Economic analysis of law as a good quality of the legislative process

Abstract

The article attempts to discuss the economic analysis of law as a quality, that affects the legislative process. Regulations and legal standards are institutions, created by the state, to ensure efficient functioning of the entire national economic process. Institutional structures affect the behavior of people and businesses. The introduced changes in the law may negatively affect economic development or, on the contrary, create very favorable conditions for its development through the elimination of unnecessary and hampering economic development regulations and legal procedures. The article presents the most important issues of economic analysis of law on two examples: Germany and Slovakia. This discipline is the study of law with the use of economic tools. Currently, the economic analysis of law is developing at a rapid pace in comparison to other interdisciplinary social sciences. This analysis uses the relation between law and social norms. Furthermore, the objective of this article is to discuss the legal factors, that affect economic processes.