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What is Law and Economics?
The law and the economy interact in many ways.
Private law assists individuals and groups willing to enter into agreements in a free market. Public law seeks to correct the outcomes of a free market system by means of economic and social regulation.
Economists should be informed about the legal environment in which economic activities must be conducted. Lawyers should be aware of the economic effects of current legal rules and the expected outcome under a different legal regime.
Last changed on: 2013-08-19 12:36:23