Economic Analysis of Law on Limitation (Lapse of Time)

In very simple words، Economic Analysis of Law is an instrumental use of law in order to bring efficiency. In this regard، many aspects of legal thought and institutions may be evaluated according to their role in bringing economic efficiency to the society. In this essay، we will discuss the so-called Prescription as a legal institution. The most important questions which in this essay we are going to answer are: Is the economic analysis of prescription the same as evaluating advantages of prescription –which has a profound literature– or it is another concept? Is prescription an efficient policy to the economists or it is wholly or partly inefficient? By assuming that it is an efficient device، how should be its start، end، suspension، interruption and resume? This essay is divided into two topics of discourse: First، we will explain related key concepts. Then، in the last topic of discourse، the economic analysis of prescription as a matter of law will be rendered.