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David Friedman - What Does Law Have To Do With Economics?

The Curious Task

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Isis Ways of Thinking and Tools That You Can Use to Think on Law

Economics is core of law. Prict theory really is core of economics. And price theory is ultimately about incentives. The idea of market failure, of which externollege is an example, is one central elementat if you think about the simple economic model. But there are a variety of other cases where, on the one hand, standard economics tells you that, given the constraints, you are not going to get the right answer from individual action.

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