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Law

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Law

Discipline summary

Law is a collection of rules and regulations within a community which defines the rights and responsibilities of individuals and organizations and serves as the arbitrator of relations between and among them. Law is established and enforced by the state, nation or institution with authority over the community, generally as granted by a constitution, and determines issues of equality, fairness and justice. Legal systems can generally be categorized as civil law or common law, but most legal systems have elements of both. Civil law consecrates rules into written legislation while common law relies on less formal customs or policies, which are enforced by judicial precedent but not codified. Religious law, governed by scriptures, is often considered a third type of legal system, but this distinction is mostly rhetorical, as similar rules often apply.The definition of law could never be complete and it enriches itself as the days passed by.
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  1. The Problem of Social Cost
    R H Coase in The Journal of Law and Economics (1960)
    This paper is concerned with those actions of business firms which have harmful effects on others. The standard example is that of a factory the smoke from which has harmful effects on those occupying neighboring properties. The economic analysis of…
    Save reference to library · Related research 195 readers
  5. Separation of Ownership and Control
    Eugene F Fama, Michael C Jensen in Journal of Law and Economics (1983)
    This paper analyzes the survival of organizations in which decision agents do not bear a major share of the wealth effects of their decisions. This is what the literature on large corporations calls separation of ownership and control. Such…
    Save reference to library · Related research 175 readers
  6. Theories of economic regulation
    Richard A Posner in The Bell Journal of Economics and Management Science (1974)
    Several theories have been advanced to explain the observed pattern of government regulation of the economy. These include the "public interest" theory and several versions, proposed either by political scientists or by economists, of the "interest…
    Save reference to library · Related research 31 readers
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