The regulation of environmental pollution has long been a serious subject of study for scholars of economic analysis of law. This two volume collection explores central issues in the relationship between these two topics. It includes material on private law and property rights, presenting a critique of market failure and asking questions about the role of tort law remedies in regulating the environment. It is concerned not only with the remedies as such, but also with the impact of the common law in shaping the behaviour of actors in the market. It then moves on to issues of public law and interventions in market arrangements, looking at events of market failure, the idea of pollution as an externality, modes of regulation and instances of regulatory failure. These volumes contain the classic law and economics literature relating to environmental regulation, creating an indispensable source of reference.
Contents: Volume I: Introduction; Part I Private Law and Property Rights: Critique of Market Failure: The problem of social cost, R.H. Coase; Social cost and public policy, Ronald H. Coase; When does the rule of liability matter?, Harold Demsetz. Does the Law of Nuisance Create a Property Right?:Property rules, liability rules and inalienability: one view of the Cathedral, Guido Calabresi and A. Douglas Melamed; Resolving nuisance disputes: the simple economics of injunctive and damage remedies, A. Mitchell Polinsky; A clear view of The Cathedral: the dominance of property rules, Richard A. Epstein; Property rules and liability rules: the Cathedral in another light, James E. Krier and Stewart J. Schwab. Strict Liability: A theory of strict liability, Richard A. Epstein; Of Coase and corn: a (sort of) defence of private nuisance, David Campbell; Motor-cars and the rule in Rylands V. Fletcher: a chapter of accidents in the history of law and motoring, J.R. Spencer. Tort Law and Technological Development I: Facilitating the Industrial Revolution: Some thoughts on risk distribution and the law of torts, Guido Calabresi; Nuisance law and the industrial revolution, Joel Franklin Brenner; Nuisance law and the industrial revolution - some lessons from social history, John P.S. McLaren. Bargaining in the Shadow of the Law of Nuisance: Injunction negotiations: an economic, moral, and legal analysis, Barton H. Thompson Jr; Nuisance law: rethinking fundamental assumptions, Edward Rabin; Of Coase and cattle: dispute resolution among neighbours in Shasta County, Robert C. Ellickson. Name index. Volume II: Tort Law and Technological Development 2: Current Policy: Trespass to negligence to absolute liability, Charles O. Gregory; The common law nuisance actions and the environmental battle - well-tempered swords or broken reeds, John P.S. McLaren; Governing science: public risks and private remedies, Barry R. Furrow. Part II Pollution, Property and Public Law: Allocation of Pr