Calabresi and the Intellectual History of Law & Economics

This essay traces the vein of thought represented by Calabresi’s The Costs of Accidents, both backward in time to examine its sources, and forward to its impact on current scholarship. I focus on three broad topics: positive versus normative law and economics, positivist versus anti-positivist thinking in law; and the assumption of rationality in law and economics. ∗ Professor of Law and Paul J. Liacos Scholar in Law, Boston University, [email protected]. Prepared for “The Costs of Accidents” symposium honoring Guido Calabresi, University of Maryland Law School, April 23, 2004. I thank Bob Bone, Peter Carstensen, Andrei Shleifer, and David Walker for helpful comments.