Economics Commons^™

Interview With Timothy J. Carson, David Spiegel, Timothy J. Carson, Legal Oral History Project, University Of Pennsylvania Carey Law School

Legal Oral History Project

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TImothy J. Carson (W '70) has practiced in Philadelphia for forty years in the field of public sector law, especially public finance. He is currently a partner at Dilworth Paxson LLP. He is an elected Fellow of the American College of Bond Counsel.

Wealth, Utility, And The Human Dimension, Jonathan Klick, Francesco Parisi

All Faculty Scholarship

Functional law and economics, which draws its influence from the public choice school of economic thought, stands in stark contrast to both the Chicago and Yale schools of law and economics. While the Chicago school emphasizes the inherent efficiency of legal rules, and the Yale school views law as a solution to market failure and distributional inequality, functional law and economics recognizes the possibility for both market and legal failure. That is, while there are economic forces that lead to failures in the market, there are also structural forces that limit the law’s ability to remedy those failures on an …