Abstract
Over the last several decades economists and lawyers trained in or enamored of economics have sought to explore the extent to which virtually all areas of the law could be understood as the institutional embodiment of the principle of economic efficiency. This research program has come to be thought of as a separate academic discipline: namely, law and economics. The work in law and economics has had both analytic and normative dimensions. The analytic work has been devoted to demonstrating that large areas of law can be explained or made intelligible by seeing them as concerned not so much with matters ofjustice or morality as with the efficient allocation of resources. The normative work in the field is concerned to give legislators and judges a framework for legislating and adjudicating cases so as to promote further the goal of efficiency.1
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