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Economic analysis of law (2014)
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Rational maximization should not be confused with conscious calculation. Economics is not a theory about consciousness. Behavior is rational when it conforms to the model of rational choice, whatever the state of mind of the chooser.
Richard Posner
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Central to this book is the further assumption that man is a rational utility maximizer in all areas of life, not just in his economic affairs, that is, not only when engaged in buying and selling in explicit markets. This idea goes back to jeremy Bentahm in the eighteenth and early nineteenth century, but received little attention from economists until the work of Gary Becker in th 1950s and 1960s.
The concept of man as a rational maximizer implies that people respond to incentives.(...) From this proposition derive the three fundamental principles of economics.
Richard Posner
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This book is written in the conviction that economics is a powerful tool for analyzing a vast range of legal questions but that most lawyers and law students-even very bright ones-have difficulty connecting economic principles to concrete legal problems.
Richard Posner
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In England, the profession of the law is that which seems to hold out the strongest attraction to talent, from the circumstance, that in it ability, coupled with exertion, even though unaided by patronage, cannot fail of obtaining reward.
Charles Babbage
Richard Posner
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Born:
January 11, 1939
(age 85)
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