Search results
Results from the WOW.Com Content Network
The historical antecedents of law and economics can be traced back to the classical economists, who are credited with the foundations of modern economic thought.As early as the 18th century, Adam Smith discussed the economic effects of mercantilist legislation; later, David Ricardo opposed the British Corn Laws on the grounds that they hindered agricultural productivity; and Frédéric Bastiat ...
Posner summarized his views on law and economics in his 1973 book The Economic Analysis of Law. [ 14 ] Today, although generally viewed as to the right in academia, Posner's pragmatism , his qualified moral relativism and moral skepticism , [ 27 ] and his affection for the thought of Friedrich Nietzsche set him apart from most American ...
Law and economics is a school of legal thought that focuses on ensuring that legal processes produce the most efficient allocation of resources, rather than giving the enforcement of rights the highest priority. Individuals included under this category are noted for their theories or application of a law and economics perspective.
Constitutional economics is a research program in economics and constitutionalism that has been described as explaining the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents".
Economic law is a set of legal rules for regulating economic activity. [ 1 ] [ 2 ] Economics can be defined as "a social science concerned with the production, distribution, and consumption of goods and services."
This can be a general phenomenon: from time to time, in response to changing economic circumstances, households and businesses in aggregate seek to increase net savings and thus decrease net debt. To increase net savings requires earning more than is spent—contrary to Say's law, which postulates that supply (sales, earning income) equals ...
Kelsen viewed international law as either included in all national legal systems, or an overarching legal system of which the national legal systems were subordinate parts. [13] H.L.A. Hart considered international law to be law, but not a legal system, because it lacked a rule of recognition, rule of change, or rule of adjudication. [14]
Regulatory economics is the application of law by government or regulatory agencies for various economics-related purposes, including remedying market failure, protecting the environment and economic management.