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The very impulse, noticeable in many life species including human beings to be in a communityor a collective can itself be described as a natural economic activity in as much as such anactivity contributes to flourishing and avoids sufferings.
There is a deep connection between the impulse to be in a community and the need for a political constitution. The differences in utilities that may be derived by individual action and those by collective action are fundamental to any study of collective organization. It may therefore seem appealing to talk about logical economic rationalization to explain the emergence of democracy and the accompanying democratic political institutions. Economists talk about as to how individual utility may be increased by collective action in two distinct ways. By collective action, some of the external costs that may come to be imposed by the private action of other individuals may be eliminated.
R Venkataramani (2025) "Interconnectedness between Economic Theories and Legal Practices", GNLU Journal of Law And Economics : Volume VII 2024, Issue I
Available at:
https://gnlu.ac.in/GJLE/Publications/Interconnectedness between Economic Theories and Legal Practices
