By Steven Shavell
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Extra info for Foundations of Economic Analysis of Law
Constraints on sale of property Legal restrictions are often imposed on the sale of goods and services. One standard justification for such policies is externalities. For example, the sale of handguns may be made illegal because of the externality that their ownership creates, namely, crime, and a tax may be imposed on the sale of a fuel because its use pollutes the air. 6. The other standard justification for legal restrictions on sale is lack of consumer information. For instance, a drug may not be sold without a prescription because of fear that buyers would not use it appropriately.
Also, for damage measures for breach to be employed beneficially by parties, notably for parties to be able to escape from contractual obligations when performance and renegotiation are difficult, damages payments must not be excessive. Additionally, for parties to avoid bearing high risks in the form of payments that they would be induced to make when renegotiating imperfect contractual terms, the damages for breach must again not be severe. These points will be expanded in the discussion below of contract interpretation, remedies for breach, and renegotiation.
Like the property rights system, the reward system encourages creation of information because the creator gains from producing intellectual works. But unlike the property rights system, the reward system results in the optimal dissemination of information 66 The economic literature on intellectual property, focusing on patents, is discussed in Scherer and Ross (1990) and Tirole (1988); see also the historical review in Machlup (1958) and Reinganum's (1989) survey on the timing of innovation. 67 See Besen and Raskind (1991), Gordon and Bone (2000), Landes and Posner (1989), and Menell (2000).
Foundations of Economic Analysis of Law by Steven Shavell