In this concise and compelling book, one of the founders and most influential proponents of the "law and economics" movement divides the subject into two distinct areas, which he identifies with Jeremy Bentham and John Stuart Mill. The first, Benthamite, "economic analysis of law" views the legal system in the light of economic theory and shows how economics can make the law more effective. The second, "law and economics," gives law equal status and examines how the more realistic, less theoretical discipline of law can improve economic theory. It is this second approach that Guido Calabresi champions in a series of vivid and insightful essays that will be of interest to beginning students and established scholars alike.