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Applying the economic analysis of law approach

How does an economic analyst tackle a fundamental contract law issue? Dr Chris Taggart explains.
What we’re going to do to wrap up our economic analysis of Law Week is actually start to put everything together and see how the economic analyst might traditionally tackle a very specific legal question, and we’re going to focus on contract law. And I’ll say a little bit about what you would learn, for example, in a contract law class if you were attending law school. And we’re going to see the traditional way that the legal doctrine might explain contract law or justify some of its rules.
And we’re going to contrast that with the law and economics approach and see where it takes us so you can compare and contrast and then make your own decision about what the best way theoretically to think about these legal issues is.

To wrap up our economic analysis of law week, we’ll see how the economic analyst might tackle a fundamental contract law issue, contrasting it with the ‘traditional’ way of tackling that issue.

The contrast will help you make your own decision about the best way to think about such legal issues. However, before we go on, we must consider some fundamental contract law doctrine.

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Jurisprudence: Introduction to the Philosophy of Law

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