Law and economics versus economic analysis of law

Article

Abstract

I agree with Calabresi’s general distinction between Economic Analysis of Law and Law and Economics. However, these broad categories may obscure important differences between types of law and economics scholarship. I would distinguish positive economic analysis from normative economic analysis, and positivist legal analysis from nonpositivist analysis. The four categories generated by these distinctions provide a more fine-grained map of the styles of reasoning in law and economics, and has implications for the future of law and economics.

Keywords

Law and economics Economic analysis of law Legal positivism Positive economics Normative economics Transaction costs Norms Behavioral economics 

JEL Classification

A12 B31 B41 B52 K10 

Notes

Acknowledgements

I thank Bob Bone, David Pozen, Geoffrey Miller, Henry Smith, Todd Zywicki, and journal referees for helpful comments.

Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2018

Authors and Affiliations

  1. 1.William Fairfield Warren Distinguished ProfessorBoston UniversityBostonUSA

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