This essential volume incorporates major contributions made by prominent scholars in the past forty years, which illustrate the understanding of the economics of remedies. The editor has selected seminal articles that analyze the well known distinction between property rules and liability rules and demonstrates its significance. The articles also demonstrate the dilemma of which remedy is the more efficient - damages or specific performance. In addition the collection addresses questions concerning the measure of recovery and the scope of liability, and concludes with the novel topic of partial compensation under uncertainty.

This set of indispensable articles, along with an original introduction by the editor, will be of great value to law professors, law students, judges and practicing lawyers interested in law and economics, and economists.