Vol. 8 No. 5 (May 1998) pp. 228-229.

LAW AND ECONOMICS ANTHOLOGY by Kenneth G. Dau-Schmidt and Thomas S. Ulen (Editors). Cincinnati, OH: Anderson Publishing Co., 1998. 561 pp. Paper $27.95. ISBN 0-87084-208-0.

Reviewed by Paul J. Wahlbeck, Department of Political Science, George Washington University. E-mail: wahlbeck@gwu.edu.
 

In LAW AND ECONOMICS ANTHOLOGY, Dau-Schmidt and Ulen have assembled an impressive collection of essays from the law and economics literature. They have included in their volume many of the Aclassic" law and economics articles. They republish, for instance, a chapter from Richard Posner=s book on economic analysis of law, Ronald Coase=s article on the problem of social cost, and George Priest=s article on the selection of efficient common law rules. The collection contains chapters on the economic analysis of the law, the Coase Theorem, the economics of property law, the economics of contract law, the economics of tort liability, the economics of criminal law, and the efficiency of the common law. In addition to these classic articles, Dau-Schmidt and Ulen incorporate articles offering a critique of the approaches presented in the classic essays. Indeed, the broad range of perspectives is one of the strengths of the collection. Take for example the essays critiquing the economic analysis of law. Dau-Schmidt and Ulen include essays from the traditions of philosophical jurisprudence, law and literature, and sociological analysis of the law. This certainly makes the volume well rounded and can provide a useful basis for class discussions in a graduate seminar.

Since this volume contains so many landmark essays on law and economics, I will not hazard a critique of the essays. I will, however, offer some thoughts on the value of this collection to political science faculty and students. The principal limitation of LAW AND ECONOMICS ANTHOLOGY for political science use is the choice of articles. The essays on economic analysis, the Coase Theorem, and the efficiency of the common law have some currency for political scientists. For those who are interested in criminal law or private law, as opposed to public law, the essays on the economics of property law, contract law, and tort law may prove interesting. There are some topics that are not covered whose inclusion would make the volume more valuable. These tend to be thought of as public or social choice -- for instance, the application of Arrow=s Theorem. This anthology is of marginal interest to those who are interested in the application of public choice to the law, which is better handled in Farber and Frickey (1991) or Stearns (1997).

A second limitation involves the nature of an anthology. For those who are looking for a collection of readings for a graduate seminar delving into law and economics, this may be the ticket. For those who are interested in covering law and economics, however, it may be preferable to have more value added by the compilers. As one would expect from an anthology, Dau-Schmidt and Ulen provide virtually no material introducing the essays. Every section begins with a paragraph by the authors, but these are no more than a preface to the essays. There are also notes and questions after each essay, and these generally include two to four discussion questions on the essay. I suspect that most political science faculty and graduate students would prefer a basic text with more material by the editors than an anthology offers.

In sum, if one is looking for a collection of the greatest hits in law and economics with little discussion by the editors or supplemental material, this is a good volume. It contains many of the landmark essays in that field. If one is interested in discussion of the law and economics, but with a slant toward public choice, one will probably prefer other collections.
 

REFERENCES

Farber, Daniel A., and Philip P. Frickey. 1991. LAW AND PUBLIC CHOICE: A CRITICAL INTRODUCTION. Chicago: University of Chicago. Press.

Sterns, Maxwell L. 1997. PUBLIC CHOICE AND PUBLIC LAW. Cincinnati, OH: Anderson Publishing.

 


Copyright 1998