Economic analysis of law is concerned with (a) determination of the effects of legal rules and (b) evaluation of the desirability of the effects of legal rules with respect to well-specified definitions of social welfare. This entry surveys the approach as it applies to basic areas of law -accident, property, contract, and criminal law -as well as to the litigation process. The economic approac...

Background: Customs in the world of business today is one of the most important pillars that regulates trade relations between individuals and legal entities, private, public and international law. Among the actors in this field, in addition to national and transnational governments and companies, there is a new phenomenon called the market. The market plays an important role in considering val...