Introduction
The economic analysis of law succeeded more than even its most optimistic founders expected. Why? Lawyers lacked a scientific theory to predict the effects of sanctions upon behavior, developed from economics after 1960 (Cooter, 1995). In other words, lawyer-economists have succeeded in expanding the explanation of individual market behavior to the law by providing to the analysis of the law the seminal insight that people respond to incentives: ‘Just as markets charge prices for commodities, laws impose sanctions on acts’ (Korobkin and Ulen, 2000, p 1055) … (more)
Peter Mascini, ‘Law and Economics’ Responses to the Threat of Its Initial Success’, Law and Method, September 2018, DOI 10.5553/REM/.000032.
First posted 2018-10-02 06:30:50
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