Outdated assumptions debunked: European legal systems embrace economic realism.
The article discusses how European legal systems have been slower to adopt economic analysis compared to the US. It suggests that European scholars should reconsider the value of economic analysis by updating their understanding of human behavior in legal contexts. Recent advances in economic theory have moved beyond the idea of perfectly rational individuals to include human fallibility and emotions. These updates can provide valuable insights for legal scholarship by incorporating behavioral science, social norms, experimental economics, and neuro-economics.