Law and Economics

 Law and economics scholarships apply economic methods in the study of law, including using economic theories, concepts and analytical tools to examine the efficiency implications of positive legal rules and make policy recommendations to improve legal framework to achieve efficiency goals.  The law and economics movement was pioneered by scholars in the United States in 1960s, and have subsequently achieved prominent status in the American legal academia as well as elsewhere in the world.  Law and economics brings deep insights into legal studies, and have expanded to all areas ranging from contracts, torts, property, corporate law to intellectual property, environmental regulation and international law.  Despite (legitimate or overstated) challenges to and critiques on their underlying premises, methodologies and inherent political biases, law and economics studies have undeniably transformed lawyers' legal world view by engaging them to approach legal issues beyond the black-letter interpretations and explore the rules' actual consequences with the analytical rigor and empirical focus of economics.  The latest trend in the field is seen as the move towards behavioral law and economics, reflecting the wide-spread and significant influence of development in behavioral psychological studies on researches across many fields of social sciences, as well as researchers' reflection on classical economic theories and methodology in general following the global financial crisis.

 

References(link

 

Research Group

Chen, Ruoying (link)

Dai, Xin (link)

Ding, Li (link)

Hou, Liyang (link)