What Can Economists Learn from Contract Lawyers?

Regulatory reform in China and the UK A law and economics perspective (eds, Stefan E, Weishaar, N. Phillipsen, and W Xu, (2017) Edward Elgar Charpter 6.)

33 Pages Posted: 29 Sep 2017

See all articles by Qi Zhou

Qi Zhou

University of Leeds - School of Law

Date Written: September 23, 2017

Abstract

This chapter aims to stimulate a debate on the role played by lawyers in law and economics scholarship. It is argued that traditional legal scholarship is unfairly undervalued in the current law and economics movement. By using examples in English contract law, this chapter argues that lawyers can make three invaluable contributions to law and economics research. First, lawyers can improve economists’ understanding of contractual activities and the application of law in practice. Second, lawyers can assist economists in finding the flaws and limitations in their economic models. Third, lawyers can transfer proposals made by law and economics scholars into legal reform. It is argued that the success of law and economics in the future is dependent upon mutual respect and productive collaboration between lawyers and economists.

Keywords: law and economics, contract law, economic analysis of law

JEL Classification: K12

Suggested Citation

Zhou, Qi, What Can Economists Learn from Contract Lawyers? (September 23, 2017). Regulatory reform in China and the UK A law and economics perspective (eds, Stefan E, Weishaar, N. Phillipsen, and W Xu, (2017) Edward Elgar Charpter 6.), Available at SSRN: https://ssrn.com/abstract=3041937

Qi Zhou (Contact Author)

University of Leeds - School of Law ( email )

Liberty Builidng
Leeds, LS2 9JT
United Kingdom

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