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, constitutional economics 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 and the sociology of law 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 governance and public policy (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.
Read more about this topic: Law And Economics
Famous quotes containing the words relationship to, relationship and/or approaches:
“Sometimes in our relationship to another human being the proper balance of friendship is restored when we put a few grains of impropriety onto our own side of the scale.”
—Friedrich Nietzsche (1844–1900)
“We must introduce a new balance in the relationship between the individual and the government—a balance that favors greater individual freedom and self-reliance.”
—Gerald R. Ford (b. 1913)
“Someone approaches to say his life is ruined
and to fall down at your feet
and pound his head upon the sidewalk.”
—David Ignatow (b. 1914)