Law and Economics in Australia

Abstract

The difficulty of talking compendiously about law and economics should not be underestimated. I have witnessed various attempts in the past, and they have usually failed. The presenter tends to make one of two mistakes. The first is to concentrate on the concepts without giving examples of their application. The second is to concentrate on applications without adequately explaining the concepts. When a mistake of the first kind is made, eyes very rapidly glaze over as the audience tunes out. A mistake of the second kind tends to the opposite outcome: hackles rise because an inadequate account of the underlying theory makes the applications appear unprincipled. Judge Easterbrook’s paper avoids both of these pitfalls. It is a readily digestible blend of pure and applied theory.