| Special Workshop Title: | Law and Economics and Legal Scholarship |
| Author: | Francesco Parisi, Professor of Law & Director, Law and Economics Program, George Mason University |
| Paper Title: | Functional Law and Economics |
| Abstract: | Economic analysis of law has enjoyed a steady expansion in legal academia and an increasing influence in judicial applications. The approach to law and economics is not monolithic. During the early period of the discipline, law and economics scholarship was labeled Chicago- or Yale-style, labels that made reference to the dominant positive or normative approach utilized by each school. In recent years, a new generation of literature, which I describe as functional law and economics, has reconsidered the limits of the normative and positive alternatives. This essay will introduce the methodological dilemmas faced by each school of thought, identifying some of the fundamental postulates of functional economic analysis. |
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