- Research Handbooks in Comparative Law series
Edited by Theodore Eisenberg and Giovanni B. Ramello
Chapter 4: The market for legal innovation: Law and economics in Europe and the United States
When the article that we co-authored on why law and economics seems to fail outside the United States (U.S.) was published, we did not predict the extent to which the discussion would raise so much interest and attract so many authors to propose alternative explanations. Although there is some disagreement over what actually explains the skeptical reception of law and economics outside the U.S., the entire body of literature provides systematic evidence of the following well-known facts: law and economics is influential in American and Israeli legal scholarship, but it has little impact elsewhere; law and economics is dominated by legal scholars in the U.S. and in Israel but is generally disregarded by economists elsewhere (with the exception of some European economists); the rate of acceptance of law and economics in American and Israeli courts is not impressive but nevertheless significant whereas the field is virtually ignored by courts elsewhere, albeit with some occasional references.
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