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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 .
With regards to the role of the government, the primary responsibility of the state is to ensure there is an effective infrastructure for businesses to conduct in a free market society, where private ownership is key. [8] What constitutes an effective infrastructure (which economic law is a segment of) differs between states.
A law commission, law reform commission, or law revision commission is an independent body set up by a government to conduct law reform; that is, to consider the state of laws in a jurisdiction and make recommendations or proposals for legal changes or restructuring.
Regulatory agencies deal in the areas of administrative law, regulatory law, secondary legislation, and rulemaking (codifying and enforcing rules and regulations, and imposing supervision or oversight for the benefit of the public at large). The existence of independent regulatory agencies is justified by the complexity of certain regulatory ...
The Economic as Financial Crimes Commission launched an application on the 14th of July, 2021 called the "Eagle Eye App". The app was specifically crafted to simplify the process of reporting financial and economic crimes in Nigeria. The application is a clear demonstration of the EFCC's technology-driven efforts to facilitate public interaction.
Jurisprudence, also known as theory of law or philosophy of law, is the examination in a general perspective of what law is and what it ought to be. It investigates issues such as the definition of law; legal validity; legal norms and values; as well as the relationship between law and other fields of study, including economics , ethics ...
The expression "law reform" is used in a number of senses and some of these are close to being wholly incompatible with each other. [1]In the Law Reform Commission Act 1975, Ireland, the expression "reform" includes, in relation to the law or a branch of the law, its development, its codification (including in particular its simplification and modernisation), statute law revision and ...
Economists led the pack and economic development studies were for a time one of the most glamorous areas of applied economics. [4] Legal scholars from leading American law schools wrote many articles discussing the contribution of law reform to economic development. This was called the law and development movement.