Economics and Law – The Relationship - Economics Assignment Help

Assignment Task:

Task:

Why has the economic analysis of law succeeded so spectacularly, especially in the United States but increasingly also in other countries?

Like the rabbit in Australia, economics found a vacant niche in the “intellectual ecology” of the law and rapidly filled it. To explain the niche, consider this classical definition of some kinds of laws:
“A law is an obligation backed by a state sanction.”
Lawmakers often ask, “How will a sanction affect behaviour?” For example, if punitive damages are imposed upon the maker of a defective product, what will happen to the safety and price of the product in the future? Or will the amount of crime decrease if third-time offenders are automatically imprisoned? Lawyers answered such questions in 1960 in much the same way as they had 2000 years earlier—by consulting intuition and any available facts. Economics provided a scientific theory to predict the effects of legal sanctions on behaviour. To economists, sanctions look like prices, and presumably, people respond to these sanctions much as they respond to prices. People respond to higher prices by consuming less of the more expensive good; presumably, people also respond to more severe legal sanctions by doing less of the sanctioned activity. Economics has mathematically precise theories (price theory and game theory) and empirically sound methods (statistics and econometrics) foranalyzing the effects of the implicit prices that laws attach to behaviour.

The following are the requirements for your essay and it will be graded for 20 marks.
1. Relevance: The essay should directly answer the question.
2. The essay should clearly articulate the understanding of the topic
3. Evidence of the use of appropriate material from reliable sources (e.g. books, journal articles, etc.)
4. Organisation of material into a coherent structure: introduction, argument and evidence, conclusion
5. Clear style, including accurate spelling, clear sentence construction and punctuation
6. References
7. Bibliography
8. Use of own words, except where directly quoting from another source
9. Language: avoidance of inappropriate slang, racist or sexist language

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