Law and Economics

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Law and Economics is a movement to apply economic principles and insights to legal rules. Its genesis and credibility began with the insight of Ronald Coase in the Coase Theorem, published in full in an every edition of the flagship journal of the movement, "The Journal of Law and Economics."[1]

Law and Economics was resisted in most liberal law schools for decades, and was accepted primarily at the University of Chicago where it began.

By the 1990s, other law schools began to begrudgingly accept and teach law and economics, but as a "quantification" approach that attempts to assign a number to everything from harm to benefits. Ronald Coase himself was not mathematical economist.


  1. Ronald Coase, "The Problem of Social Cost", 3 The Journal of Law and Economics No.1 (1960).