Under the economic approach to the analysis of law, two basic types of questions about legal rules are addressed. The first type is descriptive, concerning the effects of legal rules. For example, what is the influence of our system of liability for automobile accidents on the number of these accidents, on the compensation of accident victims, and on litigation expenses? The other type of question is normative, pertaining to the social desirability of legal rules. Thus, it might be asked whether our system of liability for automobile accidents is socially good, given its various consequences. In answering the two types of questions under the economic approach, theoretical attention is usually focused on stylized models of individual behavior and of the legal system. The advantage of studying models is that they allow descriptive and normative questions to be answered in an unambiguous way. [download]
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