Abstract and Keywords
This article 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. It 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 article concludes with some comments on the actual process of building economic models of law.
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