The Exchange Order
Property and Liability as an Economic System
Richard Adelstein
Reviews and Awards
"Adelstein employs his impressive breadth of knowledge in philosophy, economics, history, and law to elucidate how the traditional understanding of property uses the same economic principles as our society s treatment of liability and guilt in the civil and criminal systems." - Harvard Law Review
"The Exchange Order is an impressive piece of work of synthesis that integrates different kinds of institutions and interactions under a general framework. It explores a number of fundamental controversies, such as the nature of law and the meaning of rights, including property rights. It is an important, unique, well-structured text from which students and scholars of law and economics could greatly benefit." - Geoffrey M Hodgson, Research Professor at the University of Hertfordshire
"Richard Adelstein's new book is a welcome contribution to the field of law and economics. It focuses on the institutional structure and function of law and markets, with particular emphasis on how tort liability, criminal sanctions, and market transactions share the common purpose of promoting the efficient exchange of legal rights. Written by a legendary teacher, the book is both engaging and full of fresh insights." - Thomas J. Miceli, University of Connecticut