An optically compensatory polarizer has a polarizer and an optically compensating
film. The polarizer includes an absorption type polarizing element and transparent
protective layers provided on opposite sides of the absorption type polarizing
element, each of the transparent protective layers exhibiting an in-plane retardation
of not larger than 10 nm and a thicknesswise retardation in a range of from 30
to 70 nm. The optically compensating film is laminated on one or each of opposite
surfaces of the polarizer so that a slow axis of each optically compensating film
crosses an absorption axis of the polarizer perpendicularly, and exhibits an in-plane
retardation in a range of from 80 to 200 nm and Nz=(nx-;nz)/(nx-;ny) in a range
of from -;0.2 to 0.2 and nx and ny satisfy the relation nxny.
