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Richard Posner - 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.


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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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What we observe is not nature itself but nature exposed to our method of questioning. Our scientific work in physics consists in asking questions about nature in the language that we possess and trying to get an answer from experiment by the means that are at our disposal.
Werner Heisenberg

Richard Posner

Richard Posner
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Born: January 11, 1939 (age 86)
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