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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 .
Economic law is a set of legal rules for regulating economic activity. [ 1 ] [ 2 ] Economics can be defined as "a social science concerned with the production, distribution, and consumption of goods and services."
Economy of force is one of the nine Principles of War, based upon Carl von Clausewitz's approach to warfare. It is the principle of employing all available combat power in the most effective way possible, in an attempt to allocate a minimum of essential combat power to any secondary efforts.
While the monopoly on violence as the defining conception of the state was first described in sociology by Max Weber in his essay Politics as a Vocation (1919), [1] the monopoly of the legitimate use of physical force is a core concept of modern public law, which goes back to French jurist and political philosopher Jean Bodin's 1576 work Les ...
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 ...
Jurisprudence, also known as theory of law or philosophy of law, is the examination in a general perspective of what law is and what it ought to be.It investigates issues such as the definition of law; legal validity; legal norms and values; as well as the relationship between law and other fields of study, including economics, ethics, history, sociology, and political philosophy.
In The Concept of Law, H. L. A. Hart argued that law is a "system of rules"; [35] John Austin said law was "the command of a sovereign, backed by the threat of a sanction"; [36] Ronald Dworkin describes law as an "interpretive concept" to achieve justice in his text titled Law's Empire; [37] and Joseph Raz argues law is an "authority" to ...
In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value , the more valuable commodity will gradually disappear from circulation.