1.4 Why should lawyers study economics? Why should economists study law?

The economic analysis of law unites two great fiels and facilitates understanding each of them.

Law needs economics to understand its behavioural consequences, and economics needs law to understand the underpinning of markets.

Economists and lawyers can also learn techniques from each other. From economists, lawyers can learn quantitave reasoning for making theories and doing empirical research.

From lawyers, economists can learn to persuade ordinary people- an art that lawyers continually practice and refine.

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