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Law and Economics

A branch of legal theory which employs the tools provided by economics to explain and evaluate the effects and consequences of legal rules and to solve legal problems. Using the tools of economic analysis applied to law distinguishes three different schools: normative, positive and “public choice”. Gaining popularity, the movement’s founders and influential academics have been related to FEE: Aaron Director, Richard Epstein, Henry Manne, Donald J. Boudreaux.

 

Ivan Pongracic - Public Choice Economics

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FEE offers live online events for people new to the economic, ethical, and legal principles of a free society.

CURRENT ISSUE

December 2014

Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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