounds that they hindered agricultural productivity, and Frédéric Bastiat, in his influential book The Law, examined the unintended consequences of legislation. However, to apply economics to analyze the law regulating nonmarket activities is new. A European law & economics movement around 1900 did not have any lasting influence. Harold Luhnow, the head of the Volker Fund, not only financed F. A. Hayek in the U.
S. starting in 1946, but he shortly thereafter financed Aaron Director's coming to the University of Chicago in order to set up there a new center for scholars in law and economics. The University was headed by Robert Maynard Hutchins, a close collaborator of Luhnow's in setting up this "Chicago School"; the University had Frank Knight, George Stigler, Henry Simons, Ronald Coase—a strong base of libertarian scholars. Soon, it would have not just Hayek himself, but Director's brother-in-law and Stigler's friend Milton Friedman, Robert Fogel, Robert Lucas, Eugene Fama, Richard Posner, Gary Becker; the historians Robert van Horn and Philip Mirowski described these developments, in their "The Rise of the Chicago School of Economics" chapter in The Road from Mont Pelerin. The field began with Gary Becker’s 1968 paper on crime. In 1972, Richard Posner, a law and economics scholar and the major advocate of the positive theory of efficiency, published the first edition of Economic Analysis of Law and founded the Journal of Legal Studies, both are regarded as important events.
Gordon Tullock and Friedrich Hayek wrote intensively in the area and influenced to spread of law and economics. In 1958, Director founded The Journal of Law & Economics, which he co-edited with Nobel laureate Ronald Coase, which helped to unite the fields of law and economics with far-reaching influence. In 1960 and 1961, Ronald Coase and Guido Calabresi independently published two groundbreaking articles, "The Problem of Social Cost" and "Some Thoughts on Risk Distribution and the Law of Torts"; this can be seen as the starting point for the modern school of law and economics. In 1962, Aaron Director helped to found the Committee on a Free Society. Director's appointment to the faculty of the University of Chicago Law School in 1946 began a half-century of intellectual productivity, although his reluctance about publishing left few writings behind, he taught antitrust courses at the law school with Edward Levi, who would serve as Dean of Chicago's Law School, President of the University of Chicago, as U.
S. Attorney General in the Ford administration. After retiring from the University of Chicago School of Law in 1965, Director relocated to California and took a position at Stanford University's Hoover Institution, he died September 11, 2004, at his home in Los Altos Hills, ten days before his 103rd birthday. In the early 1970s, Henry Manne set out to build a center for law and economics at a major law school, he began at the University of Rochester, worked at the University of Miami, but was soon made unwelcome, moved to Emory University, ended up at George Mason. The last soon became a center for the education of judges—many long out of law school and never exposed to numbers and economics. Manne attracted the support of the John M. Olin Foundation, whose support accelerated the movement. Today, Olin centers for Economics exist at many universities. Adam Smith David Ricardo Frédéric Bastiat Aaron Director, University of Chicago Ronald Coase, University of Chicago, 1991 Nobel Memorial Prize in Economic Sciences Richard Posner, University of Chicago Guido Calabresi, Yale University.
Calabresi, judge for the U. S. Court of Appeals for the Second Circuit, wrote in depth on this subject. Calabresi took a different approach in Ideals, Beliefs and the Law, where he argued, "who is the cheapest avoider of a cost, depends on the valuations put on acts and beliefs by the whole of our law and not on some objective or scientific notion". Henry Manne, George Mason University Other important figures include: Nobel Prize–winning economist Gary Becker, a leader of the Chicago School of Economics U. S. Court of Appeals for the Seventh Circuit judge Frank Easterbrook Andrei Shleifer Robert Cooter Harold Demsetz Hans-Bernd Schäfer William Landes W. Kip Viscusi A. Mitchell Polinsky Economic analysis of law is divided into two subfields: positive and normative.'Positive law and economics' uses economic analysis to predict the effects of various legal rules. So, for example, a positive economic analysis of tort law would predict the effects of a strict liability rule as opposed to the effects of a negligence rule.
Positive law and ec
Sir John Pelham, 3rd Baronet was an English politician who sat in the House of Commons of England variously between 1644 and 1698. Pelham was the son of Sir Thomas Pelham, 2nd Baronet, his wife Mary Wilbraham. In 1645, Pelham was elected Member of Parliament for Hastings to replace disabled Royalists in the Long Parliament, he was secluded in Pride's Purge in 1648. He inherited the baronetcy on the death of his father in 1654. In 1654 he was elected MP for Sussex in the First Protectorate Parliament and continued sitting in the Second Protectorate Parliament until 1658. After the Restoration he was MP for Sussex from 1660 to 1681 and from 1689 to 1698. Pelham married Lady Lucy Sydney, daughter of Robert Sydney, 2nd Earl of Leicester and his wife Lady Dorothy Percy, on 20 January 1647, they had three sons and two daughters: Elizabeth Pelham, married Edward Montagu Lucy Pelham, married Gervase Pierrepont, 1st Baron Pierrepont Thomas Pelham, 1st Baron Pelham John Pelham, died unmarried Henry Pelham He was succeeded by his son Thomas, created Baron Pelham in 1706.
In 1694, Pelham attended a cricket match at Lewes and his personal accounts refer to him paying for a wager at the time. This is one of the earliest references in cricket history. Major, John. More Than A Game. HarperCollins
Dale Rogers Marshall is an American political scientist and academic administrator, the sixth president of Wheaton College from 1992 to 2004. Marshall received a B. A. in Government in 1959 from Cornell University and a Master's in Political Science from University of California, where she was a Woodrow Wilson Fellow. She obtained a Ph. D. in Political Science from UCLA in 1969. She holds an Honorary Doctorate Degree in Law from Wheaton College, her parents were former Secretary of State and Attorney General William Pierce Rogers and his wife, Adele Rogers. She taught at UC Berkeley and UCLA before she became a Professor of Political Science at UC Davis, where she was honored the Distinguished Teaching Award in 1975, she served as an Associate Dean of the College of Letters and Sciences and as Faculty Assistant to the Vice Chancellor at UC Davis. From 1986 to 1992, she was an Academic Dean of Wellesley College and served as its Acting President from 1987 to 1988, she was selected as the sixth president of Wheaton College in 1992.
She was a member of the Cornell University Board of Trustees from 1983 to 1993 and served as the Trustee of Wheaton College in Massachusetts. She was elected to the National Academy of Public Administration in 1987, she was the Director of the National Association of Independent Colleges and Universities since 1996, was a member of the Council on Foreign Relations, the American Student Assistance Guarantor Board. She chaired the Association of Independent Colleges and Universities of Massachusetts and served as a Board Member of the New England Zenith Fund of the New England Mutual Life Insurance Company and as Vice President of the American Political Science Association and President of the Western Political Science Association; the Marshall Center for Intercultural Learning at Wheaton College was dedicated to her on April 15, 2005. She is a specialist in American racial politics, her books include Protest is Not Enough: The Struggle of Blacks and Hispanics for Equality in Urban Politics. Racial Politics in American Cities.
Urban Policy making Sage, 1979. The Politics of Participation in Poverty. Berkeley: University of California Press, 1971