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government policy of the economic and it is very important to every new or old business to develop its
The economic analysis of law has been influential in the United States as well as elsewhere. Judicial
opinions use economic analysis and the theories of law and economics with some regularity, in the US but
also, increasingly, in Commonwealth countries and in Europe. The influence of law and economics has
also been felt in legal education, with graduate programs in the subject being offered in a number of
countries. The influence of law and economics in civil law countries may be gauged from the availability
of textbooks of law and economics, in English as well as in other European languages. Many law schools
in North America, Europe, and Asia have faculty members with a graduate degree in economics. In
addition, many professional economists now study and write on the relationship between economics and
legal doctrines. Anthony Kronman, former dean of Yale Law School, has written that "the intellectual
movement that has had the greatest influence on American academic law in the past quarter-century [of
the 20th Century]" is law and economics.