Hans-Bernd Schäfer has made such a major contribution to the development of law and economics in Europe, and in so many different respects, that it is difficult to single out specific achievements. However, what has struck me more than anything else has been his capacity, as an economist, to enter into, and appreciate the nuances of,
. This is evident not only in such important studies as that of liability for pure economic loss and the relationship between tortious and contractual liability (
Dari-Mattiacci and Schäfer, 2007
), but also in his highly insightful work on law and development. In “Legal Rules and Standards” (
), he sheds new light on a familiar legal topic, showing how the special features of human capital resources in less developed countries (LDCs) may render less efficient the solutions to the dilemma between generality and specificity typically offered in Western legal scholarship.