Toolkit of neoclassical economic theory and its use in the economic theory of the law
Journal Title: Economic Bulletin. Series: Finance, Accounting, Taxation - Year 2018, Vol 0, Issue 2
Abstract
Economic theory of law is a special scientific direction with its own subject and methodology. The subject of the study of economic theory of law is economic behavior, which is carried out under conditions of legal constraints, and the economic logic of the emergence and functioning of legal norms. In the article explored the stages of the formation of the economic theory of law, the disclosure of the basic preconditions of economic analysis of the law, possibility of use of the tools of the neoclassical economic theory in the economic theory of law. It is proved that in the system of notions of neoclassical economic theory, law becomes a way of limitation, which compensates for the disadvantages of a market economy and helps it to reproduce competitive advantages. This theory explores the economic essence of legal constraints, which are manifested in their impact on prices, the availability of alternative costs, changes in demand and supply of economic resources. Judicial decisions become an auxiliary way of achieving market efficiency, and the criterion of application of legal norms is the economic result of their use.
Authors and Affiliations
Nataliia Matseliukh, Ivan Maksymenko
Keywords
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- EP ID EP507858
- DOI 10.33244/2617-5932.2.2018.91-98
- Views 172
- Downloads 0
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