This chapter argues that economic analysis is unsatisfactory as conceptual analysis. It defends a certain form of conceptual explanation of tort law, which takes the form of showing how a certain principle — the principle of corrective justice — is embodied in tort law. It also offers a variety of reasons for rejecting the economic analysis. It argues that there is a significant gap between the goals or functions that a social practice may happen to serve, and the goals, functions, and other features that constitute the nature of that practice and tell us what it is.
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