We’ll be looking briefly at the work of Richard Posner and the law & economics approach in a few weeks, but I want to say a word or two about it now. Brian Butler has a nice piece on the law & economics approach in his article in the Internet Encyclopedia of Philosophy. Here’s the first paragraph.
The law and economics movement applies economic theory and method to the practice of law. It asserts that the tools of economic reasoning offer the best possibility for justified and consistent legal practice. It is arguably one of the dominant theories of jurisprudence. The law and economics movement offers a general theory of law as well as conceptual tools for the clarification and improvement of its practices. The general theory is that law is best viewed as a social tool that promotes economic efficiency, that economic analysis and efficiency as an ideal can guide legal practice. It…
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Utopia, you are standing in it! 
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