2011/02/14 by David D. Friedman · 1 citation
Economics, Econometrics and Finance · #Law, Economics, and Judicial Systems #Legal and Constitutional Studies
paper · doi:10.1057/9780230226203.2937
openalex publication_date 2011/02/14 · openalex created_date 2022/05/12 · openalex updated_date 2026/07/31
The economic analysis of law involves three distinct but related enterprises. The first is the use of economics to predict the effects of legal rules. The second is the use of economics to determine what legal rules are economically efficient, in order to recommend what the legal rules ought to be. The third is the use of economics to predict what the legal rules will be. Of these, the first is primarily an application of price theory, the second of welfare economics, and the third of public choice. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.