Law and Economics

This address was written by Sir Ivor Richardson as Patron of the Law and Economics Association of New Zealand. It discusses the place for economic analysis in Court decisions. Such analysis will be useful where the application of legal principles is not settled or the interpretation of a statute is not clear. In these cases, it is important to explore the underlying economic and social policies of the law. After examining the issues raised in what is called "old" law and economics - competition and regulation, planning and resource use and valuations - the article explores the potential for economic analysis in other areas of the law; contract, tort and decisions involving the exercise of discretion