The Limitation of Economic Analysis of Law--From the Perspective of the Nature and End of Law
The object of this study is to explore the limitation of economic analysis of law. This study argues that the application of economic approach to law should be limited to two kinds of rules: "substantive economic rules" and "pure procedural rules." The former rules deal with a voluntary transaction whose goal is to pursue economic interest and its exchange object is calculable by monetary amount. The latter rules regulate behavior which merely serves as a tool for attaining another non-moral goal. Except these two kinds of rules, the rest of rules should be excluded from economic analysis since their goals are either to protect social justice or social norms rather than to pursue economic efficiency, and economic analysis is unable to yield an answer as to the economic efficiency of these other rules ...
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