What Can Economists Learn from Contract Lawyers?

This chapter aims to stimulate a debate on the role played by lawyers in law and economics scholarship. It is argued that traditional legal scholarship is unfairly undervalued in the current law and economics movement. By using examples in English contract law, this chapter argues that lawyers can make three invaluable contributions to law and economics research. First, lawyers can improve economists' understanding of contractual activities and the application of law in practice. Second, lawyers can assist economists in finding the flaws and limitations in their economic models. Third, lawyers can transfer proposals made by law and economics scholars into legal reform. It is argued that the success of law and economics in the future is dependent upon mutual respect and productive collaboration between lawyers and economists