Economic analysis of the "right of lien" as a guarantee of legal performance of contractual obligations

The rule of law is effective in the production of wealth and social welfare, so that any rule of law that causes a waste of resources must be reviewed. One of the functions of legal economic analysis is to evaluate the effectiveness of legal rules and determine the most efficient ones. In other words, the economic analysis of law is the application of theories of economics, especially "efficiency" as the basis of legal rules in order to evaluate these rules and, if necessary, correct them. In line with this, law and economics use economic rules, especially microeconomics, and determine the guarantee of optimal implementation in terms of the theory of "price of breach of obligation". Economic analysis of law also seeks to achieve the most valuable legal rule, the value that is referred to in the economic literature as the theory of "social cost". In the present research process, which uses a descriptive-analytical method, it is concluded that the right of lien has not only failed to achieve its goals legally, but also economically, has caused a waste of resources, increased transaction costs and increased lawsuits. It goes so far as to sometimes lead to the termination of the contract or its goals.