Commentary: Economic theory and the law

From: The Daily Record (Baltimore) | Date: March 10, 2006| Author: Judge Steven I. Platt | Copyright information

The social and economic costs of initiating and applying public policy in accordance with a particularly political or social philosophy is the focus of the law and economics school of jurisprudence. The use of economic theory to scrutinize the law and the institutions of the legal system is not new, although it has evolved in several different directions.Jeremy Bentham applied economic theory to analyze the behavior of criminals and to assess the cost and benefits of various methods of crimin...

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