Economic analysis of law: methodological assumptions and research areas

The article provides crucial insights into modern Economic Analysis of Law. First of all, it discusses methodological assumptions of the paradigm basically applied from neoclassical economics. Those are methodological individualism, rationality, stable preferences and equilibrium. The content of aforementioned assunptions as well as critics and efforts to solve arising problems of them are analysed. In addition, fundamental fields of research of Economic Analysis of Law including Chicago Law School, Yale Law School and Institutional Economic Analysis of Law are provided. Abscence of conventional understanding of the paradigm and diversity of content is emphasised. It is proposed to look to Economic Analysis of Law as to a very versatile instrument for both legal scholars and legal practicioners, which enables economist‘s experience and patterns to solve problems arising in law