"The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director, George Stigler, and Ronald Coase."
The study of how laws and legal structures impact economic outcomes.
Microeconomics: The study of how individuals and firms make decisions regarding the allocation of resources in markets.
Macroeconomics: The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.
Game theory: The study of strategic decision-making by individuals, firms, or organizations in situations with multiple participants or competitors.
Property law: The branch of civil law that governs the control, protection, and allocation of property rights.
Contract law: The area of law that deals with agreements between two or more parties, including the formation, interpretation, and enforcement of contracts.
Tort law: The branch of civil law that deals with harm caused by one person to another, including issues such as negligence, strict liability, and intentional torts.
Corporate law: The area of law that governs the formation, organization, management, and dissolution of corporations.
Antitrust law: The area of law that regulates competition among firms and prevents monopolistic behavior that harms consumers and competition.
Government regulation: The study of the role of government in regulating economic activity, including topics such as deregulation, consumer protection, and environmental regulation.
Law and economics theory: The study of the interaction between legal rules and economic behavior, including how legal rules affect economic efficiency, incentives, and outcomes.
Judicial decision-making: The study of the role of judges in interpreting and applying legal rules, including the influence of economic analysis on judicial decision-making.
"The field uses economics concepts to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated."
"Law and economics is the application of microeconomic theory to the analysis of law."
"There are two major branches of law and economics; one based on the application of the methods and theories of neoclassical economics to the positive and normative analysis of the law, and a second branch which focuses on an institutional analysis of law and legal institutions."
"Some scholars associated with the neoclassical approach include Aaron Director, George Stigler, and Ronald Coase."
"The second branch of law and economics focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes, and overlapping with analyses of the institutions of politics and governance."
"One branch applies the methods and theories of neoclassical economics to the positive and normative analysis of the law."
"The field uses economics concepts to explain the effects of laws."
"It assesses which legal rules are economically efficient."
"It predicts which legal rules will be promulgated."
"Scholars from the Chicago school of economics such as Aaron Director, George Stigler, and Ronald Coase."
"The field emerged in the United States."
"The neoclassical approach applies the methods and theories of neoclassical economics."
"The focus is on economic, political, and social outcomes, overlapping with analyses of the institutions of politics and governance."
"The field emerged in the United States during the early 1960s."
"The field uses economics concepts to explain the effects of laws."
"It assesses which legal rules are economically efficient."
"There are two main branches of law and economics based on different analytical approaches."
"One branch emphasizes the positive and normative analysis of the law, while the other focuses on institutional analysis."
"The institutional analysis of law and legal institutions overlaps with analyses of the institutions of politics and governance."