METHODOLOGY OF ECONOMIC ANALYSIS OF LAW AND ITS APPLICATION TO CIVIL LAW STRUCTURES

Abstract

Since the inception of legal science, the search for the most rational, effective, and manageable model of legal regulation in terms of economic efficiency has been a persistent challenge for numerous scholars. In fact, the identification of the mutual influence between law and the economy vice versa—as a means of uncovering the issues inherent in their interaction—has been rarely addressed in legal scholarship. Consequently, the methodology of scientific inquiry has often excluded economic analysis of law, its constructs, and its interrelations within private law.

The authors of this article examine the methodological aspects of economic and legal research, its main directions (positive and normative), the impact of legal policy on the existing legal system, and the search for optimal legal regulation. Furthermore, an economic analysis of certain civil law constructs is conducted as an interdisciplinary approach to the study of law from the perspective of the economic efficiency of applied legal frameworks.

The authors reasonably conclude that the establishment of a clear and rigorous method of economic and legal analysis appears unlikely due to the inherent complexity of defining a coherent system of values, interests, and societal expectations. Achieving a balance between these categories and such notions as public good, freedom, and justice must be accompanied by the consideration of the maximum possible number of variables. In this sense, the economic analysis of civil law constructs is intended to enhance the consideration of relevant factors—first, to identify the regularities of the law–economy interaction, and second, to ensure flexibility in the law-making process in light of the economic feasibility of legal reforms. In turn, the normative objectification of economic analysis enables greater rationality in achieving the objectives of lawmaking.