Nobody downloaded yet

Economics for Lawyers (Law and Economics) - Essay Example

Comments (0) Cite this document
1. Introduction The comment provided above by G. B. Richardson delineates his views on economic activity and how it is organised in the marketplace. Richardson believes that firms are the basic units of economic activity and that firms are actually well planned in most of their behaviour…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.2% of users find it useful
Economics for Lawyers (Law and Economics)
Read TextPreview

Extract of sample "Economics for Lawyers (Law and Economics)"

Download file to see previous pages This is not the case in real interactions between firms. In order to dissect the concept further it would be pertinent to explore different points of views on the firm and its unique position in the market. The views of Coase, Penrose and finally Richardson will be explored in this paper in order to see how firms interact to form market structures and how these structures require the assistance of the law. 2. Defining The Firm Within the perspective of business, a firm can simply be seen as an organisation that is involved in the provision of goods and services or a combination of both to consumers1. Here it must be kept in mind that the work of such an organisation is determined by market consumption otherwise this definition would fit other organisations as well such as military organisations and the like. Therefore, the actions of a firm can be seen as being driven through competition in the market that requires the efforts of a team. Another major consideration to look into over here is the basic unit that composes the domain of economic activities. Firms are conglomerations of people who are geared to a common purpose namely the creation of economic value. In themselves, firms are actually composed of individuals and so individuals must be the basic unit of economic activity. ...
This idea has been espoused by Coase who adds another dimension to hiring the services of other individuals. 2.1. Coase’s Ideas on The Nature of the Firm The earliest ideas as to why firms exist in an economy were presented by Coase2 in his article The Nature of the Firm (1937). It was recognised well before Coase’s ideas that firms existed but there had been little investigation into their need for existence. There was a visible change in emphasis of the dominant economic theory after the First World War. Analysis tended to shift from the level of industry (which relied in large part on market analysis) to the level of individual firms. This move can be attributed to a change in thinking over perfect competition. Previously perfect competition was seen as an effective model to delineate how firms behaved. Up till this point in time the emphasis of the economic theory had been to study the markets in order to understand their behaviour. There had been little work on understanding reasons as to why firms existed. In themselves, markets are guided Coase holds that in a perfect market, that is efficient, it would make sense to contract out services rather than hiring people. In Coase’s time the traditional theory of economics provided that entities that were best at providing goods or services were already providing these goods and services because the market was efficient. This would then have the implication that any entrepreneur looking for goods and services would tend to contract out goods and services to the best providers3. However, the actual market practice was just the opposite – entrepreneurs looked to hire people instead of contracting out services. It is only in recent years that outsourcing has ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Economics for Lawyers (Law and Economics) Essay”, n.d.)
Retrieved from
(Economics for Lawyers (Law and Economics) Essay)
“Economics for Lawyers (Law and Economics) Essay”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Economics for Lawyers (Law and Economics)


...?Economics Introduction While many people think about economics as the study of money or purchasing, in reality the field of economics is much larger. Through a number of principles that have been developed over a number of years economics has come to investigate many of the phenomenon of the world. For instance, Adam Smith’s theory of the invisible hand argues that when people engage in business and selling they are governed by the invisible hand of the market that helps regulate prices and ensures that businesses and people act in certain ways. Indeed, the nature of economics is like psychology in that it presents theories of human behavior. One of the unique things I have witnessed is the nature of people who buy collectible... such as...
3 Pages(750 words)Essay


...? ECONOMICS ANALYSIS Introduction Various economists define economics in different ways though generally economics refers to the study on the allocation of the limited resources towards the production, supply, and demand of specific products. As such, economic analysis relates to the study of economic systems in an industry to ascertain the effectiveness of the operations of a given industry with reference to its profitability1. With this, we are able to establish the optimum use of the limited resources to achieve a given economic objective. In doing, economic analysis equally considers the assumptions and constraints in...
6 Pages(1500 words)Essay


...?Introduction United s of America is considered a super power of the world. It was once considered an economic model to be followed as it applied the system of laissez faire. With rapidly booming technology in the 1990s, the American economy surpassed greatly. The US economy today is in a great turmoil. However, today USA is going through the worst recessionary period of all times. After the Great Depression of 1930s, this recession has had the worst impact on the economy of USA. Although, the government is carrying out various fiscal stimulus and measures to disentangle itself from this recessionary phase but up till now it has not been able to do so. As a result, the Current Account Balance of has been continuously...
2 Pages(500 words)Research Paper

International Economics and Law

...?Running head: INTERNATIONAL ECONOMICS AND LAW Insert Insert Grade Insert 22 September Question Formation of a Contract in the United Kingdom A contract only exists when an offer is made, which is then accepted and is inclusive of specific terms that lead to an agreement. The offeror makes the offer while the offeree accepts the offer. In addition, an offer can be made to the whole universe and anyone can accept it. For instance, a manufacturing company advertised that no one who used their product would suffer from flu, and if he caught flu even after using their product, he would be paid ?100. One individual claimed to have caught flu even after using the medication; however, the company refused to pay...
5 Pages(1250 words)Essay

Obesity (Law and Economics)

...Task: Obesity (Law and Economics) Among the major concerns of every government is the health status of the citizens. Any business should promote consumer well-being. Ensuring good health condition of the citizens who are consumers is a common role of businesses and governments. This calls for various economic and legal measures that promote the health of consumers. Obesity is a major challenge to good health among citizens of governments who are the consumers targeted by businesses. Reducing obesity and its effects becomes and inevitable program. It, therefore, is an economic issue that also involves the intervention of policies and laws of the...
6 Pages(1500 words)Essay

Law and Economics

...? Section/# On the Grounds of Responsibility: An Analysis of the Law and How Internet Service Providers Are Being Required to Police Their Own Users Executive Summary: The following analysis discusses the ways in which copyright infringement battles are defining the way in which ISPs (Internet Service Providers) are increasingly being required to police their own users. Furthermore, the paper analyzes the economic and societal effects of that the copyright infringement battle portends for society at large. Lastly, a subset of recommendations has been provided as a way to provoke discussion as to the ways that the legal framework can be adjusted to the needs of the media user and the corporations who are attempting to protect... to clearly...
6 Pages(1500 words)Essay

Economics of Law

...Economics of Law Consider how economics of law can provide helpful insights into controlling an increase in crime rates Student's Name: ______________ Tutor's Name: _________________ Course ID: ____________ Dated: May 7, 2007-05-08 Crime economics is just like "supply" and "demand" theory of marketing economics, however the little difference lies in the behaviour of victimiser who does not sell the right to be victimised. The economic theory of crime states that an offender is at greater risk when he weighs the expected cost of committing the crime along with the probability of being caught multiplied...
6 Pages(1500 words)Essay

Law and economics

...Law and economics In an article posted on November, this year , Byrne sued Black and Decker in 2004 for alleged claims of malpractices. In this case, Byrne argued that his former patent attorneys failed to secure extensive enough patent protection for his weed frilling machine. According to a news post, the court ruled in favor of Black and Decker arguing that their machine could not infringe as it lacked the machine’s components as Byrne’s patent claimed, and Byrne lost the case on a summary judgment. Subsequently, Black and Decker argued that the ‘generally planar’ was the necessary limitation to distinguish Byrne’s invention from the quoted previous art. More over, Black and Decker in their argument...
3 Pages(750 words)Essay


...Project Economics and Law: The Scottish Parliament Introduction All project managers always aim at implementing their projects within the required project management indices. These are idyllic benchmarks that ensure that the project meets and satisfies the entire needs of the clients. A successful project has distinct characteristics that range from effective and efficient cost, to good quality, and completion within the expected timeframe. A project that meets the abovementioned provisions always satisfies relative objectives as well as the expectations of the clients and is therefore regarded to be of high quality. Conversely, one that does not meet the preceding provisions is considered to have...
16 Pages(4000 words)Coursework

Common law and economics

...Task: Law and Economics Common law is law that judges and court stakeholders develop through precedential decisions of courts. This is unlike statutes that legislative process bestows upon the judicial systems. Civil law is a legal system that thrives on a codified framework upon individuals can refer to while making legal decisions. Civil law builds from abstractions and proceeds into general principles that form substantive rules. This is contrary to common law that creates procedural rules. Civil law is open to flexibility. This is because changing scenarios necessitate the dynamism in...
1 Pages(250 words)Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Economics for Lawyers (Law and Economics) for FREE!

Contact Us