Y
Published online by Cambridge University Press: 04 August 2017
Summary
Yale school: Yale Law School has played – and continues to play – an important role in the establishment of law and economics. Starting in the 1960s with the work of then professor Guido Calabresi, and through the work of scholars such as George Priest, Susan Rose-Ackerman, Alan Schwartz, Roberta Romano, Jerry Mashaw, and Anthony Kronman, Yale Law School has secured its position as a leading intellectual center for the study of law and economics. Over the years Yale LawSchool has attracted leading scholars in the field of law and economics, and related disciplines, including Bruce Ackerman, Ian Ayres, Richard Brooks, Robert Ellickson, Henry Hansmann, Christine Jolls, Jonathan Macey, and Daniel Markovits. The Yale school is often compared and contrasted to its historic rival, the Chicago school, for its method and focus in law and economics. In the context of this comparison, the Yale school is often described as being somewhat more inclined to use normative economic analysis, and to believe that there is a larger need for legal intervention to correct market failures, and for correcting distributive problems. A notable element of some of the seminal contributions that originated from the Yale school is the attention paid to the competing goals of fairness and efficiency in the legal system, and the resulting formulation of normative propositions as to what the law ought to be like in light of those goals. Unlike the Chicago school, Yale scholars have been relatively eclectic in their views and methodology – sufficiently so as to render any generalization about Yale-style methodology difficult and possibly sterile. See also functional law and economics, positive versus normative law and economics, and Chicago school.
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- The Language of Law and EconomicsA Dictionary, pp. 323Publisher: Cambridge University PressPrint publication year: 2013