Justice at the confluence of law and economics

Law has long been combined with economic thought, but only recently has law been combined with economic theory. This article explores the implications of this development for theories of justice and interdisciplinary research. Value in economics is usually measured by price (the market tradition) or by satisfaction (the utilitarian tradition). The relationship of these concepts to equity in law is explored. Also explored is the relationship between bargaining theory and contractarian theories of justice. The article examines the possibility that methods and concepts developed in the economic analysis of law will prove useful to sociologists and social psychologists by contrasting the study of rational choice and the study of attitudes.