Cover of The Economic Approach to Law, Third Edition by Thomas J. Miceli
The Economic Approach to Law, Third Edition
Thomas J. Miceli


448 pages.

Hardcover ISBN: 9781503600065
Ebook ISBN: 9781503604575

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Excerpts and More

Master teacher Thomas J. Miceli provides an introduction to law and economics that reveals how economic principles can explain the structure of the law and make it more efficient.

The third edition of this seminal textbook is thoroughly updated to include recent cases and the latest scholarship, with particular attention paid to torts, contracts, property rights, and the economics of crime. A new chapter organization, ideal for quarter- or semester-long courses, strengthens the book's focus on unifying themes in the field. As Miceli tells a cohesive, analytical "story" about law from a distinctly economic perspective, exercises and problems encourage students to deepen their knowledge.

A companion website is available at It offers a full suite of resources for both students and professors. Key pedagogical features include cases; discussion points that provide additional analysis of topics in the book; graduate notes, which enrich the text for more advanced readers; and relevant links. Professors have access to sample syllabi for undergraduate and graduate courses and an instructor's manual, which provides answers to all of the end-of-chapter questions and problems in the book.

About the author

Thomas J. Miceli is Professor of Economics at the University of Connecticut.

"We live in a complex and global world. Law is everywhere. Legal institutions rule our daily lives. This book challenges students and instructors, economists and lawyers, scholars and policymakers to think about the law in new ways. The author does a wonderful job in explaining important concepts in law and economics to anyone who wants to understand the relationship between rational behavior, economic reasoning, and the law."

—Nuno Garoupa, Texas A&M University

"Thomas Miceli's book offers a thorough presentation that is both clear and challenging. It provides students with more than an introduction, indeed a broad and deep understanding of the application of economics to law."

—Fred Foldvary, San Jose State University

"Now in its third edition, Miceli's carefully written text is rich with many well-selected examples. It covers the basic areas of law––torts (accidents), contracts, crime, property, and litigation—as well as the subject of antitrust, and furnishes a valuable guide to students for further reading. I know of no better book for its intended audience."

—Steven Shavell, Harvard Law School

"Miceli's Economic Approach to Law, now in its third edition, provides a systematic and well-organized presentation of the economic approach to law. Written by a leading economist in the field, this book is rich of content—yet accessible—as an entry-level textbook in law and economics."

—Francesco Parisi, University of Minnesota