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Nov 26, 2001 · Economic analysis of law applies the tools of microeconomic theory to the analysis of legal rules and institutions. Ronald Coase [1960] and Guido Calabresi [1961] are generally identified as the seminal articles but Commons [1924] and Hale [1952] among others had brought economic thinking to the study of law in the 1910s and 1920s.
- Legal Obligation and Authority
David Hume could conceive no reason at all: promise-keeping...
- Nature of Law
This methodological turn gained momentum with the...
- Legal Interpretivism
1. The grounds of law. Interpretivism is a thesis about the...
- Legal Obligation and Authority
Law and Economics. By Paul H. Rubin. “L aw and economics,” also known as the economic analysis of law, differs from other forms of legal analysis in two main ways. First, the theoretical analysis focuses on efficiency. In simple terms, a legal situation is said to be efficient if a right is given to the party who would be willing to pay the ...
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director, George Stigler, and Ronald Coase. The field uses economics concepts to ...
This chapter presents the economic theory of enforcement. It begins with a positive theory of enforcement, which emphasizes deterrence. Deterrence involves the costs and benefits of lawbreaking for citizens and the costs and benefits of enforcement by the government. The discussion relates enforcement to settlement, deterrence, and irrationality.
Public economics provides a framework for thinking about whether or not the government should participate in economic markets and to what extent it should do so. Microeconomic theory is utilized to assess whether the private market is likely to provide efficient outcomes in the absence of governmental interference; this study involves the ...
Law and Economics. Lawyers’ guidance of clients’ affairs – ranging from transactions to finance to personal and family arrangements – centrally involves the interaction of economics and the law. Similarly, much litigation and government regulation addresses problems that arise from this interaction. Harvard Law School’s longstanding ...
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M01_COOT0650_SE_06_C01.qxd. 1 An Introduction to Law and Economics. For the rational study of the law the black-letter man may be the man of the present, but the man of the future is the man of statistics and the master of economics. . . . We learn that for everything we have to give up something else, and we are taught to set the advantage we ...
