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Henry N. Butler and Jonathan Klick

Dedicated to the late Henry G. Manne, this authoritative research review surveys the development of law and economics both as a scholarly field and as an educational program. Starting as a niche area, centered primarily at the University of Chicago, law and economics has grown to be the dominant field in US legal scholarship. The influential articles discussed in this review trace that development from the mid-20th century through to today, focusing on both the personalities who laid the groundwork for the field’s success and the intellectual debates that fueled its growth. Written by two experts in the field, this review is a valuable research tool for academics and students interested in the history of law and economics.
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Henry N. Butler and Jonathan Klick

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Henry N. Butler and Jonathan Klick

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Henry N. Butler and Jonathan Klick

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Henry N. Butler and Larry E. Ribstein

This chapter shows that innovation depends at least as much on how laws are made as on a priori analyses of the optimal content of those laws. Legal process therefore is critical to the development of efficient policies for fostering innovation and growth. Of particular importance is whether the U.S. legal system promotes an efficient market for law. This analysis builds on central insights of Austrian economics and the role of institutions in supporting market processes. It shows how particular legal institutions can foster innovation by supporting a market for law.