Economics of Law

In recent years law of theory become the important area of economic analysis. This development is highly anticipated, because the common point of these two subjects are to understand social institutions in society. Furthermore, they have a strong normative component; law and economics are concerned not only how social institutions function but also how to improve their operations. While making the legal rules, justice, fairness and equity are considered, but during the implementation of these legal rules, efficiency become an important issue. This study focuses on property rights, contract law, tort and criminal law and their economic analyses are reviewed