In the USA, numerous research approaches have developed over the last few decades which apply economics to the field of law: property rights theory, transaction cost economics, public choice theory, constitutional economics and, not least, economic analysis of law.2 These approaches rely on the economic model for their explanation of human behaviour. Today these economic theories of law are collectively known as ‘Law and Economics’. Economic analysis of law is a branch of research pioneered by the Chicago School, and principally by Richard A. Posner, dealing mainly with civil law, and to some extent also with criminal law. It is based on the insights of property rights theory and transaction cost economics.
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