This comprehensive and established book - first published in German - explains the new approach of law and economics to civil law. Written by two of Europe's leading scholars in the field, it provides a thorough yet accessible economic analysis of tort law, contract law and property law, with particular emphasis placed on legal cases and doctrines from civil law.
The authors first review the basic concepts of both normative and positive economics and their links to institutional economics. They move on to develop the economic rationales of tort law and examine the different concepts involved. They also investigate contracts, especially sales contracts, quasi contracts, and pre-contractual duties which play a prominent role in civil law countries. Finally, they provide a comprehensive overview of the economic functions and legal forms of property law. Throughout, the authors analyse and evaluate the complexities of civil law using economic theory, and clearly demonstrate that the legal forms found in civil law frequently serve the purpose of increasing a nation's wealth.
This outstanding volume is the first law and economics textbook that concentrates on civil law. It integrates legal doctrines with economic reasoning, and lucidly explains the concepts involved. It requires no prior knowledge of either economics or law and will undoubtedly become the requisite textbook in the field for all students of law, law and economics and business administration. It will also be of great value to academics and practitioners interested in an overview of this area.
Hans-Bernd Schafer, Affiliated Professor, Bucerius Law School, Hamburg and Professor Emeritus, Faculty of Law, University of Hamburg, Germany and Claus Ott, Emeritus Professor of Civil Law and former Director, Institute of Law and Economics and the ERASMUS Programme in Law and Economics, University of Hamburg and former Judge at the Hanseatic Court of Appeals, Hamburg, Germany
Contents: Preface Part I: Fundamentals 1. What is the Economic Analysis of Law? 2. Decisions, Consequences and Evaluation 3. Social Welfare 4. Rationality and Economic Behaviour 5. The Market, Property Rights and the Law Part II: Civil Liability 6. The Aims and Problems of Civil Liability 7. Negligence and Strict Liability in German Law 8. Liability under Bilateral Damages 9. Causality and the Attribution of Damages 10. Special Problems in Civil Liability Part III: Contract Law 11. Freedom of Contract, Contract Law and the Fully Specified Contract 12. Freedom of Contract and Market Mimicking Rules 13. Contractual Breach, Impossibility and Delay 14. Warranty Contracts 15. Ignorance, Trust, Opportunism and Efficiency 16. The Protection of Good Faith Part IV: Property Rights 17. Basic Issues in Property Rights 18. The Involuntary Transfer of Property Rights 19. The Inefficient Use of Real Estate 20. Intellectual Property Law and Innovation Index