ABSTRACT
This chapter presents the philosophical, legal, political, and economic arguments in the literature. Rather, it presents economic theories without the subjective ideological persuasions or schools of thought in the literature. The schools of thought provide a valuable analytical framework for analyzing and understanding the way and manner in which economics have been co-opted into the legislative and judicial branches of government to facilitate governance in a polarized or fractious system. Consequently, the thrust of this presentation is to let the economic theories and models stand independently without political corruption or interpretation. This work should not be construed as an extension of the philosophical dichotomy that has characterized the subject matter of law and economics for quite some time. It basically presents economic theories and models and show how these models are alluded to and applied in courts of law. In the process, the legislative arm of government becomes an intermediating agent in the spectrum of economics and rule adjudication.
