Law and economics or economic analysis of law is the application of economic methods to analysis of law. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated..
Read more about Law And Economics: Relationship To Other Disciplines and Approaches, Origin and History, Important Scholars, Influence, Criticisms, Contemporary Developments, Universities With Law and Economics Programs
Famous quotes containing the words law and/or economics:
“To be a Negro is to participate in a culture of poverty and fear that goes far deeper than any law for or against discrimination.... After the racist statutes are all struck down, after legal equality has been achieved in the schools and in the courts, there remains the profound institutionalized and abiding wrong that white America has worked on the Negro for so long.”
—Michael Harrington (1928–1989)
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)