ABSTRACT

"Law and economics" is increasingly influential both in the United States and China, becoming an academic fashion in the de-ideology era. For "law and economics", efficiency is the value and is a kind of legal ideology, which has been clearly reflected in Posner. The study of law and economics has the features such as: playing down judges' internal points of view so as to focus on the external point of view thoroughly; loosening the standard of justice jurisprudence so as to accentuate the efficiency standard. Due to the different understandings toward efficiency, the school of "law and economics" is divided into two subschools: one is the Yale School, represented by Calabresi; the other is the Chicago School, represented by Posner. "Law and economics" value practical reasoning. Practical reasoning generates strong belief similar to logic proof and can answer the questions raised by ethical issues, of which the law involves many aspects.