scholarly journals The Economic Analysis of Law in Pakistan

2020 ◽  
Vol 59 (1) ◽  
pp. 121-127
Author(s):  
Omer Siddique
Keyword(s):  
Economic Analysis ◽  
Law And Economics ◽  
Invisible Hand ◽  
Economic Analysis Of Law ◽  
Fundamental Point ◽  
The Law ◽  
Market Capitalism ◽  
The Invisible

One of the most important functions of law is to assign rights and liabilities in such a way that disputes do not arise. The failure to prevent disputes in a society indicates that the structure of the law is inefficient. Since the focus of law and economics is on efficiency (see Box 1) and how people respond to incentives, one way to carry out the economic analysis of the law is to use the framework of market capitalism. Driven by the idea of the invisible hand, the fundamental point of capitalism is that individuals should be able to use their capital freely, without the state’s interference. It implies that individuals’ legal ability to move capital should be frictionless.

The Economics of Fiduciary Law

2019 ◽  
pp. 665-685
Author(s):  
Richard R.W. Brooks
Keyword(s):  
Economic Analysis ◽  
Law And Economics ◽  
Structural Approach ◽  
Economic Analysis Of Law ◽  
Economic Agents ◽  
Institutional Economic ◽  
The Third ◽  
Personal Character ◽  
Economics Literature ◽  
The Law

This chapter examines the treatment of fiduciary law in the field of law and economics. It begins with a typology of three theoretical tracts that accounts for loyalty in economics: the first tract takes a structural approach to questions of loyalty and disloyalty based on models occupied by strictly rational economic agents who are unable to choose or act in any manner than that dictated by narrow self-interests; the second explains loyalty in terms of personal character or preferences for particular actions and choices; and the third approaches loyalty in terms of allegiances to relationships or associations and, more specifically, to their associated rules of conduct. The chapter then discusses these three theoretical tracts of loyalty by reviewing the law and economics literature on beneficiaries and fiduciaries in general, and principals and agents in particular. The discussion is organized along lines of the two branches of scholarship that defines the field of law and economics: institutional economic analysis and economic analysis of law.

scholarly journals The Road Not Taken – Reading Calabresi’s “The Future of Law and Economics”

Global Jurist ◽  
2019 ◽  
Vol 19 (3) ◽  
Author(s):  
Aleksandar Stojanović ◽  
Paolo Silvestri
Keyword(s):  
Economic Analysis ◽  
Law And Economics ◽  
Legal Institutions ◽  
Economic Analysis Of Law ◽  
Special Issue ◽  
Human Race ◽  
The Road ◽  
Future Developments ◽  
The Future ◽  
The Law

Abstract The publication of Guido Calabresi’s book “The Future of Law and Economics” has drawn a substantial amount of attention among law and economics scholars. We thought that the best way to devote special attention to this book was to devote a Special issue to it. This article situates Calabresi’s book among other reflections on the future of the discipline, introduces and explains the reasons behind this Special issue and discuss the organization and content of it. We emphasize how Calabresi’s historical-conceptual standpoint allows him to isolate the stakes of different future developments around the question of how could further appreciation of legal institutions that defy the standard economic assumptions help the field develop theoretically. Overall, the contributors all shared Calabresi’s attempt to restore the balance between Law and Economics and the need to better account for the “whole unanalysed experience of human race”, often neglected by the Economic Analysis of Law approach. Most disagreements are about the ‘how’. In any case, the search for the Law and Economics ‘not (yet) taken’ or for other “Law and … ” approaches is always open to the Future.

scholarly journals MENGGUGAH FONDASI KEILMUAN ILMU HUKUM DALAM PENGAKUAN PERKAWINAN HOMOSEKSUAL DI MASSACHUSETTS MELALUI EFISIENSI EKONOMI

2018 ◽  
Author(s):  
Fajar Sugianto ◽  
Budiarsih Budiarsih
Keyword(s):  
Economic Analysis ◽  
Human Behavior ◽  
Scientific Method ◽  
Law And Economics ◽  
Legal Issues ◽  
Economic Analysis Of Law ◽  
Different Dimensions ◽  
The Law

Law and economics are two independent sciences that compliment each other in analyzing forms of legal issues. The limitations of each independent sciences in fact have brought these two came even closer in resolving the issue of the legalization of homosexual marriages in Massachusetts. As a scientific method, Law and Economics, also known as the economic analysis of law, explores the law and jurisprudence in new ways through different dimensions. The use of economics broaden the field of law especially as a tool to create incentives to change human behavior in achieving its objectives based on its idealism of efficiency. The use of Law and Economics in this writing provided economic rationales that the legalization of homosexual marriages in Massachusetts are efficient therefore the law shall produce rules that lead to the most efficient change that the society desire the most.

Behavioral Law and Economics

2018 ◽  
Author(s):  
Eyal Zamir ◽  
Doron Teichman
Keyword(s):  
Economic Analysis ◽  
Bounded Rationality ◽  
Law And Economics ◽  
Empirical Studies ◽  
Securities Regulation ◽  
Critical Examination ◽  
Entire Body ◽  
Economic Analysis Of Law ◽  
Behavioral Law And Economics ◽  
The Impact

In the past few decades, economic analysis of law has been challenged by a growing body of experimental and empirical studies that attest to prevalent and systematic deviations from the assumptions of economic rationality. While the findings on bounded rationality and heuristics and biases were initially perceived as antithetical to standard economic and legal-economic analysis, over time they have been largely integrated into mainstream economic analysis, including economic analysis of law. Moreover, the impact of behavioral insights has long since transcended purely economic analysis of law: in recent years, the behavioral movement has become one of the most influential developments in legal scholarship in general. Behavioral Law and Economics offers a state-of-the-art overview of the field. The book surveys the entire body of psychological research underpinning behavioral analysis of law, and critically evaluates the core methodological questions of this area of research. The book then discusses the fundamental normative questions stemming from the psychological findings on bounded rationality, and explores their implications for establishing the aims of legislation, and the means of attaining them. This is followed by a systematic and critical examination of the contributions of behavioral studies to all major fields of law—property, contracts, consumer protection, torts, corporate, securities regulation, antitrust, administrative, constitutional, international, criminal, and evidence law—as well as to the behavior of key players in the legal arena: litigants and judicial decision-makers.

Law and Economics

2020 ◽  
pp. 84-102
Author(s):  
Daniel B. Kelly
Keyword(s):  
Economic Analysis ◽  
First Generation ◽  
Law And Economics ◽  
Private Law ◽  
Foreseeable Future ◽  
Business Associations ◽  
The Third ◽  
Starting Point ◽  
The Law ◽  
The Impact

This chapter analyzes how law and economics influences private law and how (new) private law is influencing law and economics. It focuses on three generation or “waves” within law and economics and how they approach private law. In the first generation, many scholars took the law as a starting point and attempted to use economic insights to explain, justify, or reform legal doctrines, institutions, and structures. In the second generation, the “law” at times became secondary, with more focus on theory and less focus on doctrines, institutions, and structures. But this generation also relied increasingly on empirical analysis. In the third generation, which includes scholars in the New Private Law (NPL), there has been a resurgence of interest in the law and legal institutions. To be sure, NPL scholars analyze the law using various approaches, with some more and some less predisposed to economic analysis. However, economic analysis will continue to be a major force on private law, including the New Private Law, for the foreseeable future. The chapter considers three foundational private law areas: property, contracts, and torts. For each area, it discusses the major ideas that economic analysis has contributed to private law, and surveys contributions of the NPL. The chapter also looks at the impact of law and economics on advanced private law areas, such as business associations, trusts and estates, and intellectual property.

Of Law and Economics and Economic Analysis of Law: The Role of the Lawyer

Global Jurist ◽  
2019 ◽  
Vol 19 (3) ◽  
Author(s):  
Guido Calabresi
Keyword(s):  
Economic Analysis ◽  
Law And Economics ◽  
Economic Analysis Of Law ◽  
Yale University ◽  
The Future

Abstract This is the first chapter of The Future of Law and Economics: Essays in Reform and Recollection by Guido Calabresi, first published by Yale University Press in 2016.

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