Economics of Law as Choice of Law
Ralf Michaels
Abstract
Open-access reader
Ralf Michaels
Abstract
Open-access reader
If it is true that the more developed state of economics, as compared to the other social sciences, has been due to the happy chance (for economics) that the important factors determining economic behaviour can be measured in money, it suggests that the problems faced by practitioners in these other fields are not likely to be dissipated simply by an infusion of economists, since in moving into these fields, they will commonly have to leave their strength behind them.The analysis developed in economics is not likely to be successfully applied in other subjects without major modifications.
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If it is true that the more developed state of economics, as compared to the other social sciences, has been due to the happy chance (for economics) that the important factors determining economic behaviour can be measured in money, it suggests that the problems faced by practitioners in these other fields are not likely to be dissipated simply by an infusion of economists, since in moving into these fields, they will commonly have to leave their strength behind them.The analysis developed in economics is not likely to be successfully applied in other subjects without major modifications.
Key concepts: Doctrine, Choice of law, Economics, Public law, Law, Comparative law, Law and economics, Political science