Risks & Wrongs by Jules Coleman & Economic Analysis of Law by Richard Posner

Compares books on meaning, goals, costs of tort law.

A tort is a wrongful act which may be remedied by a civil lawsuit. Different theorists approach the issue of torts from different perspectives. In 1992 Jules L. Coleman and Richard A. Posner each wrote a book about his perspective on this topic.

Coleman takes the point of view of an economist and uses a market paradigm in addressing issues in the law. The market paradigm is based on two postulates: 1) the principle of rationality; and 2) the economist’s conception of the perfectly competitive market as the ideal institutional embodiment of the law. The principle of rationality means that assuming no criterion of justice or fairness that cannot be derived from the principle of rationality.

Coleman writes, The market paradigm does not deny that there can be a justified morality. Quite the contrary, It means…