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The Use of Economics for Understanding Law: An Economist's View of the Cathedral

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  • Thomas J. Miceli

    (University of Connecticut)

Abstract

This essay offers some observations, from the perspective of an economist, on the usefulness of economics for understanding law. Economic analysis provides a coherent theoretical framework for unifying different areas of law based on the pursuit of efficiency. It does this by recognizing common problems across different areas, which give rise to solutions that, while outwardly different, have the same underlying form. In this way, economics provides a theory of law. But economists can also learn a lot about how the economy functions by thinking more carefully about the role of law in facilitating economic activity. The success of law and economics ultimately resides in the recognition of this fundamental interrelationship between the two disciplines.

Suggested Citation

  • Thomas J. Miceli, 2011. "The Use of Economics for Understanding Law: An Economist's View of the Cathedral," Working papers 2011-25, University of Connecticut, Department of Economics.
    • Handle: RePEc:uct:uconnp:2011-25
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    References listed on IDEAS

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    2. Thomas J. Miceli & Kathleen Segerson, 2011. "Regulatory Takings," Working papers 2011-16, University of Connecticut, Department of Economics.
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    Keywords

    Law and Economics;

    JEL classification:

    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)

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