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Vertical direct effect concerns the relationship between EU law and national law – specifically, the state's obligation to ensure its observance and its compatibility with EU law, thereby enabling citizens to rely on it in actions against the state or against public bodies; an "emanation of the state" as defined in Foster v.
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 definition used by scholars such as James Fishkin, deliberative democracy is a form of direct democracy which satisfies the requirement for deliberation and equality but does not make provision to involve everyone who wants to be included in the discussion.
Public interest theory is a part of welfare economics. It emphasizes that regulation should maximize social welfare and that regulation should follow a cost/benefit analysis to determine whether the increased social welfare outweighs the regulatory cost.
This model of the constitutional economics is based on the understanding that it is necessary to narrow the gap between practical enforcement of the economic, social, and political rights granted by the constitution and the annual (or midterm) economic policy, budget legislation and administrative policies conducted by the government.
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."
Other scholars define public policy as a system of "courses of action, regulatory measures, laws, and funding priorities concerning a given topic promulgated by a governmental entity or its representatives". [27] Public policy is commonly embodied in "constitutions, legislative acts, and judicial decisions". [28]
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.