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Law and economics is the term usually applied to an approach to legal theory that incorporates methods and ideas borrowed from the discipline of economics.

Have to see

1 Relationship to Other Disciplines and Approaches
2 Positive and Normative Law and Economics
- 2.1 Positive Law and Economics
- 2.2 Normative Law and Economics
3 Important Scholars
4 Influence of the Law and Economics Movement
5 Criticisms of Law and Economics
6 Contemporary Developments
7 Universities with Law and Economics Programs
8 Journals
9 Regional and International Associations
10 Bibliography
11 Related Topics

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Relationship to Other Disciplines and Approaches

As used by lawyers and legal scholars, the phrase "law and economics" refers to the application of the methods of economics to legal problems.

Because of the overlap between legal systems and political systems, some of the issues in law and economics are also raised in political economy and political science. Most formal academic work done in law and economics is broadly within the Neoclassical tradition. Approaches to the same issues from Marxist and critical theory/Frankfurt School perspectives usually do not identify themselves as "law and economics." For example, research by members of the critical legal studies movement considers many of the same fundamental issues as does work labeled "law and economics". The one wing that represents a non-neoclassical approach to "law and economics" is the Continental (mainly German) tradition that sees the concept starting out of the Staatswissenschaften approach and the German Historical School of Economics; this view is represented in the Elgar Companion to Law and Economics (2nd ed. 2005) and - though not exclusively - in the European Journal of Law and Economics. Here, consciously non-neoclassical approaches to economics are used for the analysis of legal (and administrative/governance) problems.

Positive and Normative Law and Economics

Economic analysis of law is usually divided into two subfields, positive and normative.

Positive Law and Economics

Positive law and economics uses economic analysis to predict the effects of various legal rules. So, for example, a positive economic analysis of tort law would predict the effects of a strict liability rule as opposed to the effects of a negligence rule.

Normative Law and Economics

Normative law and economics goes one step further and makes policy recommendations based on the economic consequences of various policies. The key concept for normative economic analysis is efficiency. The weakest concept of efficiency used by law and economics scholars is Pareto efficiency. A legal rule is Pareto efficient if it can not make one person better off without making another person worse off. (By weak, economists mean that Pareto efficiency makes very few normative assumptions, not that it is supported by weak arguments.) A stronger conception of efficiency is Kaldor-Hicks efficiency. A legal rule is Kaldor-Hicks efficient if it could be made Pareto efficient by a side payment.

Important Scholars

Many important figures in law and economics have been associated with The Law School at the University of Chicago. These include the Nobel Prize winning economists Ronald Coase and Gary Becker, Richard Posner, (currently a judge on the United States Court of Appeals for the Seventh Circuit) and William Landes. Guido Calabresi also played a seminal role. His 1970 book, The Costs of Accidents: A Legal and Economic Analysis, had an enormous impact on modern thought on the subject.

Influence of the Law and Economics Movement

In the United States, economic analysis of law has been extremely influential. Judicial opinions utilize economic analysis and the theories of law and economics with some regularity. The influence of law and economics has also been felt in legal education. Many law schools in the North America, Europe, and Asia have faculty members with a graduate degree in economics. In additon, many professional economists now study and write on the relationship between economics and legal doctrine.

Criticisms of Law and Economics

Despite its influence, the law and economics movement has been criticized from a number of directions. This is especially true of normative law and economics. Because most law and economics scholarship operates within a neoclassical framework, fundamental criticisms of neoclassical economics have been applied to work in law and economics. Within the legal academy, law and economics has been criticized on the ground that rational choice theory makes unrealistic simplifying assumptions about human nature; Posner's application of law and economic reasoning to rape and sex 1 may be an example of this. Liberal critics of the law and economics movements have argued that normative economic analysis does not capture the importance of human rights and concerns for distributive justice. Some of the heaviest criticisms of the "classical" law and economics come from the critical legal studies movement, in particular Duncan Kennedy 2 and Mark Kelman.

Contemporary Developments

Law and economics has developed in a variety of directions. One important trend has been the application of game theory to legal problems. Other developments have been the incorporation of behavioral economics into economic analysis of law, and the increasing use of statistical and econometrics techniques. Within the legal academy, the term socio-economics has been applied to economic approaches that are self-consciously broader than the neoclassical tradition.

Universities with Law and Economics Programs

Every major American law school offers courses in law and economics and has faculty working in the field; until 2005, many of these programs received funding from the John M. Olin Foundation, which was an early supporter of the field.

Journals

Notre Dame Law School is the exception among major American law schools that do not offer a Law & Economics course.

Regional and International Associations

Asia - Asian Law and Economics Association
Australia - Australian Law and Economics Association
Canada - Canadian Law and Economics Association
China - MILES Institute of Law and Economics
Europe - European Association of Law and Economics
Finland - Finnish Association of Law and Economics
Greece - Greek Association of Law and Economics
Israel - Israeli Association for Law and Economics
Japan - Law & Economics Association of Japan
Korea - Korean Law and Economics Association
New Zealand - Law and Economics Association of New Zealand
Scandinavia - Scandinavian Association of Law and Economics
USA - American Law and Economics Association
USA - Midwestern Law and Economics Association

Bibliography

Boudewijn Bouckaert and Gerrit De Geest, eds., Encyclopedia of Law and Economics (Edward Elgar, 2000) Online version.
Robert Cooter and Thomas Ulen, Law and Economics (Addison Wesley Longman, 3rd ion, 2000) ISBN 0321064828
Richard Posner, Economic Analysis of Law (Aspen, 5th ion, 1998) ISBN 1567065627.
Ronald Coase, The Firm, The Market, and the Law (Chicago: University of Chicago Press, reprint ed. 1990) ISBN 0226111016.
Duncan Kennedy, "Law-and-Economics from the Perspective of Critical Legal Studies" (from The New Palgrave Dictionary of Economics and the Law (1998)) 3

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