Abstract

Normative economics and a hermeneutic approach to interpretation of legal norms are only compatible if - and this is the exception - such legal norms have the goal of accomplishing economic efficiency. But economic analysis of law as a positive approach may be used in the legal interpretation process in order to evaluate different options of norm interpretations. In fields of law where economic issues are at stake such a methodological evaluation of interpretative variants are superior to common sense analysis and should be applied. But even in fields where non-economic issues play a major role an economic analysis is a helpful tool in order to get aware of the opportunity costs of economically sub-optimal solutions. Economic analysis of law thus becomes an integral part of the norm interpretation process without colliding with the autonomy of the legal decision enhancing the rationality of the endeavour.