Law and economics

inalienable fundamental rights to which a person is inherently entitled

lowest remuneration which can be paid legally in a state for working

economic concept of a state in which no reallocation of resources can make everyone at least as well off

body of law that applies to the rights, relations, and conduct of persons, companies, organizations and businesses

economics term for when one party in a transaction has an advantage in information

application of economic theory to analysis of legal systems

Empowerment is the degree of autonomy and self-determination in people and in communities. This enables them to represent their interests in a responsible and self-determined way, acting on their own authority. It is the process of becoming stronger and more confident, especially in controlling one's life and claiming one's rights. Empowerment as action refers both to the process of self-empowerment and to professional support of people, which enables them to overcome their sense of powerlessness and lack of influence, and to recognize and use their resources.

economics theorem that if an externality can be traded with no transaction costs, bargaining leads to a Pareto efficient outcome regardless of the initial allocation of property

legal theory that says that the national debt incurred by a despotic regime should not be enforceable

measure of the size of firms in relation to the industry and an indicator of the amount of competition among them

academic discipline

in economics, studies how economic actors can and do construct contractual arrangements, generally in the presence of asymmetric information

state leading to a Pareto-efficient outcome, concerning the compensation principle

American legal scholar, Court of Appeals judge (1872–1961)

field of economics dealing with legal rules that restrict the activities of economic agents, taking into account the effects of political economic decisions

theory of the right to own property

loss of enjoyment of life damages, the intangible value of life, as distinct from the human capital value or lost earnings value.

1850 essay by Frédéric Bastiat

conceptualized agency that provides personal protection and military defense services voluntarily through the free market

political catchphrase

obligations in human rights law

school of economic thought

loss due to agency problems when using an agent rather than doing something oneself

a paper wrote by Ronald Coase