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Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director , George Stigler , and Ronald Coase .
In The Concept of Law, H. L. A. Hart argued that law is a "system of rules"; [35] John Austin said law was "the command of a sovereign, backed by the threat of a sanction"; [36] Ronald Dworkin describes law as an "interpretive concept" to achieve justice in his text titled Law's Empire; [37] and Joseph Raz argues law is an "authority" to ...
The second principle, the difference principle, addresses how the arrangement of social and economic inequalities, and thus the just distribution should look. Firstly, Rawls argues that such distribution should be based on a reasonable expectation of advantage for all, but also to the greatest benefit of the least advantaged in society.
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."
In an economic sense the libertarian view assumes a free market, left to its own accord, is a fair market and that redistributive taxation is unjust. [6] Many libertarian schools of thought exist with differing views on many principles, such as the role of government in the market place.
Economic justice is a component of social justice and welfare economics. It is a set of moral and ethical principles for building economic institutions , where the ultimate goal is to create an opportunity for each person to establish a sufficient material foundation upon which to have a dignified, productive, and creative life.
Ancient Indian economic thought centred on the relationship between the concepts of happiness, ethics, and economic values, as connections between them led to the constituting description of human existence. [5] The Upanishads' fundamental ideas of transcendental unity, oneness, and stability is an example derivative of this relationship. [6]
The law shapes politics, economics, history and society in various ways and also serves as a mediator of relations between people. Legal systems vary between jurisdictions, with their differences analysed in comparative law. In civil law jurisdictions, a legislature or other central body codifies and consolidates the law.