The Commonality Between Economics and Law

The development of law and economics is a success story in the expansion of economics into other social sciences since the 1960s. The success has been attributed to the fact that economics offers a powerful set of analytical tools with a forceful theory of human behavior. But if this is the only rea...

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Bibliographic Details
Published inEuropean journal of law and economics Vol. 18; no. 1; pp. 33 - 53
Main Author Hsiung, Bingyuan
Format Journal Article
LanguageEnglish
Published New York Springer 01.07.2004
Springer Nature B.V
SeriesEuropean Journal of Law and Economics
Subjects
benchmark
Coase Theorem
Correlation
Economic analysis
Economic efficiency
Economic theory
Economic thought
Economists
efficiency
Law
Legal studies
Microeconomics
Political science
Social sciences
Sociology
Studies
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Summary:The development of law and economics is a success story in the expansion of economics into other social sciences since the 1960s. The success has been attributed to the fact that economics offers a powerful set of analytical tools with a forceful theory of human behavior. But if this is the only reason, then the move of economics into other social sciences such as political science and sociology should have been equally successful. This, however, has not been true, and the discrepancy calls for an explanation. The commonalities between economics and law in both subject matter and analytical approach provide a more convincing explanation; some of the difficulties faced by the legal economists can also be explained by an appreciation of the commonalites between economics and law. [PUBLICATION ABSTRACT]
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ISSN:0929-1261
1572-9990
1572-9346
DOI:10.1023/B:EJLE.0000032769.19420.c8