Book Reviews

Abstract

Eric Posner of University of Chicago Law School reviews “The Future of Law and Economics: Essays in Reform and Recollection,” by Guido Calabresi. The Econlit abstract of this book begins: “Distinguishes between law and economics, exemplified by John Stuart Mill, and economic analysis of law, exemplified by Jeremy Bentham, in order to consider the meaning of merit goods, the perdurance and proper analysis of altruism and of not-for-profit institutions, the use of the liability rule, and what economics says about the validity and the shaping of tastes and values. Discusses law and economics and the economic analysis of law—the role of the lawyer; merit goods — commodification and commandification; merit goods and inequality; merit goods generally — specific applications and concluding thoughts; altruism, beneficence, and not-for-profit institutions; the relationship of markets and command in the liability role; how tastes and values are ignored; and tastes and values — what economics can tell us about them. Calabresi is a senior judge on the United States Court of Appeals for the Second Circuit and Sterling Professor Emeritus at Yale Law School.”