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The paper aims at presenting a (new) discipline- law and economics also known as economic analysis of law that has not fully taken hold in Croatian theory and practice. Following the introductory remarks the second part of the paper deals with basics of economic analysis of law, a separate scientific discipline that makes use of economic analysis as a means for evaluation of laws and regulations or to use the institutionalists' terms - institutions, their economic efficiency and social adequacy. The third part of the paper gives a survey of economic analysis of law application in a case study of defining the term of imprisonment as a sanction imposed for committing criminal offences. The fourth part comments briefly on why this approach to law has not fully taken hold in Europe while being quite popular in the United States not only in academic circles but in (legal) practice as well. Concluding remarks point out potential deficiencies in this approach to law; nevertheless they can encourage further research in this exceptionally interesting scientific discipline. [ABSTRACT FROM AUTHOR]