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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 .
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.
From an economic perspective, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of information asymmetry. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as law and economics. One prominent application of it ...
In Raz's 1979 book The Authority of Law, he criticised what he called the "weak social thesis" to explain law. [49] He formulates the weak social thesis as "(a) Sometimes the identification of some laws turn on moral arguments, but also with, (b) In all legal systems the identification of some law turns on moral argument."
In 2009, The Faculty of Economics fulfilled all the requirements of the new Serbian Law on Education and became a fully accredited higher education institution. [3] All three levels of study are accredited: undergraduate, graduate and PhD. The Faculty of Economics employs about 80 teachers and associates.
Constitutional economics is a research program in economics and constitutionalism that has been described as explaining the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents".
Pages in category "Economics laws" The following 13 pages are in this category, out of 13 total. This list may not reflect recent changes. C. Comparative advantage; D.
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.