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date: 21 November 2018

Abstract and Keywords

This article summarizes leading critiques of law and economics. These critiques are grouped into three categories. The article first addresses concerns about the normative value of economic efficiency as a leading goal for law. It then addresses methodological criticisms, which often call into question the coherence of the allocative efficiency concept. Finally, it discusses the interpretive criticisms of law and microeconomics, which view law and economics as a rhetorical form and raises questions based on that view. Scholars have questioned the normative value of economic efficiency as a central goal of law. They have also challenged the coherence and objectivity of the methods used to assess economic efficiency. They have questioned the claim of economics as somehow providing a scientific justification for law, arguing instead that it constitutes a rhetorical form shifting the terms of legal argument and changing its outcomes.

Keywords: law, economics, normative value, economic efficiency, allocative efficiency, microeconomics

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