EFFICIENCY AS THE PRIMARY OBJECTIVE OF ECONOMIC ANALYSIS OF LEGAL NORMS
EFFICIENCY AS THE PRIMARY OBJECTIVE OF ECONOMIC ANALYSIS OF LEGAL NORMS

Summary/Abstract: Economic analysis of law, as one of the youngest sciences, with an interdisciplinary character, arose as a need to scientifically explain the consistent and justified application of law in practice by applying economic categories. Law in its long historical development became the subject of interest of economic science in the middle of the last century, and since then the theoretical concepts of economic analysis of law as a special science have been intensively developed in the field of interdisciplinarity. The basic issue that is of interest to economists and lawyers is “how useful is the economic analysis of law?”. In answering this question, we must first recognize the basic achievements in the economic analysis of rights, which have been undoubtedly already established as principles. In their actions, theorists of law and economics do not contradict the already achieved values realized on the basis of the classical general theory of law and general economics, but strive to constitute a different angle of observation, different from the existing one, precisely on the above bases. A significant starting point for understanding the Economic Analysis of Law is a set of concepts of economic categories applied in law. Certainly, efficiency occupies one of the central places in the economic analysis of law, the measurements of which are not extremely simple, especially in certain branches of law. In the paper, the authors discuss the concept of efficiency as the primary goal of the economic analysis of law, starting from the historical foundation of the economic analysis of law and the early theories on which it developed as a science. The authors herewith provide an account of the achieved level of conceptualized modalities of economic efficiency of legal norms by analyzing the dominant concepts that represent already formed groups. In clarifying this term, the authors start from the analysis of the maximization of the usefulness of the use of resources, which can be interpreted in the broadest sense of the word. The initial concept defined in this way will provide us with the possibility of explaining maximization - efficiency as an economic category applied in the process of creating and applying legal documents. The starting position determined in this way inevitably causes the question of substitution of the principle of efficiency instead of the principle of justice and morality as known in the general theory of law. The correlation between these categories is very difficult to establish, especially if we take into account that these concepts are defined in the framework of classical sciences, but not in the sense of economic analysis of law.

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