File Name: encyclopedia of law and economics .zip
Diminishing returns , also called law of diminishing returns or principle of diminishing marginal productivity , economic law stating that if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output. In the classic example of the law, a farmer who owns a given acreage of land will find that a certain number of labourers will yield the maximum output per worker. If he should hire more workers, the combination of land and labour would be less efficient because the proportional increase in the overall output would be less than the expansion of the labour force.
- Encyclopedia of Law & Society: American and Global Perspectives
- Law and Economics
- Diminishing returns
- Encyclopedia of Law and Economics
Encyclopedia of Law & Society: American and Global Perspectives
Philosophy of law or legal philosophy is concerned with providing a general philosophical analysis of law and legal institutions. Issues in the field range from abstract conceptual questions about the nature of law and legal systems to normative questions about the relationship between law and morality and the justification for various legal institutions. Topics in legal philosophy tend to be more abstract than related topics in political philosophy and applied ethics. For example, whereas the question of how properly to interpret the U. Constitution belongs to democratic theory and hence falls under the heading of political philosophy , the analysis of legal interpretation falls under the heading of legal philosophy. Likewise, whereas the question of whether capital punishment is morally permissible falls under the heading of applied ethics, the question of whether the institution of punishment can be justified falls under the heading of legal philosophy. There are roughly three categories into which the topics of legal philosophy fall: analytic jurisprudence, normative jurisprudence, and critical theories of law.
The Encyclopedia of Law and Society is the largest comprehensive and international treatment of the law and society field. With an Advisory Board of 62 members from 20 countries and six continents, the three volumes of this state-of-the-art resource represent interdisciplinary perspectives on law from sociology, criminology, cultural anthropology, political science, social psychology, and economics. By globalizing the Encyclopedia's coverage, American and international law and society will be better understood within its historical and comparative context. Have you created a personal profile? Login or create a profile so that you can save clips, playlists and searches. Encyclopedias Add to list Added to list. Edited by: David S.
Law and Economics deals with the economic analysis of legal relations, legal provisions, laws and regulations and is a research field which has a long tradition in economics. It was lost after the expulsion of some of the leading economists from Germany during to , but then revived in Chicago. Both the subject of Law of Economics and the need for a concise Encyclopedia is particularly relevant in Europe today. Currently in the European Union there are several different legal cultures: the Anglo-Saxon legal framework, the German legal framework, which for example also includes Greece, and the Roman legal family—three jurisdictions which have to be covered with one and the same theory. In the EU, the task of the European Commission to interact with the various European jurisdictions means different legal cultures collaborating and some degree of harmonization is necessary.
Law and Economics
Economic analysis of law applies the tools of microeconomic theory to the analysis of legal rules and institutions. Ronald Coase  and Guido Calabresi  are generally identified as the seminal articles but Commons  and Hale  among others had brought economic thinking to the study of law in the s and s. Richard Posner  brought economic analysis of law to the attention of the general legal academy; by the late s, his work had provoked a vigorous controversy. This controversy was both general and doctrinally specific. Posner had claimed generally that the common law was and ought to be efficient. This latter claim provoked a broad controversy about the evaluation of legal rules generally.
First, the theoretical analysis focuses on efficiency. In simple terms, a legal situation is said to be efficient if a right is given to the party who would be willing to pay the most for it. There are two distinct theories of legal efficiency, and law and economics scholars support arguments based on both. The positive theory of legal efficiency states that the common law judge-made law, the main body of law in England and its former colonies, including the United States is efficient, while the normative theory is that the law should be efficient. It is important that the two theories remain separate. Most economists accept both.
Law and economics or economic analysis of law is the application of economic theory specifically microeconomic theory to the analysis of law that began mostly with scholars from the Chicago school of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient , and to predict which legal rules will be promulgated. The second branch focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes. This second branch of law and economics thus overlaps more with work on political institutions and governance institutions more generally.
Encyclopedia of Law and Economics
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The entries consist of two elements: a review of the literature written by an authority in the field and a bibliography which covers most of the published material in the particular area. The reviews are written in an accessible style which will be suitable for non-specialists, such as lawyers, judges, politicians and students as well as scholars of law and economics. This authoritative Encyclopedia will rapidly become established as a leading bibliographic and reference source in law and economics. The Key to Teaching Science. Learning Through Digital Media.
Law and Economics deals with the economic analysis of legal relations, legal provisions, laws and regulations and is a research field which has a long tradition.
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