Legal Economics: Interactional Dimensions of Economics and Law - (Legal Economics)

This book on Economics is written keeping in mind the needs of law students for acquiring knowledge of economics for better understanding of law and its processes in society. The five-year integrated LL.B. course introduced by the Bar Council of India, provides for compulsory teaching of economics in the early years of the programme. Of late, Economics has become a subject full of mathematical equations and statistical analysis making much of it incomprehensible to a non-expert. This book has avoided many of these sophistications and has attempted to explain the concepts and principles in such a manner as to generate interest among law students. In this regard, a maiden attempt was made in the first edition of the text book on Economics for Law students, giving a unique presentation of the subject in the context of integrated legal studies. In this book, an attempt has been made to outline the impact of the New Economic Policy (NEP) on each topic in Economics and the Legal Adjustments and Reforms necessary for the implementation of NEP.

The book broadly has two parts. Part I- deals with the Macro and Micro aspects of Economics. It is divided into Introduction, Micro Economic Theory, Macro Analysis, Applied Economics and Economic Challenges. In each chapter, care has been taken to focus the interaction and inter-relationship of Law and Economics. Wherever relevant, case-law relating to socio-economic legislation has been critically examined. The final chapter summarises the various economic concepts developed in the book. Part II- deals with Economic Analysis of Law. Additionally, some important topics dealt with are Tort Law, Contract, Criminal Law and Criminal Judicial System, Tax Evasion and Avoidance and Consumer Protection Act.

For the benefit of the students, suggested questions and selected Bibliography have been included.

• Academy Law Review:
Every law student should have a better knowledge of current economic problems of the nation. The authors have made sincere effort for analysing such problems. The book is a useful guide to every law student to make a voyage into the vast ocean of law with great confidence.

                   Economics & Law 1
                   Pot Pourrie of Economics 22

                   Basic Economic Concepts-Demand and Supply 33
                   Market Structures-Economic features 46
                   Price Policy-Product Pricing and Factor Pricing Theories etc. 53
                   Theory of Distribution 65
                   Labour and Wages 74
                   Rent and Interest 83
                   Capital-Domestic and Foreign 93
                   Human Capital 106
                   Organisation-Profits [Appendix : Administration & Law] 118

                   Macro economics-Approach-And Policy Issues 136
                   Money and Banking 145
                   Public Finance-Fiscal Policy-Position in India 163
                   National Income 185

                   Foreign Trade 196
                   International Financial Institutions 203

                   Inflation, Recession and Stagflation 213
                   Defending National Currency (Indian Rupee) in the International
                   Financial Market : (vis-a-vis other Foreign Currencies)-Balance
                   of Payments Crisis 225
                   Energy Crisis 232

                   Economic Growth and Development 241
                   Inequalities of Income, Wealth, Unemploymentand Poverty
                   [Appendix : Equality in an un-equal society-Rule of Law-An analysis 258
                   Planning in India-Broad Features-Five Year Plans Evaluation 294
                   Agrarian Reforms-Legal Issues and Solutions 307
                   Urban Economics 322
                   Population : Problems & Remedies 331
                   Costs of Economic Growth-Social Imbalances and Social Cost 359
                   Economic Systems 369

                   New Economic Policy (NEP)-Features and Problems 382
                   Role of State in the Market Economy with Reference to
                   New Economic Policy 402
                   Structural Adjustment,-Adjustment Problems and Legal
                   Adjustments-Areas of Reforms 420
                   Globalisation of the Economy-Features, Relevancy to India-Legal
                   Problems and Sol-utions- An Analysis [Appendix : Economic
                   Terrorism-Rule of Law-Market Economy] 425
                   Final Chapter 444

                   Interactional Dimensions of Law & Economics (Macro) 457
                   Micro Analysis of Legal Economics : Neo-Institutional Model 467
                   Tort Law 477
                   Contract Law 485
                   Regulation-Consumer Protection Act 493
                   Tax Avoidance and Evasion-The Role of Tax Administration 502
                   Criminal Law and Criminal Justice System 513

                   BIBLIOGRAPHY 531
                   SELECTED QUESTIONS 533