Economic approach to law

Recent legal and economic research has shown that the legal system, its doctrines, procedures and institutions, are influenced by concerns about economic efficiency. From the point of view of foreign researchers, the rules of property rights assumption and the determination of liability, the procedure for the settlement of legal disputes, limitations, methods of calculating damages and the definition of interim measures, as well as other important elements of the legal system are best understood as attempts to promote the effective allocation of resources. Contrary to the idea of normative self-sufficiency, it can be observed that if the legal system were systematically and effectively developed to maximize economic efficiency, the level of strategic planning of legislative activity was much higher.