Question

Briefly, state the interrelationships between Economics and Law

Answer 1

law influence economics and also economics influence law. The future of law and economics lies in the short and mutual relationship. It lies not in making law subservient to economics but using the the analytical strength of economic theory in conjunction with the the impartial insights into people wishes that the legal system gives so combined both theory and practice will become better able to serve our wants and needs. With positive economic analysis to explain the behaviour of legislature, prosecutors, the judges and bureaucrats.land economics begin its synthesis as a discipline through the theories of the Chicago school. And received guidance and influence from such as Nobel prize winner Ronald Coase and Gary Becker.

Economics basically mean welfare that is human welfare and scarce resources whereas law regulate social and economical action of an individual.law and economics refer to the application of microeconomic analysis to legal programs. Growth of economics and law is not mutually exclusive but complementary.we can also say that economics is an essential part of law. Cases of economics parts are to be dealt with or the business of a firm is to be analysed or if liquidation process is to be undertaken the basic knowledge of economics and market is necessary.

The law compaels every government to ensure that there is an enabling environment for economic success.honour remote note Allah ditta offender from committing crime. So we can say that there is an interact relationship between economics and law.