Law and Economics
A branch of legal theory which employs the tools provided by economics to explain and evaluate the effects and consequences of legal rules and to solve legal problems. Using the tools of economic analysis applied to law distinguishes three different schools: normative, positive and “public choice”. Gaining popularity, the movement’s founders and influential academics have been related to FEE: Aaron Director, Richard Epstein, Henry Manne, Donald J. Boudreaux.
Ivan Pongracic - Public Choice Economics
Related Freeman Articles
The History of Liberty and Prosperity Is Inseparable from These Concepts
MAY 01, 2004 by RICHARD EBELING
Economic Concepts Are Vital to Understanding Law
MARCH 01, 2001 by CHARLES W. BAIRD
JANUARY 01, 2001 by MARK SKOUSEN
But attitudes are rapidly changing as we enter the 21st century. Economics, no longer dismal, has come a long way toward reinventing itself and expanding into new territories so rapidly that another descriptive phrase is needed.