Essay: Law and Economics
Law and Economics is an article written by Rubin whilst expounding on how the two disciplines are related. Rubin elucidates that the function of the legal system is to enshrine the property rights by providing the definition the nature, context and the inclusion and exclusion of property rights (2008, pg.5).
In addition the legal system is supposed to provide protection of the rights. Moreover, the private legal system should be seen to allow for the property rights in mutually beneficial contracts. To enhance this, there are such laws as the entrenchment of the property rights in the bill of rights in a precise and concise way. Criminal and tort law helps the protection of the rights while the contract law ensures that these rights are transferred in contractual agreement (Rubin, pg 2).
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