Law and economics versus economic analysis of law
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I agree with Calabresi’s general distinction between Economic Analysis of Law and Law and Economics. However, these broad categories may obscure important differences between types of law and economics scholarship. I would distinguish positive economic analysis from normative economic analysis, and positivist legal analysis from nonpositivist analysis. The four categories generated by these distinctions provide a more fine-grained map of the styles of reasoning in law and economics, and has implications for the future of law and economics.
KeywordsLaw and economics Economic analysis of law Legal positivism Positive economics Normative economics Transaction costs Norms Behavioral economics
JEL ClassificationA12 B31 B41 B52 K10
I thank Bob Bone, David Pozen, Geoffrey Miller, Henry Smith, Todd Zywicki, and journal referees for helpful comments.