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The oldest state fair is that of The Fredericksburg Agricultural Fair, established in 1738, and is the oldest fair in Virginia and the United States. [1] The first U.S. state fair was the New York, held in 1841 in Syracuse, and has been held annually since. [2] The second state fair was in Detroit, Michigan, which ran from 1849 [3] to 2009.
The social market economy (SOME; German: soziale Marktwirtschaft), also called Rhine capitalism, Rhine-Alpine capitalism, the Rhenish model, and social capitalism, [1] is a socioeconomic model combining a free-market capitalist economic system alongside social policies and enough regulation to establish both fair competition within the market and generally a welfare state.
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".
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 Journal of Economic Literature classification codes associate political economy with three sub-areas: (1) the role of government and/or class and power relationships in resource allocation for each type of economic system; [15] (2) international political economy, which studies the economic impacts of international relations; [16] and (3 ...
Social market economy – socioeconomic model combining a free-market capitalist economic system alongside social policies and enough regulation to establish both fair competition within the market and generally a welfare state. Socialist economy – economic system is characterized by social ownership and operation of the means of production.
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.
Depending on the type of capitalism, the economic laws that govern that particular system have different levels of restrictions for the state, market and property owners. [9] Characteristics of capitalism include the private ownership of property and the intention of production being the sales of the produced goods and services into the market.