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This textbook places the relationship between law and economics in its international context explaining the fundamentals of this increasingly important area of teaching and research in an accessible and straightforward manner in presenting the subject alan devlin draws on the neoclassical tradition of economic analysis of law while also showcasing cutting edge developments such as the . Abstract this textbook places the relationship between law and economics in its international context explaining the fundamentals of this increasingly important area of teaching and research in an accessible and straightforward manner. Essential to an understanding of the law and economics movement is a set of fundamental concepts the most central assumption in economics is that human beings are rational maximizers of their individual satisfactions and in turn respond to incentives. Fundamental principles of law and economics devlin alan on amazoncom free shipping on qualifying offers fundamental principles of law and economics. A basic principle for welfare economics welfare economics is that branch of economics which concerns itself with the principles by which alternative economic arrangements may be ranked in t opportunity cost simply stated an opportunity cost is the cost of a missed opportunity it is the opposite of the benefit that would have been