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Law and Economics - "friend….. or foe"?
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- Words:
- 1250
- Submitted:
- Thu Jan 13 2005
... Law and Economics - "friend..... or foe"? This paper will analyse whether the two terms law and economic can exist as "friends" or whether they contradict each other. As there are large debates in the German Federal Ministry of Justice and other European countries on becoming more efficient in the civil action this paper wants to discover whether the civil procedure and the economic analysis are "friends.... or foes"? Law and Economics are used together for a long time. The conceptual roots can be traced back inter alia to Jeremy Bentham and Adam Smith who addressed this intersection more or less directly. Nevertheless, the economic analysis of law gained greater influence in the early 1960s with certain articles of Ronald Coase and Guido Calabresi. Furthermore Richard Posner contributed a lot with his publication 'economic analysis of law'. "Economic analysis of law applies the tools of microeconomic theory to the analysis of legal rules
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