Law and Economics Versus Economic Analysis of Law
13 Pages Posted: 18 Sep 2017 Last revised: 5 Apr 2018
Date Written: March 30, 2018
I agree with Calabresi’s general distinction between Economic Analysis of Law and Law and Economics. However, these broad categories may obscure important differences between types of law and economics scholarship. I would distinguish positive economic analysis from normative economic analysis, and positivist legal analysis from nonpositivist analysis. The four categories generated by these distinctions provide a more fine-grained map of the styles of reasoning in law and economics, and has implications for the future of law and economics.
Keywords: law and economics, economic analysis of law, legal positivism, positive economics, normative economics, transaction costs, norms, behavioral economics
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