This is a survey of economic analysis of law, that is, of the emerging field under which the standard tools of microeconomics are employed to identify the effects of legal rules and their social desirability. Five basic subject areas are covered. The first is legal liability for harm. Here we...

The World Trade Organization (WTO) oversees the negotiation and enforcement of formal rules governing international trade. Why do countries choose to adjudicate their trade disputes in the WTO rather than settling their differences on their own? In Why Adjudicate?, Christina Davis investigates...