law and economics movement
E96710
The law and economics movement is an intellectual approach to legal theory that applies economic principles and methods—especially those associated with the Chicago School—to analyze and shape laws, legal institutions, and judicial decisions.
Aliases (1)
Statements (55)
| Predicate | Object |
|---|---|
| instanceOf |
intellectual movement
→
interdisciplinary field → legal theory approach → |
| aimsTo |
predict effects of legal rules on behavior
→
provide positive and normative analysis of law → shape legal rules to promote efficiency → |
| appliesDiscipline |
economics
→
microeconomics → price theory → welfare economics → |
| associatedWithSchool |
Chicago School of economics
→
|
| coreConcept |
Kaldor-Hicks efficiency
→
Pareto efficiency → deterrence → externalities → incentives → rational choice → transaction costs → wealth maximization → |
| criticizedFor |
emphasis on efficiency over fairness
→
neglect of distributional concerns → strong rationality assumptions → |
| emergedInPeriod |
mid-20th century
→
|
| fieldOfStudy |
law and economics
→
|
| focusesOn |
antitrust law
→
contract law → corporate law → criminal law → judicial decisions → legal institutions → legal rules → liability rules → property rights → regulation → tort law → |
| gainedProminenceIn |
1970s
→
1980s → |
| hasSubfield |
behavioral law and economics
→
new institutional economics and law → |
| influencedBy |
Gary Becker
→
George Stigler → Richard Posner → Ronald Coase → |
| influencedByWork |
Economic Analysis of Law
→
The Problem of Social Cost → |
| institutionalBase |
University of Chicago Department of Economics
→
University of Chicago Law School NERFINISHED → |
| relatedTo |
economic analysis of public law
→
law and society movement → public choice theory → |
| usesMethod |
cost-benefit analysis
→
economic analysis → efficiency analysis → empirical methods → game theory → |
Referenced by (3)
| Subject (surface form when different) | Predicate |
|---|---|
|
Chicago School economics
→
Coase theorem → |
influenced |
|
Richard Posner
("Chicago school of law and economics")
→
|
partOf |