The Economic Method in Law: Posner and the Limits of Theory

This text provides an in-depth analysis of Richard Posner's contribution to the development of the economic analysis of law (Law and Economics). The author deconstructs the common belief that economics in law is limited to finance, presenting it as a universal research method based on rational choice theory. The article guides the reader through the evolution of legal and economic thought—from Bentham's classical utilitarianism, through Gary Becker's technological approach, to contemporary pragmatism. A key element of the discussion is the concept of wealth maximization and the mechanism of market mimicking in the legal system. However, the author does not shy away from criticism, citing behavioral arguments and pointing to the limits of the applicability of economic models, particularly in the context of freedom of speech and reputational signals. This is a compendium of knowledge on how incentives and sanctions shape contemporary social norms.