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vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Positive_and_normative_law_and_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Positive and normative law and economics</span> </div> </a> <button aria-controls="toc-Positive_and_normative_law_and_economics-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Positive and normative law and economics subsection</span> </button> <ul id="toc-Positive_and_normative_law_and_economics-sublist" class="vector-toc-list"> <li id="toc-Positive_law_and_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Positive_law_and_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Positive law and economics</span> </div> </a> <ul id="toc-Positive_law_and_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Normative_law_and_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Normative_law_and_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Normative law and economics</span> </div> </a> <ul id="toc-Normative_law_and_economics-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Criminal_law" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Criminal_law"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Criminal law</span> </div> </a> <ul id="toc-Criminal_law-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Relationship_to_other_disciplines_and_approaches" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Relationship_to_other_disciplines_and_approaches"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Relationship to other disciplines and approaches</span> </div> </a> <ul id="toc-Relationship_to_other_disciplines_and_approaches-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Applications" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Applications"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Applications</span> </div> </a> <ul id="toc-Applications-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Influence" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Influence"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Influence</span> </div> </a> <ul id="toc-Influence-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criticisms" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Criticisms"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Criticisms</span> </div> </a> <button aria-controls="toc-Criticisms-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Criticisms subsection</span> </button> <ul id="toc-Criticisms-sublist" class="vector-toc-list"> <li id="toc-Rational_choice_theory" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Rational_choice_theory"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.1</span> <span>Rational choice theory</span> </div> </a> <ul id="toc-Rational_choice_theory-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Pareto_efficiency" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Pareto_efficiency"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.2</span> <span>Pareto efficiency</span> </div> </a> <ul id="toc-Pareto_efficiency-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-"Internal"_analytical_criticisms" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#"Internal"_analytical_criticisms"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.3</span> <span>"Internal" analytical criticisms</span> </div> </a> <ul id="toc-"Internal"_analytical_criticisms-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criminal_methodology" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Criminal_methodology"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.4</span> <span>Criminal methodology</span> </div> </a> <ul id="toc-Criminal_methodology-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Responses_to_criticism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Responses_to_criticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.5</span> <span>Responses to criticism</span> </div> </a> <ul id="toc-Responses_to_criticism-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" 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Available in 26 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-26" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">26 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D9%82%D8%A7%D9%86%D9%88%D9%86_%D9%88%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF" title="القانون والاقتصاد – Arabic" lang="ar" hreflang="ar" data-title="القانون والاقتصاد" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/H%C3%BCquq_v%C9%99_iqtisadiyyat" title="Hüquq və iqtisadiyyat – Azerbaijani" lang="az" hreflang="az" data-title="Hüquq və iqtisadiyyat" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Hoat-lu%CC%8Dt_keng-ch%C3%A8-ha%CC%8Dk" title="Hoat-lu̍t keng-chè-ha̍k – Minnan" lang="nan" hreflang="nan" data-title="Hoat-lu̍t keng-chè-ha̍k" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9F%D1%80%D0%B0%D0%B2%D0%BE_%D0%B8_%D0%B8%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Право и икономика – Bulgarian" lang="bg" hreflang="bg" data-title="Право и икономика" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Rets%C3%B8konomi" title="Retsøkonomi – Danish" lang="da" hreflang="da" data-title="Retsøkonomi" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/%C3%96konomische_Analyse_des_Rechts" title="Ökonomische Analyse des Rechts – German" lang="de" hreflang="de" data-title="Ökonomische Analyse des Rechts" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/An%C3%A1lisis_econ%C3%B3mico_del_Derecho" title="Análisis económico del Derecho – Spanish" lang="es" hreflang="es" data-title="Análisis económico del Derecho" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AD%D9%82%D9%88%D9%82_%D9%88_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF" title="حقوق و اقتصاد – Persian" lang="fa" hreflang="fa" data-title="حقوق و اقتصاد" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Analyse_%C3%A9conomique_du_droit" title="Analyse économique du droit – French" lang="fr" hreflang="fr" data-title="Analyse économique du droit" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%B2%95%EA%B2%BD%EC%A0%9C%ED%95%99" title="법경제학 – Korean" lang="ko" hreflang="ko" data-title="법경제학" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B5%E0%A4%BF%E0%A4%A7%E0%A4%BF_%E0%A4%8F%E0%A4%B5%E0%A4%82_%E0%A4%85%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%B6%E0%A4%BE%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A5%8D%E0%A4%B0" title="विधि एवं अर्थशास्त्र – Hindi" lang="hi" hreflang="hi" data-title="विधि एवं अर्थशास्त्र" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Hukum_dan_ekonomi" title="Hukum dan ekonomi – Indonesian" lang="id" hreflang="id" data-title="Hukum dan ekonomi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Analisi_economica_del_diritto" title="Analisi economica del diritto – Italian" lang="it" hreflang="it" data-title="Analisi economica del diritto" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A0%D7%99%D7%AA%D7%95%D7%97_%D7%9B%D7%9C%D7%9B%D7%9C%D7%99_%D7%A9%D7%9C_%D7%94%D7%9E%D7%A9%D7%A4%D7%98" title="ניתוח כלכלי של המשפט – Hebrew" lang="he" hreflang="he" data-title="ניתוח כלכלי של המשפט" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Economische_analyse_van_het_recht" title="Economische analyse van het recht – Dutch" lang="nl" hreflang="nl" data-title="Economische analyse van het recht" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%B3%95%E3%81%A8%E7%B5%8C%E6%B8%88%E5%AD%A6" title="法と経済学 – Japanese" lang="ja" hreflang="ja" data-title="法と経済学" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Retts%C3%B8konomi" title="Rettsøkonomi – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Rettsøkonomi" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Ekonomiczna_analiza_prawa" title="Ekonomiczna analiza prawa – Polish" lang="pl" hreflang="pl" data-title="Ekonomiczna analiza prawa" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/An%C3%A1lise_econ%C3%B4mica_do_direito" title="Análise econômica do direito – Portuguese" lang="pt" hreflang="pt" data-title="Análise econômica do direito" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Drept_%C8%99i_economie" title="Drept și economie – Romanian" lang="ro" hreflang="ro" data-title="Drept și economie" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Oikeustaloustiede" title="Oikeustaloustiede – Finnish" lang="fi" hreflang="fi" data-title="Oikeustaloustiede" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/R%C3%A4ttsekonomi" title="Rättsekonomi – Swedish" lang="sv" hreflang="sv" data-title="Rättsekonomi" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Hukuk_ve_ekonomi" title="Hukuk ve ekonomi – Turkish" lang="tr" hreflang="tr" data-title="Hukuk ve ekonomi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Lu%E1%BA%ADt_ph%C3%A1p_v%C3%A0_kinh_t%E1%BA%BF_h%E1%BB%8Dc" title="Luật pháp và kinh tế học – Vietnamese" lang="vi" hreflang="vi" data-title="Luật pháp và kinh tế học" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-war mw-list-item"><a href="https://war.wikipedia.org/wiki/Balaod_ngan_ekonomika" title="Balaod ngan ekonomika – Waray" lang="war" hreflang="war" data-title="Balaod ngan ekonomika" data-language-autonym="Winaray" data-language-local-name="Waray" 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href="/wiki/Category:Economics" title="Category:Economics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="border-top:1px #fafafa solid; border-bottom:1px #fafafa solid; background:#efefef;padding:0.2em;font-size:200%;"><a href="/wiki/Economics" title="Economics">Economics</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Supply-demand-equilibrium.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/240px-Supply-demand-equilibrium.svg.png 2x" data-file-width="217" data-file-height="217" /></a></span></td></tr><tr><td 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economics">International</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Micro</a> / <a href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL classification codes</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a class="mw-selflink selflink">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul></div></div> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics_sidebar" title="Template:Economics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics_sidebar" title="Template talk:Economics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics_sidebar" title="Special:EditPage/Template:Economics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Law and economics</b>, or <b>economic analysis of law</b>, is the application of <a href="/wiki/Microeconomic_theory" class="mw-redirect" title="Microeconomic theory">microeconomic theory</a> to the analysis of <a href="/wiki/Law" title="Law">law</a>. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the <a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago school of economics</a> such as <a href="/wiki/Aaron_Director" title="Aaron Director">Aaron Director</a>, <a href="/wiki/George_Stigler" title="George Stigler">George Stigler</a>, and <a href="/wiki/Ronald_Coase" title="Ronald Coase">Ronald Coase</a>. The field uses <a href="/wiki/Economics" title="Economics">economics</a> concepts to explain the effects of laws, assess which legal rules are <a href="/wiki/Economic_efficiency" title="Economic efficiency">economically efficient</a>, and predict which legal rules will be <a href="/wiki/Promulgation" title="Promulgation">promulgated</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> There are two major branches of law and economics;<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> one based on the application of the methods and theories of <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical economics</a> to the positive and normative analysis of the law, and a second branch which focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes, and overlapping with analyses of the institutions of politics and governance. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Law_and_economics" title="Special:EditPage/Law and economics">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Law+and+economics%22">"Law and economics"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Law+and+economics%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Law+and+economics%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Law+and+economics%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Law+and+economics%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Law+and+economics%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">September 2022</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Origin">Origin</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=2" title="Edit section: Origin"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The historical antecedents of law and economics can be traced back to the <a href="/wiki/Classical_economics" title="Classical economics">classical economists</a>, who are credited with the foundations of modern economic thought. As early as the 18th century, <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a> discussed the economic effects of <a href="/wiki/Mercantilist" class="mw-redirect" title="Mercantilist">mercantilist</a> legislation; later, <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a> opposed the British <a href="/wiki/Corn_Laws" title="Corn Laws">Corn Laws</a> on the grounds that they hindered agricultural productivity; and <a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Frédéric Bastiat</a>, in his influential book <i><a href="/wiki/The_Law_(Bastiat_book)" title="The Law (Bastiat book)">The Law</a></i>, examined the unintended consequences of legislation. However, to apply economics to analyze the law regulating nonmarket activities is relatively new. A European law & economics movement around 1900 did not have any lasting influence.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> In a 1917 article analyzing the study of law and economics in American universities, <a href="/wiki/Eugene_Allen_Gilmore" title="Eugene Allen Gilmore">Eugene Allen Gilmore</a> concluded, "the relation between law and economics seems either not to be perceived, or, if perceived, not to be regarded as a relationship desirable or feasible of very much cultivation."<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Harold_Luhnow" title="Harold Luhnow">Harold Luhnow</a>, the head of the <a href="/wiki/Volker_Fund" class="mw-redirect" title="Volker Fund">Volker Fund</a>, not only financed <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">F. A. Hayek</a> in the U.S. starting in 1946, but he shortly thereafter financed <a href="/wiki/Aaron_Director" title="Aaron Director">Aaron Director</a>'s coming to <a href="/wiki/University_of_Chicago" title="University of Chicago">the University of Chicago</a> in order to set up there a new center for scholars in law and economics. The University was headed by <a href="/wiki/Robert_Maynard_Hutchins" title="Robert Maynard Hutchins">Robert Maynard Hutchins</a>, a close collaborator of Luhnow's in setting up the <a href="/wiki/Chicago_school_(economics)" class="mw-redirect" title="Chicago school (economics)">Chicago School</a>, as it became commonly known. The university faculty then included a strong base of libertarian scholars, including <a href="/wiki/Frank_Knight" title="Frank Knight">Frank Knight</a>, <a href="/wiki/George_Stigler" title="George Stigler">George Stigler</a>, <a href="/wiki/Henry_Calvert_Simons" title="Henry Calvert Simons">Henry Simons</a>, <a href="/wiki/Ronald_Coase" title="Ronald Coase">Ronald Coase</a> and <a href="/wiki/Jacob_Viner" title="Jacob Viner">Jacob Viner</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Soon, it would also have not just Hayek himself, but Director's brother-in-law and Stigler's friend <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a>, and also <a href="/wiki/Robert_Fogel" title="Robert Fogel">Robert Fogel</a>, <a href="/wiki/Robert_Lucas,_Jr." class="mw-redirect" title="Robert Lucas, Jr.">Robert Lucas</a>, <a href="/wiki/Eugene_Fama" title="Eugene Fama">Eugene Fama</a>, <a href="/wiki/Richard_Posner" title="Richard Posner">Richard Posner</a>, and <a href="/wiki/Gary_Becker" title="Gary Becker">Gary Becker</a>. </p><p>Historians Robert van Horn and <a href="/wiki/Philip_Mirowski" title="Philip Mirowski">Philip Mirowski</a> described the development of modern economic concepts in "The Rise of the Chicago School of Economics", a chapter of <i>The Road from Mont Pelerin </i>(2009); and historian <a href="/wiki/Bruce_Caldwell_(historian_of_economic_thought)" class="mw-redirect" title="Bruce Caldwell (historian of economic thought)">Bruce Caldwell</a> (a great admirer of von Hayek) filled in more details of the account in his chapter, "The Chicago School, Hayek, and Neoliberalism", in <i>Building Chicago Economics</i> (2011). The field began with Gary Becker's 1968 paper on crime (Becker also received a Nobel Prize). In 1972, Richard Posner, a law and economics scholar and the major advocate of the positive theory of efficiency, published the first edition of Economic Analysis of Law and founded <i><a href="/wiki/The_Journal_of_Legal_Studies" title="The Journal of Legal Studies">The Journal of Legal Studies</a></i>, both are regarded as important events. Gordon Tullock and Friedrich Hayek also wrote intensively in the area and influenced to spread of law and economics. </p> <div class="mw-heading mw-heading3"><h3 id="Founding">Founding</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=3" title="Edit section: Founding"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1958, Director founded <a href="/wiki/The_Journal_of_Law_%26_Economics" class="mw-redirect" title="The Journal of Law & Economics"><i>The</i> <i>Journal of Law & Economics</i></a>, which he co-edited with Nobel laureate <a href="/wiki/Ronald_Coase" title="Ronald Coase">Ronald Coase</a>, and which helped to unite the fields of law and economics with far-reaching influence.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> In 1960 and 1961, Ronald Coase and <a href="/wiki/Guido_Calabresi" title="Guido Calabresi">Guido Calabresi</a> independently published two groundbreaking articles, "<a href="/wiki/The_Problem_of_Social_Cost" title="The Problem of Social Cost">The Problem of Social Cost</a>"<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> and "Some Thoughts on Risk Distribution and the Law of Torts".<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> This can be seen as the starting point for the modern school of law and economics.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>In 1962, Aaron Director helped to found the Committee on a Free Society. Director's appointment to the faculty of the University of Chicago Law School in 1946 began a half-century of intellectual productivity, although his reluctance about publishing left few writings behind.<sup id="cite_ref-www-news.uchicago.edu_10-0" class="reference"><a href="#cite_note-www-news.uchicago.edu-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> He taught antitrust courses at the law school with <a href="/wiki/Edward_Levi" class="mw-redirect" title="Edward Levi">Edward Levi</a>, who eventually would serve as Dean of Chicago's Law School, President of the University of Chicago, and as U.S. Attorney General in the <a href="/wiki/Presidency_of_Gerald_Ford" title="Presidency of Gerald Ford">Ford administration</a>. After retiring from the <a href="/wiki/University_of_Chicago_Law_School" title="University of Chicago Law School">University of Chicago Law School</a> in 1965, Director relocated to California and took a position at <a href="/wiki/Stanford_University" title="Stanford University">Stanford University's</a> <a href="/wiki/Hoover_Institution" title="Hoover Institution">Hoover Institution</a>. He died September 11, 2004, at his home in Los Altos Hills, California, ten days before his 103rd birthday. </p> <div class="mw-heading mw-heading3"><h3 id="Later_development">Later development</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=4" title="Edit section: Later development"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the early 1970s, <a href="/wiki/Henry_Manne" title="Henry Manne">Henry Manne</a> (a former student of Coase) set out to build a center for law and economics at a major <a href="/wiki/Law_school" title="Law school">law school</a>.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Ultimately, Manne established a center at <a href="/wiki/George_Mason_University" title="George Mason University">George Mason</a>, which became a center for the education of judges — many never previously exposed to the concepts of law and economics. Manne also attracted the support of the <a href="/wiki/John_M._Olin_Foundation" title="John M. Olin Foundation">John M. Olin Foundation</a>; Olin centers (or programs) for Law and Economics now exist at many universities. </p> <div class="mw-heading mw-heading2"><h2 id="Positive_and_normative_law_and_economics">Positive and normative law and economics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=5" title="Edit section: Positive and normative law and economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Economic analysis of law is usually divided into two subfields: positive and normative. </p> <div class="mw-heading mw-heading3"><h3 id="Positive_law_and_economics">Positive law and economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=6" title="Edit section: Positive law and economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>'Positive law and economics' uses economic analysis to predict the effects of various legal rules. So, for example, a positive economic analysis of <a href="/wiki/Tort_law" class="mw-redirect" title="Tort law">tort law</a> would predict the effects of a <a href="/wiki/Strict_liability" title="Strict liability">strict liability</a> rule as opposed to the effects of a <a href="/wiki/Negligence" title="Negligence">negligence</a> rule. Positive law and economics has also at times purported to explain the development of legal rules, for example the <a href="/wiki/Common_law" title="Common law">common law</a> of torts, in terms of their economic efficiency. </p> <div class="mw-heading mw-heading3"><h3 id="Normative_law_and_economics">Normative law and economics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=7" title="Edit section: Normative law and economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><i>Normative law and economics</i> goes one step further and makes policy recommendations based on the economic consequences of various policies. The key concept for normative economic analysis is <a href="/wiki/Efficiency_(economics)" class="mw-redirect" title="Efficiency (economics)">efficiency</a>, in particular, <a href="/wiki/Allocative_efficiency" title="Allocative efficiency">allocative efficiency</a>. </p><p>A common concept of efficiency used by law and economics scholars is <a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a>. A legal rule is Pareto efficient if it could not be changed so as to make one person better off without making another person worse off. A weaker conception of efficiency is <a href="/wiki/Kaldor%E2%80%93Hicks_efficiency" title="Kaldor–Hicks efficiency">Kaldor–Hicks efficiency</a>. A legal rule is Kaldor–Hicks efficient if it could be made Pareto efficient by some parties compensating others as to offset their loss. </p><p>Nonetheless, the possibility of a clear distinction between positive and normative analysis has been questioned by Guido Calabresi who, in his book on "The future of Law and Economics" (2016: 21-22), believes that there is an "actual - and unavoidable - existence of value judgments underlying much economic analysis"<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>Uri Weiss proposed this alternative: "It is common in law and economics to search for the law that will lead to the optimal outcome, providing the maximum size 'pie,' and to think about maximizing happiness instead of minimizing pain. We prefer another approach: We do not try to identify games that will lead to the optimal result but to prevent games in which it is in the best interests of the players to come to an unjust result".<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Criminal_law">Criminal law</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=8" title="Edit section: Criminal law"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1968, Gary Becker, who would later win the Nobel prize for economics, published <i>Crime and Punishment: An Economic Approach</i>.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> This work relied on the economic concept of utility as the basic unit of analysis. In 1985, in <i>An Economic Theory of the Criminal Law</i>, Posner set out an alternative approach that relied instead on wealth as the basic unit of analysis.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Relationship_to_other_disciplines_and_approaches">Relationship to other disciplines and approaches</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=9" title="Edit section: Relationship to other disciplines and approaches"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As used by <a href="/wiki/Lawyer" title="Lawyer">lawyers</a> and legal scholars, the phrase "law and economics" refers to the application of microeconomic analysis to legal problems. Because of the overlap between legal systems and political systems, some of the issues in law and economics are also raised in <a href="/wiki/Political_economy" title="Political economy">political economy</a>, <a href="/wiki/Constitutional_economics" title="Constitutional economics">constitutional economics</a> and <a href="/wiki/Political_science" title="Political science">political science</a>. </p><p>Approaches to the same issues from <a href="/wiki/Marxism" title="Marxism">Marxist</a> and <a href="/wiki/Critical_theory" title="Critical theory">critical theory</a>/<a href="/wiki/Frankfurt_School" title="Frankfurt School">Frankfurt School</a> perspectives usually do not identify themselves as "law and economics". For example, research by members of the <a href="/wiki/Critical_legal_studies" title="Critical legal studies">critical legal studies</a> movement and the <a href="/wiki/Sociology_of_law" title="Sociology of law">sociology of law</a> considers many of the same fundamental issues as does work labeled "law and economics", though from a vastly different perspective. The law and political economy movement also analyzes similar concepts using an entirely different approach.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>The one wing that represents a non-neoclassical approach to "law and economics" is the Continental (mainly German) tradition that sees the concept starting out of the governance and public policy (<i>Staatswissenschaften</i>) approach and the German <a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical school of economics</a>; this view is represented in the <i>Elgar Companion to Law and Economics</i> (2nd ed. 2005) and—though not exclusively—in the <i>European Journal of Law and Economics</i>. Here, consciously non-neoclassical approaches to economics are used for the analysis of legal (and administrative/governance) problems. </p><p>Law and economics is closely related to <a href="/wiki/Jurimetrics" title="Jurimetrics">jurimetrics</a>, the application of <a href="/wiki/Probability_theory" title="Probability theory">probability</a> and <a href="/wiki/Statistics" title="Statistics">statistics</a> to legal questions. </p> <div class="mw-heading mw-heading2"><h2 id="Applications">Applications</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=10" title="Edit section: Applications"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Affirmative_action" title="Affirmative action">Affirmative action</a> (<a href="/wiki/Coate-Loury_model" class="mw-redirect" title="Coate-Loury model">Coate-Loury model</a>)</li> <li><a href="/wiki/Competition_law_theory" title="Competition law theory">Antitrust law</a> (<a href="/wiki/Herfindahl%E2%80%93Hirschman_Index" class="mw-redirect" title="Herfindahl–Hirschman Index">Herfindahl–Hirschman Index</a>)</li> <li><a href="/wiki/Calculus_of_negligence" class="mw-redirect" title="Calculus of negligence">Calculus of negligence</a></li> <li><a href="/wiki/Congestion_pricing" title="Congestion pricing">Congestion pricing</a></li> <li><a href="/wiki/Corporate_governance" title="Corporate governance">Corporate governance</a><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Cost%E2%80%93benefit_analysis" title="Cost–benefit analysis">Cost–benefit analysis</a> <ul><li><a href="/wiki/Criminal_law" title="Criminal law">Criminal law</a><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Mass_surveillance_in_the_United_States" title="Mass surveillance in the United States">Mass surveillance in the United States</a><sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Surveillance" title="Surveillance">Surveillance</a></li></ul></li> <li>Crime enforcement<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Deregulation" title="Deregulation">Deregulation</a> (<a href="/wiki/Airline_deregulation" title="Airline deregulation">Airlines</a>, <a href="/wiki/Deregulation#Communications" title="Deregulation">communications</a>, <a href="/wiki/Deregulation#Energy" title="Deregulation">energy</a>, <a href="/wiki/Deregulation#Transportation" title="Deregulation">surface freight</a>)</li> <li>Design of contracts (<a href="/wiki/Contract_theory" title="Contract theory">Contract theory</a>) <ul><li><a href="/wiki/Efficient_breach" title="Efficient breach">Efficient breach</a></li></ul></li> <li><a href="/wiki/Discrimination" title="Discrimination">Discrimination</a> <ul><li><a href="/wiki/Statistical_discrimination_(economics)" title="Statistical discrimination (economics)">Statistical discrimination (economics)</a></li></ul></li> <li><a href="/wiki/Drug_policy" title="Drug policy">Drug policy</a> (<a href="/wiki/Iron_law_of_prohibition" title="Iron law of prohibition">Iron law of prohibition</a>)</li> <li><a href="/wiki/Evidence_(law)" title="Evidence (law)">Evidence</a><sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Evolution" title="Evolution">Evolution</a> of the <a href="/wiki/Common_law" title="Common law">common law</a><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> (<a href="/wiki/Evolutionary_game_theory" title="Evolutionary game theory">Evolutionary game theory</a><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup>)</li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Financial regulation</a> (<a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient market hypothesis</a>) <ul><li><a href="/wiki/Fraud-on-the-market_theory" class="mw-redirect" title="Fraud-on-the-market theory">Fraud-on-the-market theory</a></li></ul></li> <li>Governance of the <a href="/wiki/Commons" title="Commons">commons</a><sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> <ul><li><a href="/wiki/Tragedy_of_the_commons" title="Tragedy of the commons">Tragedy of the commons</a></li></ul></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional origins</a> <ul><li><a href="/wiki/Colonial_origins_of_comparative_development" class="mw-redirect" title="Colonial origins of comparative development"><i>The Colonial Origins of Comparative Development: An Empirical Investigation</i></a></li> <li><a href="/wiki/Constitutional_economics" title="Constitutional economics">Constitutional economics</a></li> <li><a href="/wiki/Legal_origins_theory" title="Legal origins theory">Legal origins theory</a></li> <li><a href="/wiki/Property_rights_(economics)" title="Property rights (economics)">Property rights</a><sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup></li></ul></li> <li><a href="/wiki/Intellectual_property" title="Intellectual property">Intellectual property</a> (<a href="/wiki/Economics_and_patents" title="Economics and patents">Economics and patents</a>)</li> <li><a href="/wiki/Natural_monopoly" title="Natural monopoly">Natural monopoly</a> regulation (<a href="/wiki/Averch%E2%80%93Johnson_effect" title="Averch–Johnson effect">Averch–Johnson effect</a>)</li> <li><a href="/wiki/Peltzman_effect" class="mw-redirect" title="Peltzman effect">Peltzman effect</a></li> <li><a href="/wiki/Principal%E2%80%93agent_problem" title="Principal–agent problem">Principal–agent problem</a> <ul><li><a href="/wiki/Adverse_selection" title="Adverse selection">Adverse selection</a></li> <li><a href="/wiki/Moral_hazard" title="Moral hazard">Moral hazard</a></li></ul></li> <li><a href="/wiki/Quarantine" title="Quarantine">Quarantine</a> measures for <a href="/wiki/Public_health" title="Public health">public health</a><sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Uniform_Prudent_Investor_Act" title="Uniform Prudent Investor Act">Prudent investor rule</a><sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> (<a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a>)</li> <li><a href="/wiki/Rent_regulation" title="Rent regulation">Rent control</a><sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Rent-seeking" title="Rent-seeking">Rent-seeking</a><sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Transaction_costs" class="mw-redirect" title="Transaction costs">Transaction costs</a> (<a href="/wiki/Coase_theorem" title="Coase theorem">Coase theorem</a>)</li> <li><a href="/wiki/Value_of_life" title="Value of life">Value of a statistical life</a><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Electoral_system" title="Electoral system">Voting systems</a> (<a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a>)</li> <li><a href="/wiki/Water_resources_law" title="Water resources law">Water law</a><sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Influence">Influence</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=11" title="Edit section: Influence"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The economic analysis of law has been influential in the United States as well as elsewhere. Judicial opinions use economic analysis and the theories of law and economics with some regularity, in the US but also, increasingly, in Commonwealth countries and in Europe. The influence of law and economics has also been felt in legal education, with graduate programs in the subject being offered in a number of countries. The influence of law and economics in civil law countries may be gauged from the availability of textbooks of law and economics, in English as well as in other European languages (Schäfer and Ott 2004; Mackaay 2013). </p><p>Many law schools in North America, Europe, and Asia have faculty members with a graduate degree in economics. In addition, many professional economists now study and write on the relationship between economics and legal doctrines. Anthony Kronman, former dean of Yale Law School, has written that "the intellectual movement that has had the greatest influence on American academic law in the past quarter-century [of the 20th Century]" is law and economics.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Criticisms">Criticisms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=12" title="Edit section: Criticisms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Despite its influence, the law and economics movement has been criticized from a number of directions. This is especially true of normative law and economics. Because most law and economics scholarship operates within a neoclassical framework, fundamental criticisms of neoclassical economics have been drawn from other, competing frameworks, though there are numerous internal critiques as well.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> Yet other schools of economic thought have emerged and have been applied to the work of law and economics in, for example, the work of <a href="/wiki/Edgardo_Buscaglia" title="Edgardo Buscaglia">Edgardo Buscaglia</a> and <a href="/wiki/Robert_Cooter" title="Robert Cooter">Robert Cooter</a> in the book "Law and Economics of Development".<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Rational_choice_theory">Rational choice theory</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=13" title="Edit section: Rational choice theory"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Critics of the economic analysis of legal questions have argued that normative economic analysis does not capture the importance of <a href="/wiki/Human_rights" title="Human rights">human rights</a> and concerns for <a href="/wiki/Distributive_justice" title="Distributive justice">distributive justice</a>. Some of the heaviest criticisms of law and economics come from the <a href="/wiki/Critical_legal_studies" title="Critical legal studies">critical legal studies</a> movement, in particular <a href="/wiki/Duncan_Kennedy_(legal_philosopher)" title="Duncan Kennedy (legal philosopher)">Duncan Kennedy</a><sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Mark_Kelman" title="Mark Kelman">Mark Kelman</a>. Jon D. Hanson, of <a href="/wiki/Harvard_Law_School" title="Harvard Law School">Harvard Law School</a>, argues that our legal, economic, political, and social systems are unduly influenced by an individualistic model of behavior based on <a href="/wiki/Preference_(economics)" title="Preference (economics)">preferences</a>, instead of a model that incorporates <a href="/wiki/Cognitive_bias" title="Cognitive bias">cognitive biases</a> and <a href="/wiki/Social_norm" title="Social norm">social norms</a>.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Pareto_efficiency">Pareto efficiency</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=14" title="Edit section: Pareto efficiency"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Additional criticism has been directed toward the assumed benefits of law and policy designed to increase <a href="/wiki/Allocative_efficiency" title="Allocative efficiency">allocative efficiency</a> when such assumptions are modeled on "first-best" (<a href="/wiki/Pareto_optimal" class="mw-redirect" title="Pareto optimal">Pareto optimal</a>) general-equilibrium conditions. Under the <a href="/wiki/Theory_of_the_second_best" title="Theory of the second best">theory of the second best</a>, for example, if the fulfillment of a subset of optimal conditions cannot be met under any circumstances, it is incorrect to conclude that the fulfillment of <i>any</i> subset of optimal conditions will necessarily result in an increase in allocative efficiency.<sup id="cite_ref-Markovits000_47-0" class="reference"><a href="#cite_note-Markovits000-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p><p>Consequently, any expression of public policy whose purported purpose is an unambiguous increase in allocative efficiency (for example, consolidation of <a href="/wiki/Research_and_development" title="Research and development">research and development</a> costs through increased <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">mergers and acquisitions</a> resulting from a systematic relaxation of antitrust laws) is, according to critics, fundamentally incorrect, as there is no general reason to conclude that an increase in allocative efficiency is more likely than a decrease. </p><p>Essentially, the "first-best" neoclassical analysis fails to properly account for various kinds of general-equilibrium feedback relationships that result from intrinsic Pareto imperfections.<sup id="cite_ref-Markovits000_47-1" class="reference"><a href="#cite_note-Markovits000-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p><p>Another critique comes from the fact that there is no unique optimal result. Warren Samuels in his 2007 book, <i>The Legal-Economic Nexus</i>, argues, "efficiency in the Pareto sense cannot dispositively be applied to the definition and assignment of rights themselves, because efficiency requires an antecedent determination of the rights (23–4)". </p> <div class="mw-heading mw-heading3"><h3 id=""Internal"_analytical_criticisms"><span id=".22Internal.22_analytical_criticisms"></span>"Internal" analytical criticisms</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=15" title="Edit section: "Internal" analytical criticisms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Relatedly, legal scholarship also has criticized the movement for allowing its framing of models to dictate its results, for over-emphasizing or under-emphasizing specific incentives and costs, and for building models that do not degrade "gracefully" (and therefore have difficulty modeling reality).<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> In other words, the law and economics movement may not achieve "efficiency", even to the extent <a href="/wiki/Allocative_efficiency" title="Allocative efficiency">allocative efficiency</a> is the goal of the law.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Criminal_methodology">Criminal methodology</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=16" title="Edit section: Criminal methodology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Cullerne Bown has criticised Posner's approach on methodological grounds. He concludes that Posner's approach to evaluating policies in the criminal process is methodologically invalid and that "these failings in turn make the entirety of his conclusions on the criminal process unreliable".<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Responses_to_criticism">Responses to criticism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=17" title="Edit section: Responses to criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Law and economics has adapted to some of these criticisms and been developed in a variety of directions. One important trend has been the application of <a href="/wiki/Game_theory" title="Game theory">game theory</a> to legal problems.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> Other developments have been the incorporation of <a href="/wiki/Behavioral_economics" title="Behavioral economics">behavioral economics</a> into economic analysis of law,<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> and the increasing use of <a href="/wiki/Statistical" class="mw-redirect" title="Statistical">statistical</a> and <a href="/wiki/Econometrics" title="Econometrics">econometrics</a> techniques.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> Within the legal academy, the term <a href="/wiki/Socio-economics" class="mw-redirect" title="Socio-economics">socio-economics</a> has been applied to economic approaches that are self-consciously broader than the <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical</a> tradition. </p><p>Property rights, which are analyzed using economic analysis, are seen as <a href="/wiki/Right_to_property" title="Right to property">fundamental human rights</a> by defenders of law and economics.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=18" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col" style="column-width: 22em;"> <ul><li><a href="/wiki/Competition_policy" class="mw-redirect" title="Competition policy">Competition policy</a></li> <li><a href="/wiki/Contract_theory" title="Contract theory">Contract theory</a></li> <li><a href="/wiki/Constitutionalism" title="Constitutionalism">Constitutionalism</a></li> <li><a href="/wiki/Constitutional_economics" title="Constitutional economics">Constitutional economics</a></li> <li><a href="/wiki/Cost%E2%80%93benefit_analysis" title="Cost–benefit analysis">Cost–benefit analysis</a></li> <li><a href="/wiki/Economic_imperialism_(economics)" class="mw-redirect" title="Economic imperialism (economics)">Economic imperialism (economics)</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a></li> <li><a href="/wiki/Iron_law_of_prohibition" title="Iron law of prohibition">Iron law of prohibition</a></li> <li><a href="/wiki/Islamic_economical_jurisprudence" class="mw-redirect" title="Islamic economical jurisprudence">Islamic economical jurisprudence</a></li> <li><a href="/wiki/Jurimetrics" title="Jurimetrics">Jurimetrics</a></li> <li><a href="/wiki/Legal_origins_theory" title="Legal origins theory">Legal origins theory</a></li> <li><a href="/wiki/Legal_theory" class="mw-redirect" title="Legal theory">Legal theory</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional economics</a></li> <li><a href="/wiki/Occupational_licensing" title="Occupational licensing">Occupational licensing</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Property_rights_(economics)" title="Property rights (economics)">Property rights (economics)</a></li> <li><a href="/wiki/Public_choice_theory" class="mw-redirect" title="Public choice theory">Public choice theory</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=19" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><a href="/wiki/David_D._Friedman" title="David D. Friedman">David Friedman</a> (1987). "law and economics," <i><a href="/wiki/The_New_Palgrave:_A_Dictionary_of_Economics" class="mw-redirect" title="The New Palgrave: A Dictionary of Economics">The New Palgrave: A Dictionary of Economics</a></i>, v. 3, p. 144.</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><a href="/wiki/Ronald_H._Coase" class="mw-redirect" title="Ronald H. Coase">Ronald Coase</a> (1996). "Law and Economics and A.W. Brian Simpson," <i><a href="/wiki/The_Journal_of_Legal_Studies" title="The Journal of Legal Studies">The Journal of Legal Studies</a></i>, v. 25, p. 103-104.</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><a href="/w/index.php?title=Kristoffel_Grechenig&action=edit&redlink=1" class="new" title="Kristoffel Grechenig (page does not exist)">Kristoffel Grechenig</a> & Martin Gelter, The Transatlantic Divergence in Legal Thought: American Law and Economics vs. German Doctrinalism, <a rel="nofollow" class="external text" href="http://ssrn.com/abstract=1161168"><i>Hastings International and Comparative Law Review 2008, vol. 31, p. 295–360</i></a>; Martin Gelter & <a href="/w/index.php?title=Kristoffel_Grechenig&action=edit&redlink=1" class="new" title="Kristoffel Grechenig (page does not exist)">Kristoffel Grechenig</a>, <a rel="nofollow" class="external text" href="http://ssrn.com/abstract=2421224"><i>History of Law and Economics</i></a>, forthcoming in Encyclopedia on Law & Economics.</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFGilmore1917" class="citation journal cs1">Gilmore, Eugene Allen (1917). <a rel="nofollow" class="external text" href="https://www.journals.uchicago.edu/doi/10.1086/252930">"The Relation of Law and Economics"</a>. <i>Journal of Political Economy</i>. <b>25</b> (1): 69–79. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F252930">10.1086/252930</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0022-3808">0022-3808</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Political+Economy&rft.atitle=The+Relation+of+Law+and+Economics&rft.volume=25&rft.issue=1&rft.pages=69-79&rft.date=1917&rft_id=info%3Adoi%2F10.1086%2F252930&rft.issn=0022-3808&rft.aulast=Gilmore&rft.aufirst=Eugene+Allen&rft_id=https%3A%2F%2Fwww.journals.uchicago.edu%2Fdoi%2F10.1086%2F252930&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaw+and+economics" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=tpFfjxshO08C&pg=PA164"><i>Hayek's journey: the mind of Friedrich Hayek</i></a> by <a href="/wiki/Alan_Ebenstein" class="mw-redirect" title="Alan Ebenstein">Alan Ebenstein</a>, Palgrave Macmillan, 2003, pages 164–165. 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(2022-12-23). <a rel="nofollow" class="external text" href="https://academic.oup.com/lpr/article-abstract/21/1/61/6958535">"An epistemic theory of the criminal process, Part II: Packer, Posner and epistemic pressure"</a>. <i>Law, Probability and Risk</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Law%2C+Probability+and+Risk.&rft.atitle=An+epistemic+theory+of+the+criminal+process%2C+Part+II%3A+Packer%2C+Posner+and+epistemic+pressure&rft.date=2022-12-23&rft.aulast=Cullerne+Bown&rft.aufirst=William.&rft_id=https%3A%2F%2Facademic.oup.com%2Flpr%2Farticle-abstract%2F21%2F1%2F61%2F6958535&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaw+and+economics" class="Z3988"></span></span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBairdGertnerPicker1998" class="citation book cs1">Baird, Douglas G.; Gertner, Robert H.; Picker, Randal C. (1998). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=ncEJHu35yvQC&q=Game+theory+and+the+law&pg=PR11"><i>Game Theory and the Law</i></a>. Harvard University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780674341111" title="Special:BookSources/9780674341111"><bdi>9780674341111</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Game+Theory+and+the+Law&rft.pub=Harvard+University+Press&rft.date=1998&rft.isbn=9780674341111&rft.aulast=Baird&rft.aufirst=Douglas+G.&rft.au=Gertner%2C+Robert+H.&rft.au=Picker%2C+Randal+C.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DncEJHu35yvQC%26q%3DGame%2Btheory%2Band%2Bthe%2Blaw%26pg%3DPR11&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaw+and+economics" class="Z3988"></span></span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJollsSunsteinThaler1997–1998" class="citation journal cs1">Jolls, Christine; Sunstein, Cass R.; Thaler, Richard (1997–1998). <a rel="nofollow" class="external text" href="https://heinonline.org/HOL/Page?handle=hein.journals/stflr50&id=1489&div=&collection=">"A Behavioral Approach to Law and Economics"</a>. <i>Stanford Law Review</i>. <b>50</b> (5): 1471. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F1229304">10.2307/1229304</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1229304">1229304</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Stanford+Law+Review&rft.atitle=A+Behavioral+Approach+to+Law+and+Economics&rft.volume=50&rft.issue=5&rft.pages=1471&rft.date=1997%2F1998&rft_id=info%3Adoi%2F10.2307%2F1229304&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1229304%23id-name%3DJSTOR&rft.aulast=Jolls&rft.aufirst=Christine&rft.au=Sunstein%2C+Cass+R.&rft.au=Thaler%2C+Richard&rft_id=https%3A%2F%2Fheinonline.org%2FHOL%2FPage%3Fhandle%3Dhein.journals%2Fstflr50%26id%3D1489%26div%3D%26collection%3D&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaw+and+economics" class="Z3988"></span></span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text">Martin Gelter & <a href="/w/index.php?title=Kristoffel_Grechenig&action=edit&redlink=1" class="new" title="Kristoffel Grechenig (page does not exist)">Kristoffel Grechenig</a>, <a rel="nofollow" class="external text" href="http://ssrn.com/abstract=2421224"><i>History of Law and Economics</i></a>, forthcoming in Encyclopedia on Law & Economics.</span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAlvarez2018" class="citation journal cs1">Alvarez, José E. (2018). <a rel="nofollow" class="external text" href="https://repository.law.miami.edu/cgi/viewcontent.cgi?article=4533&context=umlr">"The Human Right of Property"</a>. <i>University of Miami Law Review</i>. <b>72</b>: 580. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3150903">3150903</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=University+of+Miami+Law+Review&rft.atitle=The+Human+Right+of+Property&rft.volume=72&rft.pages=580&rft.date=2018&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D3150903%23id-name%3DSSRN&rft.aulast=Alvarez&rft.aufirst=Jos%C3%A9+E.&rft_id=https%3A%2F%2Frepository.law.miami.edu%2Fcgi%2Fviewcontent.cgi%3Farticle%3D4533%26context%3Dumlr&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaw+and+economics" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=20" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/w/index.php?title=Kai_Purnhagen&action=edit&redlink=1" class="new" title="Kai Purnhagen (page does not exist)">Kai Purnhagen</a> <i>Never the Twain Shall Meet? – A Critical Perspective on Cultural Limits Between Internal Continental Dogmatism and Consequential US-Style Law and Economics Theory</i> in <a href="/w/index.php?title=Klaus_Mathis&action=edit&redlink=1" class="new" title="Klaus Mathis (page does not exist)">Klaus Mathis</a> <i>Law and Economics in Europe</i> (Springer Science), pp. 3–21, available at <a rel="nofollow" class="external autonumber" href="https://link.springer.com/chapter/10.1007/978-94-007-7110-9_1">[1]</a></li> <li><a href="/w/index.php?title=Giovanni_Bianco&action=edit&redlink=1" class="new" title="Giovanni Bianco (page does not exist)">Giovanni Bianco</a>, <i>Costituzione ed economia</i>, Giappichelli, Torino, 1999.<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-8834892718" title="Special:BookSources/978-8834892718">978-8834892718</a>.</li> <li><a href="/wiki/Boudewijn_Bouckaert" title="Boudewijn Bouckaert">Bouckaert, Boudewijn</a>, and <a href="/wiki/Gerrit_De_Geest" title="Gerrit De Geest">Gerrit De Geest</a>, eds. (2000). <i>Encyclopedia of Law and Economics</i> (Edward Elgar, <a rel="nofollow" class="external text" href="http://encyclo.findlaw.com/">Online version.</a></li> <li><a href="/wiki/Ronald_Coase" title="Ronald Coase">Coase, Ronald</a> (1990). <i>The Firm, The Market, and the Law</i> (Chicago: University of Chicago Press, reprint ed.) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-226-11101-6" title="Special:BookSources/0-226-11101-6">0-226-11101-6</a>.</li> <li><a href="/wiki/Robert_Cooter" title="Robert Cooter">Cooter, Robert</a> and <a href="/wiki/Thomas_Ulen" title="Thomas Ulen">Thomas Ulen</a> (2012). <i>Law and Economics</i> (Addison Wesley Longman, 6th edition). <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-321-33634-8" title="Special:BookSources/0-321-33634-8">0-321-33634-8</a></li> <li><a href="/wiki/David_D._Friedman" title="David D. Friedman">Friedman, David</a> (1987). "law and economics," <i><a href="/wiki/The_New_Palgrave:_A_Dictionary_of_Economics" class="mw-redirect" title="The New Palgrave: A Dictionary of Economics">The New Palgrave: A Dictionary of Economics</a></i>, v. 3, pp. 144–48.</li> <li>_____ (2000). <i>Law's Order</i>. (Princeton University Press). Chapter links. <a rel="nofollow" class="external text" href="http://www.daviddfriedman.com/laws_order/index.shtml">links.</a></li> <li>_____ (2001). <i>Law's Order: What Economics Has to Do with Law and Why It Matters</i>. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0691090092" title="Special:BookSources/978-0691090092">978-0691090092</a> .</li> <li>Martin Gelter & <a href="/w/index.php?title=Kristoffel_Grechenig&action=edit&redlink=1" class="new" title="Kristoffel Grechenig (page does not exist)">Kristoffel Grechenig</a>, <a rel="nofollow" class="external text" href="http://ssrn.com/abstract=2421224"><i>History of Law and Economics</i></a>, forthcoming in Encyclopedia on Law & Economics.</li> <li><a href="/w/index.php?title=Nicholas_L._Georgakopoulos&action=edit&redlink=1" class="new" title="Nicholas L. Georgakopoulos (page does not exist)">Georgakopoulos, Nicholas L.</a> (2005). <i>Principles and Methods of Law and Economics: Basic Tools for Normative Reasoning</i> (Cambridge University Press, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-521-82681-0" title="Special:BookSources/0-521-82681-0">0-521-82681-0</a>).</li> <li><a href="/w/index.php?title=Kristoffel_Grechenig&action=edit&redlink=1" class="new" title="Kristoffel Grechenig (page does not exist)">Kristoffel Grechenig</a> & Martin Gelter, The Transatlantic Divergence in Legal Thought: American Law and Economics vs. German Doctrinalism, <a rel="nofollow" class="external text" href="http://ssrn.com/abstract=1161168"><i>Hastings International and Comparative Law Review</i> 2008, vol. 31, pp. 295–360</a></li> <li><a href="/wiki/Duncan_Kennedy_(legal_philosopher)" title="Duncan Kennedy (legal philosopher)">Kennedy, Duncan</a> (1998). "Law-and-Economics from the Perspective of Critical Legal Studies" (from <i>The New Palgrave Dictionary of Economics and the Law</i> <a rel="nofollow" class="external text" href="http://www.duncankennedy.net/documents/Law%20and%20Economics%20from%20the%20Perspective%20of%20cls.pdf">PDF</a></li> <li>Kornhauser, Lewis (2006). <a rel="nofollow" class="external text" href="http://plato.stanford.edu/entries/legal-econanalysis/">"The Economic Analysis of Law,"</a> <i>Stanford Encyclopedia of Philosophy</i>.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMestmäcker2007" class="citation book cs1"><a href="/wiki/Ernst-Joachim_Mestm%C3%A4cker" title="Ernst-Joachim Mestmäcker">Mestmäcker, Ernst-Joachim</a> (2007). <i>A Legal Theory without Law: Posner v. Hayek on Economic Analysis of Law</i>. Tübingen: Mohr. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-16-149276-1" title="Special:BookSources/978-3-16-149276-1"><bdi>978-3-16-149276-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Legal+Theory+without+Law%3A+Posner+v.+Hayek+on+Economic+Analysis+of+Law&rft.place=T%C3%BCbingen&rft.pub=Mohr&rft.date=2007&rft.isbn=978-3-16-149276-1&rft.aulast=Mestm%C3%A4cker&rft.aufirst=Ernst-Joachim&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaw+and+economics" class="Z3988"></span></li> <li><a href="/wiki/Ejan_Mackaay" title="Ejan Mackaay">Mackaay, Ejan</a> (2013), <i>Law and Economics for Civil Law Systems</i>, Cheltenham, Edward Elgar, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1848443099" title="Special:BookSources/978-1848443099">978-1848443099</a>; softcover forthcoming 2014 <a rel="nofollow" class="external autonumber" href="http://www.e-elgar.com/bookentry_main.lasso?currency=UK&id=13408">[2]</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMas-ColellWhinstonGreen1995" class="citation book cs1">Mas-Colell, Andreu; Whinston, Michael D.; Green, Jerry R. (1995). <a rel="nofollow" class="external text" href="https://global.oup.com/ushe/product/microeconomic-theory-9780195073409?cc=us&lang=en&"><i>Microeconomic Theory</i></a>. New York, NY: Oxford University Press.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Microeconomic+Theory&rft.place=New+York%2C+NY&rft.pub=Oxford+University+Press&rft.date=1995&rft.aulast=Mas-Colell&rft.aufirst=Andreu&rft.au=Whinston%2C+Michael+D.&rft.au=Green%2C+Jerry+R.&rft_id=https%3A%2F%2Fglobal.oup.com%2Fushe%2Fproduct%2Fmicroeconomic-theory-9780195073409%3Fcc%3Dus%26lang%3Den%26&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaw+and+economics" class="Z3988"></span></li> <li>Polinsky, A. Mitchell, and Steven Shavell (2008). "law, economic analysis of," <i><a href="/wiki/The_New_Palgrave_Dictionary_of_Economics" title="The New Palgrave Dictionary of Economics">The New Palgrave Dictionary of Economics</a></i>, 2nd Edition. <a rel="nofollow" class="external text" href="http://www.dictionaryofeconomics.com/article?id=pde2008_L000038&q=Law&topicid=&result_number=4">Abstract</a> and <a rel="nofollow" class="external text" href="http://www.law.harvard.edu/faculty/shavell/pdf/125_econ_analysis.pdf">pre-publication copy</a>.</li> <li><a href="/wiki/Richard_Posner" title="Richard Posner">Posner, Richard A.</a> (2011). <i>Economic Analysis of Law</i> (New York, Wolters Kluwer Law & Business, 8th edition). <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0735594425" title="Special:BookSources/978-0735594425">978-0735594425</a>.</li> <li>_____ (2006). "A Review of Steven Shavell's <i>Foundations of Economic Analysis of Law</i>," <i>Journal of Economic Literature</i>, 44(2), pp. <a rel="nofollow" class="external text" href="http://epserv.unila.ac.id/jurnal/BAhan/Jurnal%20Of%20Economic%20lietratur/Content/2006/jun/articles/jun06_posner.pdf">405–14</a><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged February 2020">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup> (press <b>+</b>).</li> <li><a href="/wiki/Hans-Bernd_Sch%C3%A4fer" title="Hans-Bernd Schäfer">Schäfer, Hans-Bernd</a> and Claus Ott (2004), “Economic Analysis of Civil Law”, Cheltenham, Edward Elgar Publishing; <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1843762773" title="Special:BookSources/1843762773">1843762773</a></li> <li>Shavell, Steven (2004). <i>Foundations of Economic Analysis of Law</i>. Harvard University Press. <a rel="nofollow" class="external text" href="http://www.hup.harvard.edu/catalog.php?isbn=9780674011557">Description</a> and scroll to chapter-preview <a rel="nofollow" class="external text" href="https://books.google.com/books?id=iYkXhyFhT5cC&q=%22Foundations+of+Economic+Analysis+of+Law%22">links.</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20111122061936/http://www.bepress.com/ael/vol1/iss1/5/">Robé, Jean-Philippe</a> <i>The Legal Structure of the Firm, Accounting, Economics, and Law</i>: Vol. 1 : Iss. 1, Article 5, 2011. <a href="/w/index.php?title=Jean-Philippe_Rob%C3%A9&action=edit&redlink=1" class="new" title="Jean-Philippe Robé (page does not exist)">Jean-Philippe Robé</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFViscusiVernonHarrington_Jr.2005" class="citation book cs1">Viscusi, W. Kip; Vernon, John M.; Harrington Jr., Joseph E. (2005). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Zi03AgAAQBAJ"><i>Economics of Regulation and Antitrust</i></a>. MIT Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-262-28732-6" title="Special:BookSources/978-0-262-28732-6"><bdi>978-0-262-28732-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics+of+Regulation+and+Antitrust&rft.pub=MIT+Press&rft.date=2005&rft.isbn=978-0-262-28732-6&rft.aulast=Viscusi&rft.aufirst=W.+Kip&rft.au=Vernon%2C+John+M.&rft.au=Harrington+Jr.%2C+Joseph+E.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DZi03AgAAQBAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALaw+and+economics" class="Z3988"></span></li> <li><a rel="nofollow" class="external text" href="https://www.degruyter.com/view/journals/gj/19/3/gj.19.issue-3.xml">Stojanovich A., Silvestri P. (Eds.), "Special Issue: On 'The Future of Law and Economics' by Guido Calabresi: An Interdisciplinary Dialogue", <i>Global Jurist</i>, 19(2019), 3.</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Law_and_economics&action=edit&section=21" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.iep.utm.edu/law-econ/">"Law and Economics"</a> article in the <i><a href="/wiki/Internet_Encyclopedia_of_Philosophy" title="Internet Encyclopedia of Philosophy">Internet Encyclopedia of Philosophy</a></i></li> <li><a rel="nofollow" class="external text" href="http://www.law-economics.net">Law & Economics LAB</a></li> <li><a rel="nofollow" class="external text" href="https://aeon.co/ideas/a-radical-legal-ideology-nurtured-our-era-of-economic-inequality">Paper describing the effects of law and economics on inequality</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output 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dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Law" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="text-align:center;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Law" 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<li><a href="/wiki/Contract" title="Contract">Contract</a></li> <li><a href="/wiki/Criminal_law" title="Criminal law">Criminal law</a> <ul><li><a href="/wiki/Crime" title="Crime">Crime</a></li></ul></li> <li><a href="/wiki/Deed" title="Deed">Deed</a></li> <li><a href="/wiki/Legal_doctrine" title="Legal doctrine">Doctrine</a></li> <li><a href="/wiki/Equity_(law)" title="Equity (law)">Equity</a></li> <li><a href="/wiki/Evidence_(law)" title="Evidence (law)">Evidence</a></li> <li><a href="/wiki/International_law" title="International law">International law</a></li> <li><a href="/wiki/Law_of_obligations" title="Law of obligations">Law of obligations</a></li> <li><a href="/wiki/Private_law" title="Private law">Private law</a></li> <li><a href="/wiki/Procedural_law" title="Procedural law">Procedure</a> <ul><li><a href="/wiki/Civil_procedure" title="Civil procedure">Civil</a></li> <li><a href="/wiki/Criminal_procedure" title="Criminal procedure">Criminal</a></li></ul></li> <li><a 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<li><a href="/wiki/Aviation_law" title="Aviation law">Aviation law</a></li> <li><a href="/wiki/Amnesty_law" title="Amnesty law">Amnesty law</a></li> <li><a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">Banking law</a></li> <li><a href="/wiki/Bankruptcy" title="Bankruptcy">Bankruptcy</a></li> <li><a href="/wiki/Commercial_law" title="Commercial law">Commercial law</a></li> <li><a href="/wiki/Competition_law" title="Competition law">Competition law</a></li> <li><a href="/wiki/Conflict_of_laws" title="Conflict of laws">Conflict of laws</a></li> <li><a href="/wiki/Construction_law" title="Construction law">Construction law</a></li> <li><a href="/wiki/Consumer_protection" title="Consumer protection">Consumer protection</a></li> <li><a href="/wiki/Corporate_law" title="Corporate law">Corporate law</a></li> <li><a href="/wiki/IT_law" class="mw-redirect" title="IT law">Cyberlaw</a></li> <li><a href="/wiki/Drug_policy" title="Drug policy">Drugs law</a></li> <li><a href="/wiki/Election_law" title="Election law">Election law</a></li> <li><a href="/wiki/Energy_law" title="Energy law">Energy law</a></li> <li><a href="/wiki/Entertainment_law" title="Entertainment law">Entertainment law</a> (Media law)</li> <li><a href="/wiki/Environmental_law" title="Environmental law">Environmental law</a></li> <li><a href="/wiki/Family_law" title="Family law">Family law</a></li> <li><a href="/wiki/Financial_law" title="Financial law">Financial law</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Financial regulation</a></li> <li><a href="/wiki/Health_law" title="Health law">Health law</a></li> <li><a href="/wiki/Immigration_law" title="Immigration law">Immigration law</a></li> <li><a href="/wiki/Intellectual_property" title="Intellectual property">Intellectual property</a></li> <li><a href="/wiki/International_criminal_law" title="International criminal law">International criminal law</a></li> <li><a href="/wiki/International_human_rights_law" title="International human rights law">International human rights</a></li> <li><a href="/wiki/Slavery_in_international_law" title="Slavery in international law">International slavery laws</a></li> <li><a href="/wiki/International_trade_law" title="International trade law">International trade law</a></li> <li><a href="/wiki/Jurimetrics" title="Jurimetrics">Jurimetrics</a></li> <li><a href="/wiki/Labour_law" title="Labour law">Labour</a></li> <li><a href="/wiki/Landlord%E2%80%93tenant_law" title="Landlord–tenant law">Landlord–tenant law</a></li> <li><a href="/wiki/Law_of_war" title="Law of war">Law of war</a></li> <li><a href="/wiki/Legal_archaeology" title="Legal archaeology">Legal archaeology</a></li> <li><a href="/wiki/Legal_fiction" title="Legal fiction">Legal fiction</a></li> <li><a href="/wiki/Admiralty_law" title="Admiralty law">Maritime law</a></li> <li><a href="/wiki/Marriage_law" title="Marriage law">Marriage law</a></li> <li><a href="/wiki/Military_justice" title="Military justice">Military law</a></li> <li><a href="/wiki/Nationality_law" title="Nationality law">Nationality law</a></li> <li><a href="/wiki/Probate" title="Probate">Probate</a> <ul><li><a href="/wiki/Estate_(law)" title="Estate (law)">Estate</a></li> <li><a href="/wiki/Will_and_testament" title="Will and testament">Will and testament</a></li></ul></li> <li><a href="/wiki/Product_liability" title="Product liability">Product liability</a></li> <li><a href="/wiki/International_law" title="International law">Public international law</a></li> <li><a href="/wiki/Refugee_law" title="Refugee law">Refugee law</a></li> <li><a href="/wiki/Reparation_(legal)" title="Reparation (legal)">Reparations</a></li> <li><a href="/wiki/Space_law" title="Space law">Space law</a></li> <li><a href="/wiki/Sports_law_in_the_United_States" title="Sports law in the United States">Sports law</a></li> <li><a href="/wiki/State_of_emergency" title="State of emergency">State of emergency</a></li> <li><a href="/wiki/Tax_law" title="Tax law">Tax law</a></li> <li><a href="/wiki/Transport_law" title="Transport law">Transport law</a></li> <li><a href="/wiki/Trust_(law)" title="Trust (law)">Trust law</a></li> <li><a href="/wiki/Unenforced_law" title="Unenforced law">Unenforced law</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/Sources_of_law" title="Sources of law">Sources of law</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Charter" title="Charter">Charter</a></li> <li><a href="/wiki/Code_of_law" title="Code of law">Legal code</a> / <a href="/wiki/Statutory_law" class="mw-redirect" title="Statutory law">Statutory law</a></li> <li><a href="/wiki/Constitution" title="Constitution">Constitution</a></li> <li><a href="/wiki/Customary_law" title="Customary law">Custom</a></li> <li><a href="/wiki/Divine_right_of_kings" title="Divine right of kings">Divine right</a> <ul><li><a href="/wiki/Divine_law" title="Divine law">Divine law</a></li></ul></li> <li><a href="/wiki/Human_rights" title="Human rights">Human rights</a></li> <li><a href="/wiki/Letters_patent" title="Letters patent">Letters patent</a></li> <li><a href="/wiki/Natural_law" title="Natural law">Natural law</a> <ul><li><a href="/wiki/Natural_rights_and_legal_rights" title="Natural rights and legal rights">Natural and legal rights</a></li></ul></li> <li><a href="/wiki/Case_law" title="Case law">Case law</a> <ul><li><a href="/wiki/Precedent" title="Precedent">Precedent</a></li> <li><a href="/wiki/Law_report" title="Law report">Law reports</a></li></ul></li> <li><a href="/wiki/Legal_treatise" title="Legal treatise">Legal treatise</a></li> <li><a href="/wiki/Regulation" title="Regulation">Regulations</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/Lawmaking" title="Lawmaking">Law making</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Referendum" title="Referendum">Ballot measure</a></li> <li><a href="/wiki/Codification_(law)" title="Codification (law)">Codification</a></li> <li><a href="/wiki/Decree" title="Decree">Decree</a> <ul><li><a href="/wiki/Edict" title="Edict">Edict</a></li> <li><a href="/wiki/Executive_order_(disambiguation)" class="mw-disambig" title="Executive order (disambiguation)">Executive order</a></li> <li><a href="/wiki/Proclamation" title="Proclamation">Proclamation</a></li></ul></li> <li><a href="/wiki/Legislation" title="Legislation">Legislation</a> <ul><li><a href="/wiki/Primary_and_secondary_legislation" title="Primary and secondary legislation">Delegated legislation</a></li> <li><a href="/wiki/Regulation" title="Regulation">Regulation</a></li> <li><a href="/wiki/Rulemaking" title="Rulemaking">Rulemaking</a></li></ul></li> <li><a href="/wiki/Promulgation" title="Promulgation">Promulgation</a></li> <li><a href="/wiki/Ratification" title="Ratification">Ratification</a></li> <li><a href="/wiki/Repeal" title="Repeal">Repeal</a></li> <li><a href="/wiki/Treaty" title="Treaty">Treaty</a> <ul><li><a href="/wiki/Concordat" title="Concordat">Concordat</a></li></ul></li> <li><a href="/wiki/Statutory_law" class="mw-redirect" title="Statutory law">Statutory law</a> <ul><li><a href="/wiki/Statute" title="Statute">Statute</a></li> <li><a href="/wiki/Act_of_parliament" title="Act of parliament">Act of parliament</a></li> <li><a href="/wiki/Act_of_Congress" title="Act of Congress">Act of Congress</a></li></ul></li> <li><a href="/wiki/Basic_structure_doctrine" title="Basic structure doctrine">Basic structure doctrine</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/List_of_national_legal_systems" title="List of national legal systems">Legal systems</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Civil_law_(legal_system)" title="Civil law (legal system)">Civil law</a></li> <li><a href="/wiki/Common_law" title="Common law">Common law</a></li> <li><a href="/wiki/Chinese_law" title="Chinese law">Chinese law</a></li> <li><a href="/wiki/Legal_pluralism" title="Legal pluralism">Legal pluralism</a></li> <li><a href="/wiki/Religious_law" title="Religious law">Religious law</a> <ul><li><a href="/wiki/Canon_law" title="Canon law">Canon law</a> <ul><li><a href="/wiki/Canon_law_of_the_Catholic_Church" title="Canon law of the Catholic Church">Catholic canon law</a></li></ul></li> <li><a href="/wiki/Hindu_law" title="Hindu law">Hindu law</a></li> <li><a href="/wiki/Jain_law" title="Jain law">Jain law</a></li> <li><a href="/wiki/Halakha" title="Halakha">Jewish law</a></li> <li><a href="/wiki/Parsi_law" title="Parsi law">Parsi law</a></li> <li><a href="/wiki/Sharia" title="Sharia">Sharia</a></li></ul></li> <li><a href="/wiki/Roman_law" title="Roman law">Roman law</a> <ul><li><a href="/wiki/Byzantine_law" title="Byzantine law">Byzantine law</a></li></ul></li> <li><a href="/wiki/Socialist_law" title="Socialist law">Socialist law</a></li> <li><a href="/wiki/Statutory_law" class="mw-redirect" title="Statutory law">Statutory law</a></li> <li><a href="/wiki/Xeer" title="Xeer">Xeer</a></li> <li><a href="/wiki/Yassa" title="Yassa">Yassa</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%">Legal theory</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Anarchist_law" title="Anarchist law">Anarchist</a></li> <li><a href="/wiki/Contract_theory" title="Contract theory">Contract theory</a></li> <li><a href="/wiki/Comparative_law" title="Comparative law">Comparative law</a></li> <li><a href="/wiki/Expressive_function_of_law" title="Expressive function of law">Expressive function</a></li> <li><a href="/wiki/Feminist_legal_theory" title="Feminist legal theory">Feminist</a></li> <li><a class="mw-selflink selflink">Law and economics</a></li> <li><a href="/wiki/Legal_formalism" title="Legal formalism">Legal formalism</a></li> <li><a href="/wiki/Legal_history" title="Legal history">History</a></li> <li><a href="/wiki/Libertarian_theories_of_law" title="Libertarian theories of law">Libertarian</a></li> <li><a href="/wiki/International_legal_theories" title="International legal theories">International legal theory</a></li> <li><a href="/wiki/Legality" title="Legality">Principle of legality</a></li> <li><a href="/wiki/Principle_of_typicality" title="Principle of typicality">Principle of typicality</a></li> <li><a href="/wiki/Pseudolaw" title="Pseudolaw">Pseudolaw</a></li> <li><a href="/wiki/Rule_of_law" title="Rule of law">Rule of law</a></li> <li><a href="/wiki/Rule_of_man" title="Rule of man">Rule of man</a></li> <li><a href="/wiki/Sociology_of_law" title="Sociology of law">Sociology</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/Jurisprudence" title="Jurisprudence">Jurisprudence</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Adjudication" title="Adjudication">Adjudication</a></li> <li><a href="/wiki/Administration_of_justice" title="Administration of justice">Administration of justice</a></li> <li><a href="/wiki/Constitutionalism" title="Constitutionalism">Constitutionalism</a></li> <li><a href="/wiki/Criminal_justice" title="Criminal justice">Criminal justice</a></li> <li><a href="/wiki/Court-martial" title="Court-martial">Court-martial</a></li> <li><a href="/wiki/Dispute_resolution" title="Dispute resolution">Dispute resolution</a></li> <li><a href="/wiki/Fiqh" title="Fiqh">Fiqh</a></li> <li><a href="/wiki/Lawsuit" title="Lawsuit">Lawsuit/Litigation</a></li> <li><a href="/wiki/Legal_opinion" title="Legal opinion">Legal opinion</a></li> <li><a href="/wiki/Legal_remedy" title="Legal remedy">Legal remedy</a></li> <li><a href="/wiki/Judge" title="Judge">Judge</a> <ul><li><a href="/wiki/Justice_of_the_peace" title="Justice of the peace">Justice of the peace</a></li> <li><a href="/wiki/Magistrate" title="Magistrate">Magistrate</a></li></ul></li> <li><a href="/wiki/Judgment_(law)" title="Judgment (law)">Judgment</a></li> <li><a href="/wiki/Judicial_review" title="Judicial review">Judicial review</a></li> <li><a href="/wiki/Jurisdiction" title="Jurisdiction">Jurisdiction</a></li> <li><a href="/wiki/Jury" title="Jury">Jury</a></li> <li><a href="/wiki/Justice" title="Justice">Justice</a></li> <li><a href="/wiki/Practice_of_law" title="Practice of law">Practice of law</a> <ul><li><a href="/wiki/Attorney_at_law" title="Attorney at law">Attorney</a></li> <li><a href="/wiki/Barrister" title="Barrister">Barrister</a></li> <li><a href="/wiki/Counsel" title="Counsel">Counsel</a></li> <li><a href="/wiki/Lawyer" title="Lawyer">Lawyer</a></li> <li><a href="/wiki/Defense_(legal)" title="Defense (legal)">Legal representation</a></li> <li><a href="/wiki/Prosecutor" title="Prosecutor">Prosecutor</a></li> <li><a href="/wiki/Solicitor" title="Solicitor">Solicitor</a></li></ul></li> <li><a href="/wiki/Question_of_law#Question_of_fact" title="Question of law">Question of fact</a></li> <li><a href="/wiki/Question_of_law" title="Question of law">Question of law</a></li> <li><a href="/wiki/Trial" title="Trial">Trial</a></li> <li><a href="/wiki/Trial_advocacy" title="Trial advocacy">Trial advocacy</a></li> <li><a href="/wiki/Trier_of_fact" title="Trier of fact">Trier of fact</a></li> <li><a href="/wiki/Verdict" title="Verdict">Verdict</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%">Legal institutions</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Barristers%27_chambers" title="Barristers' chambers">Barristers' chambers</a></li> <li><a href="/wiki/Bureaucracy" title="Bureaucracy">Bureaucracy</a></li> <li><a href="/wiki/Bar_(law)" title="Bar (law)">The bar</a></li> <li><a href="/wiki/Bench_(law)" title="Bench (law)">The bench</a></li> <li><a href="/wiki/Civil_society" title="Civil society">Civil society</a></li> <li><a href="/wiki/Court" title="Court">Court</a></li> <li><a href="/wiki/Court_of_equity" title="Court of equity">Court of equity</a></li> <li><a href="/wiki/Election_commission" title="Election commission">Election commission</a></li> <li><a href="/wiki/Executive_(government)" title="Executive (government)">Executive</a></li> <li><a href="/wiki/Judiciary" title="Judiciary">Judiciary</a></li> <li><a href="/wiki/Law_enforcement" title="Law enforcement">Law enforcement</a> <ul><li><a href="/wiki/Law_enforcement_agency" title="Law enforcement agency">Agency</a></li></ul></li> <li><a href="/wiki/Legal_education" title="Legal education">Legal education</a> <ul><li><a href="/wiki/Law_school" title="Law school">Law school</a></li></ul></li> <li><a href="/wiki/Legislature" title="Legislature">Legislature</a></li> <li><a href="/wiki/Military" title="Military">Military</a></li> <li><a href="/wiki/Police" title="Police">Police</a></li> <li><a href="/wiki/Political_party" title="Political party">Political party</a></li> <li><a href="/wiki/Tribunal" title="Tribunal">Tribunal</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%">History</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div 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title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li>Law</li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a 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