Introduction to law and Economics

Law and Economics refers to the application of the economic analysis to legal problems. These tests can the impact of regulations or recommendations which predict the economic impact of legislation on the basis. Since the 1960s, research of economists and lawyers has grown the law and the economy as a field. IdentificationThe field of law and Economics - also known as economic analysis of law - economic principles and methods for studying the law.FeaturesBecause people incentives to respond, the field recognizes law and economics that laws can prevent specific activities by a price to engage your. Punitive damages in civil matters are an example of how you stop someone from negligence, any act other person.EffectsIn, economic principles bother trying to the cost of producing contract and to reduce application of contracts. An economic consideration shall endeavour in tort law reduce the cost of injuries in the workplace and other accidents.BenefitsApplying economy law permitted it, to assess the economic effectiveness of proposed legislation. It can also help governments determine the best public policy, on the basis of the economy of the economic right consequences.HistoryApplying finds its roots in the classic like Adam Smith, economists, but it a recognised speciality became before law of the 1960s and economy field.Famous award TiesNobel Economist Gary Becker and Federal Court of appeal Judge Richard Posner is a leader in the field of law and Economics thinkers.