Law and Economics: A New Dimension in Market Regulation (original) (raw)

This article examines the application of economic analysis of law in the context of resolving a dispute in property rights. It analyses the economic and sociological arguments surrounding intellectual property rights exploitation. To be more specific, it focuses on the patenting of pharmaceutical or biotechnological inventions. This article establishes as a theoretical framework the economic analysis of law with specific reference to transaction cost theory. Prior to that weI will discuss the interrelation between economics and law i.e. on how law may have an impact on economics or how economics has influenced the State in formulating its law. I will also take into account the theories on property rights and social process of law.