economic theory of law
economic theory of lawthe theory, often associated with Karl Marx, taking the view that law is a mere embellishment upon the exploitation of the proletariat. After revolution, the last function of the law would be to eradicate capitalism. In a technical (and non-Marxist) way, R. A. Posner is associated with analysis of legal rules from the point of view of their economic efficiency. Much work has been done in relation to accident, liability and tort. Its influence on what the courts actually do is difficult to estimate, but the general reluctance of courts to consider abstract economic data militates against it. It is of interest to legislators and law commissions.
Collins Dictionary of Law © W.J. Stewart, 2006