Almost thirty years ago, I took a class on Law and Economics,
taught by Dan Graham at Duke University. Subsequently, I
wrote a Law and Economics-style PhD thesis under Dan’s
guidance. About that time Mike Meurer, who was the first
person I knew who held both a law degree and a PhD in
economics, joined Duke’s faculty; Mike proved inspirational in
spurring and directing my early efforts. Dan and Mike have
much to answer for.
Part of the underappreciated fallout from the collapse of the
Soviet Union was the derailing of my budding career in Law
and Economics, as I was drawn to study the Russian economic
transition. After the Russian economy was, er, sorted, I came
to the University of Chicago. Law and Economics pervades the
atmosphere at Chicago, and I proved susceptible to its
influence. Chicago gave me the opportunity to teach Law and
Economics, which I have been doing for more than a decade.
This book is one result of those pedagogical efforts, and it has
been much improved by countless interactions with my Law
and Econ students and teaching assistants over the years.
George Papava, Ravi Gupta, and Petr Barton merit special
mention, but without detracting, I hope, from the manifest
contributions of many others.