LAW AND ECONOMICS: IMPLICATIONS FOR LEGAL REGULATIONS AND CONTRACTING
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Law and Economics is one of the fastest-growing areas of the applied economics. It employs the standard microeconomic tools and concepts to explain the legal and political rules, the social conventions and norms, the firms and contracts, the government organisations, and other institutions. Economists started to enrich the legal science and the lawmaking processes. The law shall be regarded as one of the factors that have a capacity to influence the output.
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