Economics and the Law: Where is There Consensus?

Abstract

We investigate where consensus exists in the field of Economics and the Law by analyzing responses to a questionnaire mailed to members of the American Law and Economics Association. These specialists are impressed by the efficiency of the common law, while few believe that the jury system is efficient. Fifty-nine percent conclude that there are currently too many attorneys in the U.S. Forty-one percent believe that there are about the right number—none think that there are too few. Among the other issues in the survey are precedent, contract law, litigation abuse, negligence, nuisance, punitive damages, no-fault auto insurance, product liability, contingency fees, losers paying for civil litigation, compensation for regulatory takings, privacy rights, and the economics of crime and punishment.