Economics: The Definition Of Law And Economics

A corporate business enterprise is established under a specific legal framework where laws governing the operations and functioning of the enterprise are outlined. The activities of the enterprise are monitored and therefore such an enterprise is recognized by law. This is important due to the fact that legal suits can be filed by the enterprise within the provisions of the law.

The word law is defined as a system of principles and regulations of ethics and rules in order to keep people and also things in line, a set of rules of conduct. There are many functions of law in business and in society. Without the functions of laws many companies, etc. could and would not survive. Law is very valuable within businesses. Businesses have to have law because it is used as a protective shield for the companies. Without laws, companies could have lawsuits placed on them. So laws are put into place to help avoid as many lawsuits as possible. A majority of

In the twelve key elements of economics, the second element states, “There is no such thing as a free lunch.” The author described how spending money on one particular thing means that we are sacrificing the chance to spend money on something else or if we do one specific thing, we give up the chance to do something else. In chapter nine, Schiff used an allegory to illustrate this same idea. The allegory he used was when the senator, Franky Deep, realized the people enjoyed getting things for free, but they did not like to pay taxes. After a monsoon, he took this as an opportunity to develop a government reconstruction program. This program made it look like the people on the island were getting the reconstruction for free, but really, the citizens were still paying for the work. Therefore, even though the people thought the reconstruction was free, it truly was not. One recent even that relates to this idea was in an article called, “Everything the Government ‘Gives’ Someone Must Be Taken from Taxpayer Dollars.” This article states that there is no such thing as the government giving something away free for the price of nothing. While the government has over eighty welfare programs to provide individuals free housing, cash, food, and medical care, these programs are not free. Instead, they are funded for by taxpayers.

Law is a system of rules that are enforced through social institutions to govern behavior. (Robertson, Crimes against humanity, 90).Laws can be made by a collective legislature or by a single legislator, resulting in statutes, by the executive through decrees and regulations, or by judges through binding precedent, normally in common jurisdictions.

Law touches almost every aspect of our lives. It demonstrates what we as a society define as right and wrong and offers the best protection to individuals against major powers. I want to study law to gain an understanding of the laws which govern us, as well as to help people overcome inequality. Recently three MP’s were trying to use Article Nine of the Bill of Rights 1689 to privilege their expenses, consequently protecting them from prosecution. This abuse of power served to increase my interest in the overlay and contradictory nature of our laws.

The law is the most importance thing in Justices decision-making among other factors. Before the law is written, long process of scrutiny takes place and the law represents the justice of all, or at least the goal of that such of law written. Also, expectedly the law acts as the guideline without ambivalent sentiment from individualistic character of

law – the order or pattern of rules that society establishes to govern the conduct of individuals and the relationships among them.

Outlined in this paper is a definition of the role and functions of Law in business and society. Without laws within a society to regulate the behavior of its people, there would be chaos and ineffectiveness. This paper has also provided how the

Law can be defined as a system of rules and regulations that are enforced through social institution to govern the country which can be made by legislatures by legislation, executives or judges through binding precedent. The law can be regarded as a constitution enforced that shapes politics, economics and society in various ways .

Oliver Wendell Holmes Jr (1963:5) states, “the law embodies the story of a nation development through many centuries. The law reflects the intellectual, social, economic, and political climate of its time.” According to the book Law and Society, written by Steven Vago. The law is all walks of life it governs and exists in our every action. Laws protect the spouse, children, private and public property, political, legal system, businesses and social institution. The law originates to protect citizens from injustice events and punish individuals who committed unlawful acts. Sociology and law are concerned with norms rules that prescribe the appropriate behavior for people in a given situation. (Vago, 2011, pg. 3). The law is to embody rules of

The law should protect agreement that are freely entered into (May, p. 445). Property law is concerned with creating legal rights, tort law and criminal law with defending rights, contract law is intended to provide for the orderly transfer of rights from one person or organization to another. In the field of contact law, we see how the "bindingness: of law is based on self-binding acts of the individual (May, p. 445). It is often said that contract law is the cornerstone of free society, and yet, contract law is also criticized as being the basic economic exploitation by the powerful against the poor (May, p. 445). Societies, especially coercive governments, were created to enforce contracts and make it reasonable for people to enter into and perform their contracts (May, p. 445).

Law can be defined as the written agreement that a society agrees upon this dictates appropriate and acceptable conduct and behaviour we display toward each other. Law is the foundation of the society it can only work if the society abides by it and work to maintain its existence, this will help solve any problems and crimes.

Many people think that economics is about money. Well, to some extent this is true. Economics has a lot to do with money: with how much money people are paid; how much they spend: what it costs to buy various items; how much money firms earn; how much money there is in total in the economy. But despite the large number of areas in which our lives are concerned with money, economics is more than just the study of money.

According to Reference.com (2007), law is defined as: “rules of conduct of any organized society, however simple or small, that are enforced by threat of punishment if they are violated. Modern law has a wide sweep and regulates many branches of conduct.” Essentially law is the rules and regulations that aid in governing conduct,

Some of the most compelling topics that I learned in this topic only came into focus at the end of the course. Economics is a very large and complex study and reflecting on this subject, piece by piece, requires some patience and ability to put the pieces together. The relationships between simple choices, such as supply and demand, drives all economic and commercial exchange but only through the lens of economic models that attempt to layout this system by combing mathematical principles and psycho-social evaluation. All in all, this was very interesting introduction to some of the complex drivers that propel society.