Impact of environmental law on the law of economics Environmental law primarily aims to internalise an externality, by forcing or incentivizing the polluter to take into account the pollution it is causing in its decision making process. Hence, environmental law and economic principles are deeply intertwined in order to better tackle environmental problems in a cost effective way. In fact, environmental law is viewed through the lens of economic efficiency by many economists and legislation-making
On "Iron Laws" of Economics ABSTRACT: 1. A strong interest shown by modern society to the sphere of economic attitudes, and connected to it the growing authority of the economists. - 2. Perception about the "iron" laws of economics as highest criteria of economic activity and life in general (economic fatalism). - 3. An exploration of the most widespread motives of housekeeping: struggle for a survival, earning one's "life", earning on "the black day". - 4. Logical "circumvention" of all these
the United States Patent and Trademark Office (USPTO). Although the fashion industry has benefited from not having patents; Competitors constantly steal ideas from each other and cost for consumers are lower as a result. The existential U.S. Patent laws we have today are counter productive and slow the process of innovation in other fields. The fundamental idea of patents is that it is an agreement between inventors and society. The inventor is encouraged to keep inventing to benefit society and as
Sustainability Vega-Gordilio and Alvarez-Arce (2003) states economic freedoms exist in the following conditions; property acquired without the use of force, fraud, or theft is protected from physical invasions by others. Economic freedoms exist when individuals are free to use, exchange, or give their property to another as long as their actions do not violate the identical rights of others (Vega-Gordilio & Alvarez-Arce, 2003). Environmental laws are established by the Environmental Protection Agency
Judge Posner's Challenge to the Philosophy of Law ABSTRACT: This paper presents a conceptual analysis of Richard Posner's empirical theory of judicial behavior. His theory opposes the conventional view which holds that judges are insulated from external pressures so their judicial decisions will be based upon a disinterested understanding of the law. Since economics holds that all people — including judges — attempt to maximize their utilities, Posner thinks that the conventional view is an embarrassment
This is uncertain because you don’t know if the road is congested. or not. If the road were congested for example: during rush hour it would be nonexcludable because adding another vehicle can get in the way with the drivers already using the road. The consumption would be rival no one can consume. d) Larger communities tend to consume greater quantities of a nonrival good than smaller communities. False. Even though there are more users in a larger community, all users have access once the good
In this paper I will be discussing George P. Fletcher’s “paradigm of reciprocity”. I will discuss what two issues the paradigm specifies and how they are treated by the paradigm. I will assess how the treatment of the issue is different from that of the wealth maximization approach. I will also look at how the paradigm makes sense of both fault and strict liability. Lastly in this paper I will discuss why I agree with Fletcher’s stance and a criticism one might have for it. Fletcher’s paradigm of
Many people fail to realise the importance of our economy, how diverse and interactive it is to our daily lives and the distinct role it plays in our constantly evolving economic climate. My initial interest stemmed from my lack of knowledge about the UK economy; resulting in the research about our recent financial crisis and from there it grew tenfold. I began to observe the situations around me from a different perspective, and with the help of micro and macroeconomic objectives, which are the
The Corn Laws debate was very controversial during the Industrial Revolution, because at that time there was the transition from what it was the mercantilism era to the liberal ideas and views towards the economy structure. The Corn Laws issue was that it had restricted agricultural imports (Cohn, pp. 7). This law illustrates the conflict between mercantilism and liberal economic ideologies; unlike liberal economic views, the Corn Laws under mercantilism favored the large landowners while being
similar conviction of group members which emerges from social interaction. Group-conviction is ethical to the extent that its content is the evaluation of social behavior from the standpoint of 'duty"[ N.A Timasheff, An Introduction to the Sociology of Law. Cambridge: Harvard University Pres, 1939, 73-74]. Power, Timasheff's second form of social coordination, is based not on consensus, but on attitudes of dominance and submission. In some social groups, Timasheff contended, a small number of members
Analysis/Introduction. The will of the people and the rule of law lay the foundation of a prosperous democratic society. If a society ceases to uphold these fundamental elements, it opens the opportunity for non-democratic powers to fill the power vacuum. The perspective of the source aligns with Classical Liberal and Anti-Authoritarian ideologies, emphasizing the protection of individual freedoms and the necessity of the rule of law to prevent the rise of non-democratic forces. The author likely
The Impact of Adam Smith Adam Smith is known as the father of modern economics and his two-volume work called An Inquiry into the Nature and Causes of the Wealth of Nations, initiated a new foundation of economic theory that has withstood time. Long ago during Smith's time he was born into a world where mercantilism was the main economic system. Mercantilism was a system which allowed many exports but many very few imports because of the protectionist policy. This policy placed heavy tariffs on
In the essay “Judaism and Economic Reform”, Norman Solomon, a Jewish-American journalist, presents a compelling argument on the basis of the need for economic reform while providing simple religious base solutions. While discussing two major economic problems that plague the world’s current economy, Solomon introduces the Jewish view of the global economy and their general view on economics as a whole. With this introduction to the Jewish worldview of economics we as readers are able to transition
Crime in Australian media is focused predominantly on individuals of low-socio economic status and ethnic minorities. Although, it has been found that crime is at a higher level in low-socio economic areas, crime in Australia is not only limited to this social class. Crimes committed by individuals of low-socio economic, not limiting individuals of ethnic minorities are not as a result of a lesser respect for the law. Ethnic minority groups such as Indigenous Australians have suffered extreme acts
Hadley v. Baxendale is the classic case of contract law, which gave the rule that considerable harm, could be recuperated just if; at the time the agreement was made . The facts of the case are the petitioners, Mr Hadley and an alternate, were mill operators and mealmen and cooperated in an association as proprietors of the City Steam-Mills in Gloucester. They cleaned grain, ground it into dinner and dressed it into flour, sharps, and wheat. A crankshaft of a steam motor at the factory had broken
Is capitalist the best possible economic model we have today? Why? Capitalism is an economic system in which the trade industry and the means of production are largely and privately owned and operated for profit. Capitalism is also a social system which exists in all countries it is a system which produces distributed goods such as land, factories, technology and transport. Karl Marx describes capitalism as a free enterprise economic system. Capitalist is divided into two classes such as the bourgeoises
businesses (including production, communication, and technology) it also applies to economic and cultural activities and to the push to create a global free market for goods and services (Smith & Doyle, 2002). This transition is more than likely due to the change in the role of government within the economy. The government itself transitioned to now be a place for private economic activity, rather than taking control over economic situations like it has in the past. This is essentially a transition from a
PhD Researcher on ‘the rise of EU law enforcement authorities-protecting fundamental rights and liberties in a transnational law enforcement area’. My desire is to conduct research on the project regarding the EU fraud/PIF. Based on my education, experience and skills, I feel that I am an outstanding candidate for the position. Along with an inter-discipliner approach gained through graduate and postgraduate degrees in two subject-fields in law and economics with a special emphasis to transnational
dichotomy between domestic and international laws and the reasoning of these disparities. This essay will also elucidate reasons that realist standpoint on international law are valid. Firstly, subjects of the law; generally the subjects of the international law are states which may hold and exercise rights while citizens are known as the subjects for the domestic law. Essentially, legal personality who has rights and duties under international law or national law should be taken into consideration. Paradigm
increasingly growing population could evidently compromise the economic development and sustainability of the Chinese nation (Liu, Onuaha, 2005). The law dictates that each family should legally have only one child. It should also be noted that the strain that the increasing young population posed to the existing structures could have been another reason for the implementation of the one child policy. It is however to be recognized that the law has been a cause of many controversies in the Chinese nation