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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 .
In law and economics, the Coase theorem (/ ˈ k oʊ s /) describes the economic efficiency of an economic allocation or outcome in the presence of externalities.The theorem is significant because, if true, the conclusion is that it is possible for private individuals to make choices that can solve the problem of market externalities.
Law and economics, or economic analysis of law, is an approach to legal theory that applies methods of economics to law. It includes the use of economic concepts to explain the effects of legal rules, to assess which legal rules are economically efficient , and to predict what the legal rules will be. [ 177 ]
Premises are land and buildings together considered as a property. This usage arose from property owners finding the word in their title deeds , where it originally correctly meant "the aforementioned; what this document is about", from Latin prae-missus = "placed before".
As in classical economics, supply-side economics proposed that production or supply is the key to economic prosperity and that consumption or demand is merely a secondary consequence. Early on, this idea had been summarized in Say's law of markets , which states: "A product is no sooner created, than it, from that instant, affords a market for ...
Legal syllogism is a legal concept concerning the law and its application, specifically a form of argument based on deductive reasoning and seeking to establish whether a specified act is lawful. [1] A syllogism is a form of logical reasoning that hinges on a question, a major premise, a minor premise and a conclusion.
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Economic determinism is a socioeconomic theory that economic relationships (such as being an owner or capitalist or being a worker or proletarian) are the foundation upon which all other societal and political arrangements in society are based.