Until Friday’s arrival Robinson Crusoe is his own master. Due to living on the same island at
the same time they gradually develop a certain form of relationship: they establish hierarchy
between them, make decisions together, cooperate in consumption and the use of their
common things and defend themselves against unfriendly natives. This short summary of a
well-known story points at the very core of my graduate thesis, in which I attempt to explain
some of the difficulties we encounter when facing the boundaries of space and time. When
clarifying these issues I am using modern scientific findings. Economy is a principal science
which tackles the problem of overcoming the scarcity of goods, because of which every thing
has its price. The law, on the other hand, represents a frame for the economy. The merging of
both approaches results in a new modern science – economic analysis of law. By using its
analytic tools this science can excellently show us how the individuals and the lawmaker
make their everyday choices. Besides that, economic analysis of law helps us to explain
different law institutes which we regard as self-evident and helps us with determining the
basic principles of the new rules.
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