 Both policy analysis and political economy examine behavior. The policy analyst focuses on the behavior induced by legal rules and institutions. Political economy concentrates on behavior that causes legal rules and institutions. Doctrinal analysis, by contrast, focuses on the content of the legal doctrine developed by courts in adjudication. It asserts that efficiency rationalizes the content of the law. We might understand “the content of the law” in at least three ways. First, it might, as the behavioral claim does, refer to the behavior induced by the legal rules announced in judicial opinions. Alternatively, the analyst interprets these opinions and other texts to extract an economic model that underlies the decision’s legal view of the world. On this interpretation, claims (II) and (III) might be true even though legal rules induced inefficient behavior in the real world because the announced legal rule might be efficient within the implicit model used by judges but inefficient in the world as it actually is.