is there a pithy law & economics term for “the law as various observers believe it to be” vs what it actually is in practice?
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The premise of your question is fatally flawed. See Robert Ellickson, Order without Law. The law *is* what it is believed to be.
I’m asking about how the law & economics model treats this, is that what you’re answering?
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so what’s the word for fake law?
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Law and economics is less on about hard divisions between what law is and isn't and more about the cost of maintaining rights Eg, maybe you have a deed to your car, but you still have to buy a steering wheel lock to prevent theft That kind of gradient
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Reasonable summary here. http://econfaculty.gmu.edu/bcaplan/ellick.htm …
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