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
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
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
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
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
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
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
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
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
that right-to-work laws have an overall negative impact on the wages of workers in the states where they are applied. Some starting points I plan to raise • Workers employed in manufacturing in states that have right-to-work laws suffer about $2,815 in terms of wage penalties; which translates to about $70 a year in wage losses for each worker. On average, manufacturing wages are nearly nine percent lower in right-to-work states when compared to states without right-to-work laws. • There is a difficulty
substantial difference between laws that govern a small state and that which binds countries together in legal treaties and laws. One covers issues that pertains to law systems and has official and government bodies ruling the area; whereas, the other lacks a definite authoritative power and functions upon mutual understanding. The former is recognized as municipal law, it is the law of Canada as well as other states; the latter is international law. Public international law governs the bond between nations
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
Aristotle once stated, “The rule of law is better than that of any individual.” The essential characteristics of rule of law are: the supremacy of law, meaning both the government and individuals are subject to the law; a concept of justice that emphasizes interpersonal adjudication, based on importance of standards and procedures; restrictions on discretionary power and exercise of legislative power by the executive; independent judiciary, judicial precedent and common law methodology; prospective, not
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
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