The field of law-and-economics refers to the application of economic theories to legal systems. The field asserts that economic concepts such as efficiency, equity, risk bearing and insurance, and competitive markets offer the best possible reasoning for legal practices. The economic analysis of law focuses on incentives and people’s responses to these incentives.
The overriding objective of the Australian Law and Economics Association (AustLEA) is the advancement of economic analysis of law in Australia. The specific aims of the Association include the development and advancement of research in the economic analysis of law, encouraging meetings and exchanges of academic and practising lawyers with academic and practicing economists, and promoting law reform and the improvement of the legal system.
AustLEA provides a forum for the exchange of information and ideas relating to law-and-economics. The Association supports a community of law-and-economics scholars that includes academic and practicing lawyers and economists.