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As used by lawyers and legal scholars, the phrase "law and economics" refers to the application of microeconomic analysis to legal problems. Because of the overlap between legal systems and political systems, some of the issues in law and economics are also raised in political economy, constitutional economics and political science.
It investigates issues such as the definition of law; legal validity; legal norms and values; and the relationship between law and other fields of study, including economics, ethics, history, sociology, and political philosophy.
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 ...
Judicial economy or procedural economy [1] [2] [3] is the principle that the limited resources of the legal system or a given court should be conserved by the refusal to decide one or more claims raised in a case.
All legal systems deal with the same basic issues, but jurisdictions categorise and identify their legal topics in different ways. A common distinction is that between "public law" (a term related closely to the state, and including constitutional, administrative and criminal law), and "private law" (which covers contract, tort and property).
In economics, the hold-up problem is central to the theory of incomplete contracts, and shows the difficulty in writing complete contracts. A hold-up problem arises when two factors are present: A hold-up problem arises when two factors are present:
In 1847, the Colonial Bank of Issue became the only issuer of legal tender. In 1856, however, the Colonial Bank of Issue was disbanded; and through the Paper Currency Act 1856 the Union Bank was confirmed once again as an issuer of legal tender. The Act also authorized the Oriental Bank to issue legal tender - but this bank ceased operations in ...
Dumping, in economics, is a form of predatory pricing, especially in the context of international trade.It occurs when manufacturers export a product to another country at a price below the normal price with an injuring effect.