What is Law And Economics?

Legal Definition
Law and economics or economic analysis of law is the application of economic theory (specifically microeconomic theory) to the analysis of law that begin mostly with scholars from the Chicago school of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated.
-- Wikipedia
Legal Definition
A school of thought advocating economic analysis of the law. Examples include comparing the costs and benefits of alternative legal rules, searching for economic efficiency for individuals or society as a whole, and promoting new ideas such as efficient breach.