Steven Shavell's Foundations of Economic Analysis of Law (Harvard University
Press, 2004) is a major theoretical contribution to "law and economics," the applied
field of economics that studies the economic properties and consequences of legal doctrines
and institutions. It is a field of immense practical importance, but unfamiliar to
many economists--a situation that Shavell's book bids fair to rectify. This review
essay situates Shavell's book in the history of economic scholarship about law and uses
the book as a springboard for speculation about new directions in that scholarship.
Posner, Richard A..
2006."A Review of Steven Shavell's Foundations of Economic Analysis of Law."Journal of Economic Literature,
44(2): 405-414.DOI: 10.1257/jel.44.2.405