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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.
Regulation is generally defined as legislation imposed by a government on individuals and private sector firms in order to regulate and modify economic behaviors. [1] Conflict can occur between public services and commercial procedures (e.g. maximizing profit ), the interests of the people using these services (see market failure ), and also ...
With regards to the role of the government, the primary responsibility of the state is to ensure there is an effective infrastructure for businesses to conduct in a free market society, where private ownership is key. [8] What constitutes an effective infrastructure (which economic law is a segment of) differs between states.
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 .
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.
A compulsory referendum subjects the legislation drafted by political elites to a binding popular vote. This is the most common form of direct legislation. A popular referendum empowers citizens to make a petition that calls existing legislation to a vote by the citizens.
Campbell's law is an adage developed by Donald T. Campbell, a psychologist and social scientist who often wrote about research methodology, which states: . The more any quantitative social indicator is used for social decision-making, the more subject it will be to corruption pressures and the more apt it will be to distort and corrupt the social processes it is intended to monitor.
Direct applicability is often confused with the doctrine of direct effect. This confusion is perhaps explained by reference to the treaty provision governing regulations which provides that they, and only they, have direct applicability within the member states. The early jurisprudence of the ECJ suggested that 'direct effect' was a consequence ...