01:790:340 Lecture Notes - Lecture 25: Ronald Coase, Richard Epstein, Richard Posner
15 Aug 2016
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Document Summary
Three most-cited law review articles ever in the hein online law review archive: louis brandeis, the right to privacy (1890) ii. Oliver wendell holmes, the path of the law (1897: ronald coase, the problem of social cost (1960, reasons coase"s place on this list is either remarkable or peculiar. C. law & economics: interdisciplinary work field of legal studies that examines the relationship between legal rules and economic life. D. important public intellectuals in the field today include judge richard posner and prof. Richard epstein: coase helped create and shape the field. Social costs and public goods: social cost (sometimes called a negative externality ): the public or social harm that is often the byproduct of some sort of private business transaction. A. coase: imagine two businesses a farmer and a rancher whose properties lie side-by- side: problem: the rancher"s cattle sometimes drift across the property line and eat/trample the farmer"s crops.
