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:
“It is the way unseen, the certain route,
Where ever bound, yet thou art ever free;
The path of Him, whose perfect law of love
Bids spheres and atoms in just order move.”
—Jones Very (1831–1880)
“The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.”
—James Thurber (1894–1961)