Legal realism is a naturalistic approach to law; it is the view that jurisprudence should emulate the methods of natural science, that is, it should rely on empirical evidence. Hypotheses must be tested against observations of the world. Legal realists believe that legal science should only investigate law with the value-free methods of natural sciences, rather than through philosophical inquiries into the nature and meaning of the law that are separate and distinct from the law as it is actually practiced. Indeed, legal realism asserts that the law cannot be separated from its application, nor can it be understood outside of its application. As such, legal realism emphasizes law as it actually exists, rather than law as it ought to be. Locating the meaning of law in places such as legal opinions issued by judges and their deference or dismissal of past precedent and the doctrine of stare decisis, it stresses the importance of understanding the factors involved in judicial decision making. The United States of America is described as "home of the principal realist tradition in jurisprudence". In Scandinavia Axel Hägerström developed another realist tradition that was influential in European jurisprudential circles for most of the 20th century. Legal realism is associated with American jurisprudence during the 1920s and 1930s, particularly among federal judges and lawyers within the Roosevelt administration. Notable jurists associated with legal realism include Felix Cohen, Morris Cohen, Arthur Corbin, Walter Wheeler Cook, Robert Hale, Wesley Hohfeld, Karl Llewellyn, Underhill Moore, Herman Oliphant and Warren Seavey, many of whom were associated with Yale Law School. As Keith Bybee argues, "legal realism exposed the role played by politics in judicial decision-making and, in doing so, called into question conventional efforts to anchor judicial power on a fixed, impartial foundation." Contemporary legal scholars working within the Law and Society tradition have expanded upon the foundations set by legal realism to postulate what has been referred to as new legal realism.

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