The Use of Economics for Understanding Law: An Economist's View of the Cathedral

Thomas Miceli

No 2011-25, Working papers from University of Connecticut, Department of Economics

Abstract: This essay offers some observations, from the perspective of an economist, on the usefulness of economics for understanding law. Economic analysis provides a coherent theoretical framework for unifying different areas of law based on the pursuit of efficiency. It does this by recognizing common problems across different areas, which give rise to solutions that, while outwardly different, have the same underlying form. In this way, economics provides a theory of law. But economists can also learn a lot about how the economy functions by thinking more carefully about the role of law in facilitating economic activity. The success of law and economics ultimately resides in the recognition of this fundamental interrelationship between the two disciplines.

Keywords: Law; and; Economics (search for similar items in EconPapers)
JEL-codes: K00 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2011-12
New Economics Papers: this item is included in nep-his, nep-hpe, nep-law and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:uct:uconnp:2011-25

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