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The second characteristic of law and economics is its emphasis on incentives and people’s responses to these incentives. For example, the purpose of damage payments in accident (tort) law is not to compensate injured parties, but rather to provide an incentive for potential injurers to take efficient (cost-justified) precautions to avoid causing the accident.
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Journal of Law and Economics, 56(2) (2013):371-388....
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E conomists approach the analysis of crime with one simple...
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Jan 26, 2016 · Law and Economics, today, reflects a similar division. There are many Benthamites—Economic Analysts of Law—around. These scholars look at the legal world from the standpoint of existing economic theory. And if the world does not do what that theory seems to suggest it ought to do, they dismiss the world as irrational.
Nov 26, 2001 · The methodology of economic analysis of law poses a more significant challenge to traditional accounts of law. Economic analysis of law provokes disquiet because the model of self-interested maximization of preferences apparently does not admit a concept of normativity but explaining the normativity of law is a central pre-occupation of ...
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 economic analysis of accident law, for instance, asserts that negligence with contributory negligence is efficient. This claim is true in the model introduced by Brown [1973]. Negligence with contributory negligence, however, does not obviously induce efficient behavior in the real world in which accidents cause personal injury and litigation is costly, not completely accurate, and rarely ...
Economic Analysis in Law 567 Introduction Like other extra-legal disciplines, economics has long been an im-portant source of valuable insights about law. Over the past half-century, the economic analysis of law has become one of the dominant modes of thinking about law and policy, and as such, one of the most important
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1The field of law and economics is presented in several, mainly informal books, Cooter and Ulen (1997), Polinsky (1989), and Posner (1998), in a graduate text, Miceli (1997), and in two reference works, The New Palgrave Dictionary of Economics and the Law (1998) and the Encyclopedia of Law and Economics (forthcoming). Journals specializing in law
