Law and economics is a process of the use of economic theory for the detailed analysis of law. It does not worth mentioning that the spheres of economics and law are interconnected and it is possible to observe law from the point of view of economics and vice versa. Laws affect economics seriously, because if the government makes good laws that enable everyone to start his own business easily, business environment of the country will be favorable and its development will be rapid and intensive. It is natural that small and middle business is the main factor of a country’s prosperity, so it is important to make the right laws that will provide small and middle entrepreneurs with favorable opportunities for the development of their business. When there are no such opportunities, economy of a country will be poor. It is also possible to say that economy influences laws, because very often, unfaithful governors create laws in order to support their own business.
As a result, laws can be useful only for a small number of people and the rest of citizens will be in a disadvantageous position. There have been many attempts to study law from the point of view of economic theory and one of the most well-known scholars of the past is Karl Marx who managed to prove a range of hypotheses concerning the close connection of law and economics. Of course, there were opponents who claimed that it is impossible to compare these two different disciplines and to look for any similarities between them.
Law and economics will be a good topic for analysis for everyone who wants to understand the connection between these two disciplines. One will need to study this problem in detail and think about its questions that can be researched deeper. These questions can become the basis of a good and original research proposal that will attract attention of your academic advisor.
Students have a chance to prepare a successful research project that contains good methods of the research, up-to-date sources and interesting hypothesis and expectations about the results of this investigation. Finally, it is possible to focus on the explanation of relevance and usefulness of law and economics for student’s personal knowledge.
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