Of Sex and Drugs and Rock'n Roll: Law and Economics and Social Regulation
1997, Harvard Journal of Law and Public Policy
Eric Bennett Rasmusen
The discipline of law and economics is often viewed as being nonsupportive of government social regulation because its basic premise is the maximization of efficient outcomes which so often cannot occur with government interference. Proponents may support certain regulations where efficiency is likely to result. However, the social arena is extremely difficult to analyze from that and other assumptions of law and economics' due to the unpredictablness of externalities. The role of politics, morals, and wealth equality is and may continue to be uncertain.
Rasmusen, Eric Bennett (1997), "Of Sex and Drugs and Rock'n Roll: Law and Economics and Social Regulation," Harvard Journal of Law and Public Policy, Vol. 21, Fall, 71-81.