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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."
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 ...
Weber identified "rationally-created rules" [3] as the central feature of this form of authority. Modern democracies contain many examples of legal-rational regimes. There are different ways in which legal authority can develop. Many societies have developed a system of laws and regulations and there exist many different principles of legality.
Judicial economy or procedural economy [1] [2] [3] is the principle that the limited resources of the legal system or a given court should be conserved by the refusal to decide one or more claims raised in a case. For example, the plaintiff may claim that the defendant's actions violated three distinct laws. Having found for the plaintiff for a ...
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]
In contrast, the modern "open access order", which consists of a democratic political system and a free- market economy, usually features widespread, secure and impersonal property rights. [48] Universal property rights, along with impersonal economic and political competition, downplay the role of rent-seeking and instead favor innovations and ...
Constitutional economics has been characterized as a practical approach to apply the tools of economics to constitutional matters. For example, a major concern of every nation is the proper allocation of available national economic and financial resources. The legal solution to this problem falls within the scope of constitutional economics. [3]
Regulatory economics is the application of law by government or ... of the financial system ... 3–21; Peltzman, S. 1989 "The Economic Theory of Regulation after a ...