When law and economics do not understand each other

Oct 05, 2009 (LBO) – Both Law and Economics are two brothers born to the same mother: morality of the society. They both use the same working tool for producing their output: scientific approach. They derive their subject matter from moral principles. Their mission is to uphold moral principles and ensure the maximum happiness for everyone through fair play, justice and equity.

When they adopt the scientific approach, they should necessarily be objective, unbiased, unprejudiced, impersonal, ready to accept errors and willing to be refuted.

But, like other siblings, as they grow into adulthood, they part ways and become strangers to both morality and the scientific approach. At that point, they fail to remember or recognise their common ancestry. It also makes it difficult for them to understand each other.

Many Attempts at Combining Law and Economics

Society has attempted to bring about reconciliation between the two by setting common meeting grounds for them. These meeting grounds take the form of associations of law and economics, journals of law and economics or combined educational qualifications in law and economics.

Yet, in many instances where law has to m