Relation between Economics and Law - 3001 Words

The study of Law without the knowledge of other related social sciences i.e., Political theory, Sociology and Economics, etc, is incomplete. In any law curriculum the study of Economics and Law and their interaction is increasingly found necessary. As Law influence Economics, Economics also influence Law. As a matter of fact Economics forms the basis of the study of Law. Economics reflects the socio-economic ethos of the country in particular and world in general. It becomes out of date and misleading if the Economic ethos change. But it was proved to be wrong by Dalton. The organisation, industrial structure and performance have changed in the thirty years. E.g.: policy goals, policy instrument, Economic institutions. Economics derives†¦show more content†¦In these circumstances, J.M. Keynes, a well known economist propounded a new theory. He said the invisible hand relied upon by classical economists had developed arthritis and the visible hand of the Government was needed to correct the malady. He, therefore, advocated limited State intervention to correct the defects in the market mechanism so that the market operations can be revived and equilibrium achieved. He had faith in the market oriented economy. Later it was realised by the welfare and the third world economists that limited State intervention will not work and full intervention is necessary for the following reasons: (1) Steady increase in the divergence between private goods and social goods, i.e., economic development results in rapid industrialisation which in turn increases the tempo of urbanisation. (2) Rise of monopolies lead to distortion of the price system in the market economy through manipulation of supply of products and selling standard products, etc. (3) Rise of advertisement and propaganda (4) Steady increase in the divergence between private cost and social cost. Therefore, the introduction of a number of laws to protect environmental pollution (air, water and sound) has become necessary. The second feature of the market economy is the protection of property. Possession and ownership of property has been justified in economicShow MoreRelatedRelations Between China And China1367 Words   |  6 PagesBefore establishing formal diplomatic relations with China, Singapore was already enjoying close economic and political ties with China albeit on an informal basis. Both countries elevated their relationship to a more formal level by establishing diplomatic relations on October 3 1990. 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The economy determines and shows us the variablesRead MoreBusiness International Between Cuban And Usa Case Study928 Words   |  4 PagesBusiness international between Cuba and USA Introduction To understand about Cuba before doing business in or with that country is important know geographical location, its form of government including their trade relations, the political context and its location in world geopolitics, its population, language, culture, use of technology, labor, its financial system in economic terms and of course its kind currency and exchange rate. Historically, political and economic relations between US and Cuba haveRead MoreProperty Rights and the Economic System1679 Words   |  7 Pagescentral place in the economic system . 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Dunlop (1958), an industrial relations system is comprised of the following actors: * A hierarchy of managers and their representatives in supervision (or employers and their associations) * A hierarchy of workers and any spokesmen (the workers and their unions), and * Specialized government agencies (or the state) concernedRead MoreAssignment on Industrial Relations, Bangladesh1076 Words   |  5 PagesSummary: Industrial relations is used to denote the collective relationships between management and the workers. Traditionally, the term industrial relations is used to cover such aspects of industrial life as trade unionism, collective bargaining, workers’ participation in management, discipline and grievance handling, industrial disputes and interpretation of labor laws and rules and code of conduct. The term industrial relations explain the relationship between employees and managementRead MoreEssay On Labor Relations Act714 Words   |  3 Pages National Labor Relations Act in section 7 give all employees protection of concercted activities the employee is a member of a union or not (Prozzi, 1986). Employee can actively engage in concerted activities to bargain collectively or for mutual protection. Even though employees have protections under section 7 and 8 of the National Labor Relations Act, those protections are not without limits. If employee organize a strike or a walk out, these are actions that protected under NLRA (Landry, 2016)Read MoreFinancing Of The Japanese System898 Words   |  4 Pageseffect on the economic system as a whole, through the creation of zombie companies that only served to drain the economy, rather than protect labor relations (Edgington 2009; Yamamura and Streeck 2003). As a result, it seems that while financing could make companies more efficient, it also could lead to job loss and wage reduction. In addition, the financial market creates winners and losers, and thus, we could witness an increase in inequality, harm to labor unions, and the creation of laws that harmRead MoreAlthusser And Critique Of Marxism Essay1414 Words   |  6 Pagesscience of history determined by modes of production, that one could understand how ideologies are introduced and constantly reinforced. Modes of production, or the specific organization of economies, consist of the unity between two aspects: the productive forces and the relations of production. The productive forces are specifically the forces the drive the mode of production. Two separate entities can be subsumed under the category of productive forces. First, there are the agents of production;Read MoreEconomic Analysis Of Unemployment And Its Impact On Gdp1420 Words   |  6 Pages Economic Analysis of Unemployment and its Impact on GDP in Developed Countries Paul Kuechenmeister Econ 4331W August 3rd, 2014 â€Æ' Introduction This study examines the impact of unemployment rates to a developed economies growth rate. This paper will be built off of the most distinguished idea addressing the relation of economic growth and unemployment, Okun’s Law . Okun’s Law that assesses the relation between unemployment and economic growth is one of linearity . Okun’s Law is the