Integrating law and economics

Type :

Case study

Pages :

11 pages

Format :

.doc

Published date :

08/11/2009

Category :

Economics & finance

Sub category :

Economics

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Summary :

Introduction
The book Law in a Market Context and the meanings and values created and promoted in law
1. An in depth look at how to understand economic concepts
2. The means in which the society experiences the affiliation involving law
3. A framework for understanding the interpretive process
The difference between comprehending law in a market context and the performing an economic analysis
1. Peirce's approach
2. Malloy's approach
3. An example of framing and referencing
This baseline for mapping frames
Deciding the owner's duty
The cost and benefit analysis tool
Laying a foundation for law and market economy
Conclusion

Abstract

The subjects of both law and economics are two very dissimilar things, however, when used together, can be quite effective. The integration of the two also would be beneficial in meeting certain political, social, and cultural objectives. Combining both law and economics would be an essential component of a democratic set-up and would facilitate legislators to implement their strategies on basic healthcare, education and gender justice. Richard Posner, author of Economic Analysis of law, was the first to argue that the common law demonstrates an economic logic that is largely a result of the effort of judges to promote efficiency. His rationale behind this was that judges "cannot do much to alter the slices of the pie that various groups in society receive, they might as well concentrate on increasing its size (252)".