Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. This Advanced Introduction provides an essential overview of the field of law and economics. It explores the contours of the field, which map the key areas of law including property, torts, contracts, criminal and antitrust law, as well as legal procedure. Thomas J. Miceli illustrates how law operates in the background of well-functioning markets, protecting property rights and enforcing contracts. However, when markets fail, law undertakes the primary role of organizing exchange by setting implicit prices such as liability or legal sanctions. He highlights the importance of this efficient exchange structure in understanding various areas of the law. Key Features: Provides a rigorous but accessible introduction to the field of law and economics Interprets procedural rules as minimizing litigation costs and the costs of legal error Explains law as a social institution that, along with markets, creates a governance structure for organizing exchange Advanced Introduction to Law and Economics is a valuable resource for scholars and students of civil procedures, justice and economics, facilitating understanding of the social function of law as well as the applications of economics in non-market settings.