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John Neville Keynes regarded the discussion leading up to the definition of economics more important than the definition itself. [15] It would be a way to reveal the scope, direction and troubles the science faces. A recent review of economics definitions includes a range of those in principles textbooks, such as descriptions of the subject as ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
In econometrics, the estimate of the effect of one thing on another (say, the estimate of the effect of the minimum wage upon employment decisions) is said to be "biased" if the technique that was used to obtain the estimate has the effect that, a priori, the expected value of the estimated effect differs from the true effect, whatever the ...
Common law decisions today reflect both precedent and policy judgment drawn from economics, the social sciences, business, decisions of foreign courts, and the like. [78] The degree to which these external factors should influence adjudication is the subject of active debate, but it is indisputable that judges do draw on experience and learning ...
Precedent is a judicial decision that serves as an authority for courts when deciding subsequent identical or similar cases. [1] [2] [3] Fundamental to common law legal systems, precedent operates under the principle of stare decisis ("to stand by things decided"), where past judicial decisions serve as case law to guide future rulings, thus promoting consistency and predictability.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Another approach to natural-law jurisprudence generally asserts that human law must be in response to compelling reasons for action. There are two readings of the natural-law jurisprudential stance. The strong natural law thesis holds that if a human law fails to be in response to compelling reasons, then it is not properly a "law" at all.
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.