Legal Dictionary of Pakistan

law and economics

1. A discipline advocating the economic analysis of the law, whereby legal rules are subjected to a costbenefit analysis to determine whether a change from one legal rule to another will increase or decrease allocative efficiency and social wealth. ( Originally developed as an approach to antitrust policy, law and economics is today used by its proponents to explain and interpret a variety of legal subjects. 2. The field or movement in which scholars devote themselves to this discipline. 3. The body of work produced by these scholars.