BUY LAW AND ECONOMICS DR S R MYNENI | NEW ERA PUBLICATION | BEST BOOK FOR LAW STUDENTS AND PROFESSIONALS | LATEST EDITION | 2023 |
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of legal rules and institutions.
The field emerged in the United States in the early 1960s, primarily through the work of scholars from the Chicago school of economics, such as Aaron Director, George Stigler, and Ronald Coase, and jurists, including Guido Calabresi. The field uses economics concepts to explain the effects of laws, assess which legal rules are economically efficient, and predict which legal rules will be promulgated.
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