LAW AND ECONOMICS

LAW AND ECONOMICS

law and economics. (often cap.)

1. A discipline advocating the economic analysis of the law, whereby legal rules are subjected to a cost-benefit analysis to determine whether a change from one legal rule to another will increase or decrease allocative efficiency and social wealth. ? Originally developed as an approach to antitrust policy, law and economics is today used by its proponents to explain and interpret a variety of legal subjects.

2. The field or movement in which scholars devote themselves to this discipline.

3. The body of work produced by these scholars.


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Carl, Chinese legal translator, specializes in translating legal documents pertaining to complex business disputes.