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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 .
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
The two forms of capitalist economic systems include liberal market economies (LMEs) and coordinated market economies (CMEs). [9] [11] LMEs entail a system of economic laws that leans towards the notion of a free market. This involves laws regulating economic activity favouring minimal government intervention of a business's competitive landscape.
Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...
An online system named ePathshala, a joint initiative of NCERT and Ministry of Education, has been developed for broadcasting educational e-schooling resources including textbooks, audio, video, publications, and a variety of other print and non-print elements, [18] ensuring their free access through mobile phones and tablets (as EPUB) and from ...
Normative constitutional economics focuses on legitimizing the state and its actions as the best means of maximum efficiency and utility, judging conditions or rules that are efficient, and discerning and studying the political systems to maximize efficiency, where the outcome of collective choices are considered "fair", "just", or "efficient".
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.
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.