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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.
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