The Federation Press

The Second Wave of Law and Economics


How best can the analyses and insights of economics inform legal theory and "improve" legal decision-making?

The contribution of the first wave of law and economics scholars was marked by dogmatic adherence to the free market ideals of the Chicago school. Today, the second wave places greater emphasis on empirical data and accepts a much wider range of non-economic values - an approach which offers promise of an objective and balanced reception of law and economics by the courts.

This book demonstrates the richness and value of the second wave. The contributors include judges from the High Court of Australia and the Court of Appeal, New Zealand and academics from the Universities of Toronto, Melbourne and Cambridge.

Table of Contents

Introduction: The Second Wave in Context
Megan Richardson

From the Past to the Present to the Future
The Value and Limits of Law and Economics
Michael Trebilcock
Law Versus Economics? Reflections on the Normative
Foundations of Economic Activity
Simon Deakin
The Second Wave of Law and Economics: Learning to Surf
Gillian Hadfield

Some Applications
Game Theory and Remedies for Breach of a Government Tender Contract
Megan Richardson and Joshua Sgro
Perspectives on Joint and Several Tortfeasors and
Liability for Economic Loss
Megan Richardson
Mabo and Inalienable Rights to Property:
Efficiency and Justice Considerations
Philip Williams and Maureen Tehan

Judicial Perspectives
Law and Economics in the Courts: Is There Hope?
The Honourable Justice Michael Kirby
Law, Economics and Judicial Decision Making
The Right Honourable Justice Sir Ivor Richardson

Of interest...