Economic Models of Law

Thomas Miceli

No 2014-13, Working papers from University of Connecticut, Department of Economics

Abstract: This essay discusses the use of economic models for understanding law. It begins by describing the nature of economic models in general, and then turns to the specific application of economic models to law. The discussion distinguishes between “economic analysis of law”— which concerns the use of economic theory for describing the incentive effects of legal rules (positive analysis) and for prescribing better rules (normative analysis); and “law and economics”—which concerns the relationship between law and markets as alternative institutions for organizing economic activity. The essay concludes with some comments on the actual process of building economic models of law.

Keywords: Economic models; economic analysis of law; law and economics (search for similar items in EconPapers)
JEL-codes: K00 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2014-05
New Economics Papers: this item is included in nep-hpe and nep-law
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:uct:uconnp:2014-13

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