Original scientific paper
Interdisciplinary Success Of Law And Economy: Economic Analysis Of Law
Ivana Barković
Abstract
Economic analysis of law defines as an application of economic theory and economic methods in studies of
forming, structure, process and influence of the law and legal institution. Although many comment that it is
the question of a new scientific discipline or contemporary intellectual movement, the economic analysis of
law reaches even the classics of economic thought Adam Smith and David Hume but the real recognition of
the analysis was the publishing of the famous article of Ronald Coase (1960) “Problem of Public Expense”
. Here he discusses how the incentives for damage reduction and various negativities come from the
allocation of property rights.
The aim of this work is to present an economic analysis of law as an interdisciplinary success of two great
fields – law and economy, i.e. to present the way on which economy helps to understand law in a new way.
Realizing it, the economy uses mathematically precise theories (e.g. price theory, game theory etc.) and
empirically firm methods (statistics and econometrically) to analyse the impact of prices, i.e. of sanctions
on behaviour. The article shows basic economic analyses of law which especially cite the contract law and
balance law.
Keywords
market economy; entrepreneur; legal act; factors of production; conflict
Hrčak ID:
42861
URI
Publication date:
10.7.2009.
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