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.
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 ECONOMIC POLICIES
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
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