Economics of Tort Law Intro The proposition that economic efficiency is useful for examining legal rules and institutions is demonstrated by the continuing application of economic analysis to the law. Economic efficiency can be useful for examining the law in one of two ways. First, a form of positive analysis, efficiency can be useful for explaining the actual structure of the law, that is, it argues that the law is inclined to advance towards the direction of greater efficiency through the natural accumulation of the decisions of rational participants acting in their own self-interest (Miceli, 1997, p. 3) The second means in which economic efficiency can be useful in explaining the law is in proposing improvements for legal rules and...The end:
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