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The Economics of Civil and Common Law (Paperback)
Loot Price: R489
Discovery Miles 4 890
You Save: R100
(17%)
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The Economics of Civil and Common Law (Paperback)
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List price R589
Loot Price R489
Discovery Miles 4 890
You Save R100 (17%)
Expected to ship within 10 - 15 working days
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Law is a strange beast. It is often thought of as moral, yet
morality and law do not often coincide. It is supposed to encourage
individuals to act in accordance with societal wishes, such as the
protection of intellectual property encourages someone to invent
new products and thereby increase the level of technology,
productivity, and economic activity in our economy. Yet law often
provides perverse incentives that cause individuals, or even the
State, to act in discordant, and therefore inefficient, ways. More
than anything else, law in its various forms creates the working
rules of an economy, for better or for worse. The popular refrain
'there ought to be a law' is a desire to alter future outcomes when
current or past outcomes seem to the public to be inconsistent with
their notions of fairness and justice. Regardless, many, if not
most, laws applied to our economic system create severe
inefficiencies such as minimum wage legislation and rent control
laws; these actually serve to deny individuals work and shelter in
a haphazard and capricious manner. Law also dictates property
rights, yet eminent domain lets the State take it away with
seemingly arbitrary compensation to the owner. It is for this
reason that workers, employers, managers and others have a stake in
understanding the interplay between law and economics and how to
evaluate laws to determine whether and how their business property
and equity may be impacted by them. It is also incumbent upon
individuals to understand the process of rulemaking as a mechanism
that can be designed to reduce the transactions costs that cause us
to resort to the legal system to resolve disputes. One unique
aspect of this book is that it is written with both economists and
non-economists in mind. Another difference is that this text does
not concern itself with criminal law, which is left to a separate
book in the Business Expert Press economics collection. A final
difference is that this text discusses the legal organization of
businesses as well as tax law from an economics perspective, two
items that are not formally treated in other economics of law
textbooks.
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