Publication Date

1991

Publication Title

Hofstra Law Review

Abstract

Judge Posner responds in this Article to Professor Jaffee. He first addresses Professor Jaffee's attempt to refute Law and Economics within its own terms by reference to the concept of efficient breach of contract. Judge Posner argues that even if some of Professor Jaffee's criticisms are true-which he doubts-the "efficient breach" concept and the damages remedies that it implies still provide the preferred approach to breach of contract problems. He points out that specific performance-Professor Jaffee's preferred remedy for breach-raises problems of its own, including bilateral monopoly and a need for continued judicial supervision of contracts. Regarding the alternative vision offered in Professor Jaffee's Article-which Judge Posner describes as "vegeto-anarchism "-Judge Posner argues that Professor Jaffee's vision is fatally flawed, a "politics of nostalgia" that fails to account for the many negative aspects of the simple cultures that Professor Jaffee offers as exemplar.

Additional Information

Symposium: The Future of Law and Economics

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