The Art of Law & Macroeconomics

37 Pages Posted: 29 May 2011 Last revised: 7 Aug 2013

See all articles by Bruno Meyerhof Salama

Bruno Meyerhof Salama

University of California, Berkeley - School of Law; Fundação Getulio Vargas Law School at São Paulo

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Date Written: November 29, 2012


Effective macroeconomic intervention requires not only an understanding of the individuals, but of the structure of their interactions as well. In a constitutional democracy, this structure is largely established by the law. Accordingly, it is possible for legal scholars to contribute to macroeconomic policy based on their understanding of the internal rationality and structure of the legal system. They can do that most presciently by offering legal precepts – directions to policymakers – that are based on the premise that macroeconomic policies are part of a system of legal rules, principles and institutions. In so doing, legal scholarship will not be contributing to the science, but instead to the art economics. John Neville Keynes explained this point most clearly when he distinguished the art of economics from science or ethics.

Keywords: Law & Economics, Law & Macroeconomics, Art of Economics

JEL Classification: K00

Suggested Citation

Meyerhof Salama, Bruno, The Art of Law & Macroeconomics (November 29, 2012). University of Pittsburgh Law Review, Volume 74, Issue 2, Forthcoming. Available at SSRN: or

Bruno Meyerhof Salama (Contact Author)

University of California, Berkeley - School of Law ( email )

2240 Piedmont Ave. Berkeley
Berkeley, CA 94720
United States

Fundação Getulio Vargas Law School at São Paulo ( email )

R. Rocha, 233, Bela Vista
São Paulo, 01330-000

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