The originality of the research program in legal economics strongly invigorates the field of analysis of law and economic theory. It can also undeniably be found in a dual disciplinary relationship that incorporates it into a dual action.
It is a matter of clarifying legal reasoning with economic considerations. On the one hand, a movement of economics towards law is observed.
This movement is not new. As has been pointed out, it provided legal expression to economic liberalism. It is specifically implicit in the making of the Civil Code of 1804.
This structure is taken into account by the authors with philosophical, political and legal principles. It is based on a conflict between economic imperatives in the early nineteenth century. From a more contemporary perspective, we can see the contribution of economics to legal studies.
It is essentially analytical thinking that makes it possible to understand the effects of the legal environment on behavior.
The economic conceptualization is to provide support for the agent's behavior according to the constraints he faces. It is based on the idea that it achieves the rule of law through an optimization process.
Therefore, legal economics is against a view of law whose application of the rule of law by the perpetrator will follow a deterministic process.
Agents react to the legal environment. To understand the economic consequences of this environment, it is necessary to study behavior. Legal standards need to be examined through the prism of economic analysis. Therefore, it is an information vector for the legislator and the judge that will enable them to improve the quality of the law.
There is a parallel movement from law to economy. Because the aim is to emphasize the importance of the institutional environment on economic performance in terms of resources.
It is difficult to develop a sound and realistic economic approach without taking into account the legal context in which agents operate.
For example, we cannot imagine that the functioning of the labor market is not affected by the dismissal decisions of the courts or the interpretation of the employment contract.
Likewise, any relevant analysis of interactions between firms in a market must take into account the rules imposed by competition law.
In general, legal economics can strengthen the explanatory and predictive perspective of economic models. Thus, we see economists adapted to economic and social realities. It seems to allow them to participate in normative considerations aimed at developing legal rules.
Therefore, the analyzes developed are likely to enrich the development of public policies.
They show real originality by going beyond the standard approach based on the distinction between strict liability and culpability. This approach seems too simplistic to draw conclusions about the effects of liability in real situations.
The statistical tool contributes to the methodological renewal of the discipline to the extent that they mobilize econometric analysis and the experimental method. However, the number of empirical studies in this area is very few to date.
Legal Economics and Civil Responsibility
The economic literature on the analysis of civil liability rules relates to a specific prevention effort of companies. It has largely neglected preventive measures, the cost of implementation, and the possibility of investing in innovative technologies that reduce the risk of accidents.
This problem has an important social dimension. Because the legal responsibility system involves analyzing the activities.
In the presence of a double-effect innovation, the firm may not pay its debt even if an accident occurs. In this case, it shows that the strict liability rule is preferred to the negligence rule.
The rule of neglect may then appear socially desirable according to the prevention standard defined by the regulator.