Economics law, in essence, is the taking the economic concepts of supply and demand, scarcity of resources, market efficiency and bargaining power and how these concepts related to the creation and implementation of various laws. These concepts are then used to help determine which laws are impacting the economy whether it be negative or in a positive way.
Economic law can be broken down into two different areas: positive analysis and normative. Positive analysis of law uses economic analysis to predict the effects of laws and whether or not the outcome will be economically efficient. Normative law takes this one step further and makes recommendations based on the projected economic outcome.
Economic Law is used every single day throughout the United States and is one of the many areas in which legal professionals in the United States study while attending law school.
The goal of this blog is to discuss law and economics, the positives and negatives.