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Conflict of laws (also called private international law) is the set of rules or laws a jurisdiction applies to a case, transaction, or other occurrence that has connections to more than one jurisdiction. [1]
Conflict of laws in the United States is the field of procedural law dealing with choice of law rules when a legal action implicates the substantive laws of more than one jurisdiction and a court must determine which law is most appropriate to resolve the action. In the United States, the rules governing these matters have diverged from the ...
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 following outline is provided as an overview of and introduction to law: Law is the set of rules and principles (laws) by which a society is governed, through enforcement by governmental authorities. Law is also the field that concerns the creation and administration of laws, and includes any and all legal systems.
Law and economics – application of microeconomic theory to the analysis of law. Managerial economics – branch of economics involving the application of economic methods in the organizational decision-making process. Mathematical economics – application of mathematical methods to represent theories and analyze problems in economics.
An "interest" is a commitment, obligation, duty or goal associated with a specific social role or practice. [1] By definition, a "conflict of interest" occurs if, within a particular decision-making context, an individual is subject to two coexisting interests that are in direct conflict with each other ("competing interests").
International Conflict of Laws: Common, Civil, and Maritime. International Shipping Publications. 1994. Page 237. See also passim. Google; Lectures on the Conflict of Laws and International Contracts. University of Michigan Law School. 1951. Passim. Google; Petar Sarcevic (ed). International Contracts and Conflicts of Laws: A Collection of Essays.
Along with an earlier article, “The Nature of the Firm”, "The Problem of Social Cost" was cited by the Nobel committee when Coase was awarded the Nobel Memorial Prize in Economic Sciences in 1991. The article is foundational to the field of law and economics, and has become the most frequently cited work in all of legal scholarship. [1]