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Integrating law and economics

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  1. Introduction
  2. The book Law in a Market Context and the meanings and values created and promoted in law
    1. An in depth look at how to understand economic concepts
    2. The means in which the society experiences the affiliation involving law
    3. A framework for understanding the interpretive process
  3. The difference between comprehending law in a market context and the performing an economic analysis
    1. Peirce's approach
    2. Malloy's approach
    3. An example of framing and referencing
  4. This baseline for mapping frames
  5. Deciding the owner's duty
  6. The cost and benefit analysis tool
  7. Laying a foundation for law and market economy
  8. Conclusion

The subjects of both law and economics are two very dissimilar things, however, when used together, can be quite effective. The integration of the two also would be beneficial in meeting certain political, social, and cultural objectives. Combining both law and economics would be an essential component of a democratic set-up and would facilitate legislators to implement their strategies on basic healthcare, education and gender justice. Richard Posner, author of Economic Analysis of Law, was the first to argue that the common law demonstrates an economic logic that is largely a result of the effort of judges to promote efficiency. His rationale behind this was that judges ?cannot do much to alter the slices of the pie that various groups in society receive, they might as well concentrate on increasing its size (252)?.

[...] In some situations, the law will focus on legal responsibility in an extensive and more widespread foundation. Strict liability may be enforced when one particular party has greater information regarding the case, or for some reason is able to manipulate certain components of the suit. In these circumstances, one party is better arranged to insure against the possibility of loss or to distribute the cost of a loss over multiple transactions. The process of strict liability within cost benefit analysis is illustrated; In such situations a known potential risk, as a by product or externality of a useful undertaking, maybe be assigned to the least cost avoider ( the party best able to cover or control the risk). [...]

[...] Thus, it contributes to an impressive expansion of law and market thinking brought on by a variety of approaches that might collectively be called the law and economics.? Examples of approaches include ventures into behavioral law and economics (referencing work in behavioral psychology and sociology), the law and economics of norms (referencing theories or norm building and of informal relationships and organizations), institutional law and economics (referencing institutional economics rather than the more traditional appeal to neoclassical economics), feminist law and economics (referencing feminist theory), and interpretive and representational law and economics (referencing the humanities, various forms of interpretation and rhetoric theory, and law and society) The book features an in-depth look at how to understand economic concepts within legal reasoning from several perspectives, including that of Law and Society, Law in general, culturally, as well as the Humanities. [...]

[...] In this framing of the transaction the exchange is shifted out of real property law and into the law governing corporate stock transfers All of the transactional frames are frequently carried out, as they all demonstrate many different and unique means of dealing with the problem at hand. Each transaction framing alternative exercises different characteristics of law, as well as cash flow and even tax and other economic outcomes. Another example of framing and referencing would be when a transaction is within a cross cultural environment. [...]

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