Document Type

Article

Comments

Efficiency, Auction, and Exchange: Philosophic Aspects of the Economic Approach to Law, 68 California Law Review 221 (1980)

Abstract

Conversational literacy in neoclassical welfare economics is an apparent prerequisite to gainful employment in American law schools. Loose talk of efficiency, cost-minimization, and the liability rule/property rule distinction punctuates faculty lounge discussions. There is simply no denying that the new law and economics has arrived. So it is a fond (if only temporary) farewell to Rawls and Nozick, and a warm welcome to Coase, Pigou, Calabresi, and Posner.

Date of Authorship for this Version

1980

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