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This essay researches the main consequences of the pandemic caused by the COVID19virus in the field of international commercial arbitration through an economic analysis of law.
Carolina Arlota (2025) "International Commercial Arbitration in the Aftermath of the Pandemic: A Law and Economics Account", GNLU Journal of Law And Economics : Volume III 2020, Issue I
Available at:
https://gnlu.ac.in/GJLE/Publications/International Commercial Arbitration in the Aftermath of the Pandemic: A Law and Economics Account
In 2023, the Delhi High Court disposed of more than 87,000 cases, a recordbreaking figure. Yet its backlog grew. Across India, governments have doubled judicial strength in some states, built stateoftheart ecourts, and implemented case management software. Still, over 5.1 crore cases remain pending. The standard explanation treats this as a resource problem: too few judges chasing too many litigants. But what if the real answer is more uncomfortable What if delay is not a bug in the system, but a feature, a currency that judges spend, save, and strategically deploy This paper advances a heretical proposition: that for the Indian High Court judge, disposing of cases is not always the rational choice. In a system where the government is simultaneously the largest litigant and the arbiter of judicial careers, where a controversial judgment can trigger a punitive transfer while a safe adjournment goes unnoticed, and where forty dismissals at the admission stage count the same as one laboriously reasoned final verdict, delay emerges as the equilibrium strategy. The crisis of pending cases is not an accident of overload; it is the predictable outcome of incentives working exactly as designed. Employing a political economy framework, we model the High Court judge as a strategic actor maximizing a utility function comprised of reputation (professional prestige), leisure (workload aversion), promotion prospects (chances of elevation or postretirement appointment), and the cost of dissent (risk of punitive transfer or career backlash). The paper proposes an empirical model to test whether judicial delays correlate with political cycles and the identity of the litigant (State vs. Citizen), suggesting that strategic delay is a rational response to the institutional constraints of the Indian judiciary.
This case analysis aims to investigate the pros and cons of the Nari Ko Naman scheme launched by the Himachal Pradesh government offering subsidised bus transport to women across the state against which a petition was filed in Ramesh Kamal v. State of H.P (2022). This case studys primary goal will be to critically analyse whether offering subsidised bus transport for women is a case of freebies or if it is a policy that is working towards empowering women and increasing their participation in the economy by incentivising them to pursue education and employment. This case study utilises primary data collected through an online questionnaire and secondary data such as research papers, government reports and news articles. Both qualitative and quantitative data were analysed in the process. This data is critically evaluated by employing various micro and macroeconomic tools, analysing the various features of the scheme brought into question before the court, similar global and Indian practices, and analysing substitutes to the existingscheme.
Internal migration constitutes a key mechanism shaping the demographic structure and regional economic dynamics of a country. Migration flows may generate productivity gains and agglomeration advantages in certain regions, while simultaneously imposing socioeconomic pressures on others. Through its influence on labour allocation, human capital distribution, regional demand patterns, and investment behaviour, internal migration plays a decisive role in longterm growth trajectories. This study empirically investigates the relationship between internal migration and economic growth across Turkish provinces at theNUTS3 level for the period 20082020. Given the pronounced spatial interdependencies inherent in migration processes, the analysis employs spatial panel data models and extends the SolowSwan framework by incorporating internal migration as an additional factor. The findings reveal significant spatial dependence in migration patterns and demonstrate that the effects of internal migration on provincial growth vary systematically across regions. While the direct impact of internal migration on economic growth is negative and statistically insignificant, its indirect (spillover) and total effects are positive and statistically significant. These results highlight that the growth implications of internal migration materialize primarily through spatial interaction mechanisms. Accordingly, effective evaluation of migrationgrowthlinkages require policy approaches that account for regional interconnectedness rather than treating provinces as isolated units.
At the very junction of public health lies the pharmaceutical sector. It is essential to examine the effects of regulations and market structure in line with competition law aspects. Therefore, this study aims to look into the extent and impact of the pharmaceutical sector practices and trends onto the consumers especially at a retail level in the Bengaluru region. How local market dynamics and regulatory weakness have led to price distortion and reduced access to medicine which overall harms an innocent and uninformed consumer. Using a mixed and interactive approach of combining empirically accessed and doctrinally analysed data to assess the impact on consumers. This study draws its conclusions from a structured survey of pharmacies and consumers, including 15 outlets and 35 consumers. The Competition Act of 2002 and the DPCO of 1995 along with landmark cases like Novartis AG v Union of India (2013) have been relied on. Additionally, reliance has been placed on Indias situation within the global discussion on pharmaceutical competition policy. The studies have revealed brand favoritism, entry barriers, and limiting of consumer choices. Significant gaps in the legal framework have been strawed out and inclusion of stronger enforcement measures by CCI is recommended for transparency.
International biodiversity governance has progressively evolved from a predominantly ecological and conservationoriented approach toward a more integrated framework that incorporates economic reasoning. This article argues that such an evolution is not merely terminological, but reflects a deeper transformation in the way biodiversity is conceptualized and governed at the international level. The study examines whether, and to what extent, international biodiversity conventions and related policy initiatives have incorporated economic considerations alongside traditional conservation objectives. Using a text analysis methodology, the article analyzes the language of key international conventions adopted since the 1970s, distinguishing between early conservation agreements, statebased conventions, and instruments developed within the framework of the Convention on Biological Diversity. This analysis is complemented by an examination of the conceptual frameworks adopted by the Intergovernmental SciencePolicy Platform on Biodiversity and Ecosystem Services and the European Union Biodiversity Strategy. The findings show a growing emphasis on ecosystems, ecosystem services, and human wellbeing, which emerges progressively across the examined instruments and culminates in the KunmingMontreal Global Biodiversity Framework. From a lawandeconomics perspective, this study argues that economic instrumentssuch as taxes, subsidies, tradable permits, and payments for ecosystem servicesplay a crucial role in translating biodiversity commitments into effective and actionable policy measures. The article concludes that future biodiversity governance is likely to rely increasingly on economic approaches to complement legal obligations and enhance their practical effectiveness.
Thrifting in laymans language, is the practice of purchasing commodities that have not been sold to the primary consumers, or have been used by them and are up for sale again. Naturally, the idea of thrifting clothes is to lengthen the cycle of the apparel and delay its ultimate disposal. A typical thrift market for apparel in India is a street market with vendors selling clothing items that have been discarded by their producers due to defaults as minor as a wrong stitch. These items are available in bulk and are sold at a price much below than what the brand would sell in their outlets otherwise. The growth of social media platforms has also given an opportunity to resellers, especially small businesses, to capitalise on the wide reach. The creation of secondary markets has become a bone of contention between original producers and resellers in mature jurisdictions such as those of the European Union for example, where the intellectual property rights of the former have been demanded for. The Indian legal regimefor trademark protection, however, does not provide solace to brands that aim to protect their nexclusivity and reputation in the domestic thrift market. This article uses statistical tools to assess consumer responses to analyse whether resellers are posed as competitors to brand manufacturers. Further, a model has been proposed to impose product liability on resellers to protect the interests of consumers and brands alike.
The global digital markets are stimulating traditional market competition frameworks. This is with respect to the algorithmic systems empowering innovative methods of coordination andexclusion in the digital markets. The present research is an attempt to inspects the economic aspect underlying the same. Numerous studies reveals that algorithmic pricing system are selfreliant in achieving coordinated results. Evidences from global enforcement cases have shown the use of selfpreferencing practices through gametheory. The current Google Shoppingdecision, RealPage investigation, by the U.S. Department of Justices and the Competition Commission of Indias ongoing AmazonFlipkart investigation reveals selfpreferencing practices as a threat to consumer surplus. This paper attempts to throws light on the trials faced by the oldschool competition law frameworks. Moreover, this research explores about competitive injury upon selfreinforcing market dynamics. Besides, with Indias Draft Digital Competition Bill 2024 offering expected global trends, this research delves to evaluate hybrid amalgamation with traditional execution of algorithmic pricing. At the end the study concludes the need of constructive policy, enabling disclosure abilities and calibrating the legal standards which protects novelty in rapidly emerging digital economies.
The essay examines the violence that unfurled in Bangladesh in 2024 from the lens of the relativedeprivation theory to explain the role of perceived inequality in political violence, and the prospecttheory to explain the role of prospect losses as a motivation for individuals to participate inpolitical violence. The essay analyses the events that acted as a trigger for the social unrest andfocuses on the contentious quota to explain the decisionmaking process of the players involved,from the viewpoint of the prospect theory. The essay also looks at macroeconomic variables suchas youth unemployment, inflation etc. during both the years that marked a social unrest among thegeneral population and found that in both years, the economy had shown worrying trends. Theessay also looks at the role of costs and benefits as perceived by an individual while making achoice in a risky situation. The conceptual framework is further demonstrated by a game wherethe decisionmaking process of the government, as a player, is discussed. It is found that theequilibrium for both the players is at the first outcome, where the participation is met withsuppression by the government. The most ideal outcome for both the parties is a peaceful approachto the issue at hand. Based on the existing research, and the game theory, policy recommendationshave been formulated emphasizing the need for a stronger penal system, to augment the costs thatare associated with participation in violence, and to make infrastructural developments to addressthe socioeconomic issues at hand. The establishment of transparent communication channelswould also go a long way in mitigating the risks of future unrest.
The article examines the intersection of labour issues with antitrust law, highlighting a shift fromtraditional consumerfocused perspectives. Historically, antitrust authorities have approachedissues from the vantage of consumer protection, labour law, and human rights, often overlookingthe antitrust implications of labour practices. Recently, however, there has been increased scrutinyon nonpoach and noncompete agreements, with competition authorities drawing analogiesbetween the labour market and retail markets, where workers are seen as products and companiesas colluding entities.This article advances the discussion by exploring a novel antitrust concern within the labourmarket. By analyzing recent controversies involving Dior and Armani, accused of exploitingworkers through inhumane conditions and low wages, the authors argue that labour costs, anintegral component of production costs, should also be examined under antitrust frameworks.Specifically, they propose that extremely low labour costs, which can significantly reduceproduction costs, should be scrutinized as a form of predatory pricing.The authors suggest that current antitrust laws, which do not typically address such labourpractices, should evolve to incorporate new tools to address these challenges. They drawcomparisons with European antitrust approaches to propose potential solutions for integratinglabour market concerns into traditional antitrust analyses.
Child marriage across India has shown a declining tendency, however, the State of Bihar continues to exhibit this harmful practice at a staggering high percentage. It is considered as an economic solution to deal with the financial burden attached with the upbringing of a girlchild. The author has used economic analysis of law to examine the efficacy and efficiency of the Prohibition of Child Marriage Act, 2006, in the state of Bihar. The study is based on secondary data available from National Family Health Survey4 and NFHS5, Census of India and Economic survey of Bihar. The use of descriptive and exploratory studies helped the author in yielding stimulative insights into the relationship between individual behaviour and social practices. Based on scientific and logical understanding, the study proves that a society would always prefer to choose, exercise and continue solemnising child marriage practices if the benefits (economic, social and psychological) of child marriage is higher than the opportunity cost of getting arrested and convicted under the law. The social benefits associated with child marriage for the poor, populous, patriarchal society like Bihar outweighs the social cost linked to the prohibition law.
The paper presents a novel model of an independent judiciary based on moderate and rationalassumptions within the framework of Social Choice Theory. This model seeks to address afundamental question: Why is the judiciary granted structural and functional independence,greater than constitutionally envisioned, in modern democratic political institutions, despitecertain constitutional authority of other branches of government to curtail such independenceThis model improves upon earlier frameworks, such as the LandesPosner model, which relieson rigid assumptions and when tested to its limitations, the LandesPosner model fails toaccurately reflect judicial institutions. The key finding of this paper is that other branches ofgovernment allow judicial independence as a rational mechanism to resolve issues arising fromcyclical preferences in decisionmaking (preference deadlocks). By providing a stable andimpartial resolution, the judiciary plays a crucial role in maintaining institutional equilibrium.
The fiscal impact of pension schemes has long been a subject of concern for policymakers dueto their significant role in shaping public expenditure and economic stability, with the debateon welfare and efficiency continuing in this aspect as well. In this direction, the newlyintroduced Unified Pension Scheme (UPS) was expected to give perfect solutions to theproblems rather than to escalate the problems further. In light of the present circumstances,the study presents an opportunity to evaluate the interplay between fiscal sustainability andindividual financial behaviour through the empirical methods of debt sustainability analysisand crosssectional regression.The findings are intended to advise policymakers for balancing fiscal prudence with broadersocioeconomic goals of pensionary reforms. Concepts of behavioural economics andcomparative analysis comprising the case studies of the US, Sweden and Argentina are alsomade to give valuable insights and recommendations for successful pensionary reform
Within the framework of the IndiaASEAN Free Trade Agreement, this study examines the effectsof nontariff trade barriers on trade flows between India and ASEAN. The study assesses the effectof nontariff measures on trade flows between India and ASEAN members using the FrequencyIndex (FI), Coverage Ratio (CR), and Prevalence Ratio (PR). Our findings show that import andexport volumes are negatively impacted by nontariff measures. The paper also emphasizes howthis effect varies in strength across various industries and nations, showing that certain sectorsand nations have more severe repercussions than others. Decisionmakers seeking to strengtheneconomic links between India and ASEAN must consider the implications of these findings,emphasizing the importance of this research.
The data available for the promulgation of the ordinances clearly shows that the number ofordinances that have been enacted post the judgement in the Krishna Kumar Case is in nosense less than the ordinances that have been enacted during the years preceding the judgment.This is so despite the negative impact of the Krishna Kumar judgement on the utility that theexecutive ought to derive from the enactment of the ordinances. The authors seek to addressthis anomaly through the microeconomic models and present solutions through the lens of lawand economics. This paper conceptualises the solution to the problem of the misuse and theabuse of ordinancemaking power by proposing the formulation of the rules that shall seek toadd objective grounds to test if the ordinancemaking power has been used in a proper manneror it has been used with the mala fide intentions and illwill on the part of the executive. Thelevel of the delegation to the executive, that is, the scope of the decisionmaking with the,executive, has been analysed by proposing the total cost curve, which seeks to propose theoptimum level of stringency in the rules so as to allow the scope for the legislature to meet theemergency situations as well. This is sought to be achieved by framing of such rules for theexercise of the ordinancemaking power by the president and the governor, in such a way as tohave the objective grounds for the test of the need for the ordinancemaking power and also atthe same time have the scope and leeway to the legislature to decide, if the matter needs theenactment of the ordinance to meet the emergency that has arisen.
Indias handloom industry is the largest cottage industry and has nearly with 27 lakh looms(Handloom Census 201920) and is largely householdbased.
Occupational fraud is the most prevalent threat affecting developed and developing countries.According to the Association of Certified Fraud Examiners, India has the highest occupationalfraud rate among Southern Asian countries.
I address many themes constituting difficult terrains and am fully aware of problems of stricttime limits and temptation to evils of obfuscation and bouts of ostentatious learning that besetscholarly addresses.
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.
Honble Justice AK Sikri, in his address analyses the necessity of integrating economic analysisinto judicial decisionmaking for balanced and effective legal reforms in India.
The second issue for Volume VII comprises of 6 articles that provide an insight into theeconomic implications of a variety of societal issues.
The second issue for Volume VII comprises of 6 articles that provide an insight into theeconomic implications of a variety of societal issues.
MSMEs are an untapped sector of the Indian economy with the potential to foster growth bybenefiting the affluent industry and the country's middle class.
The phrase "green economy" has gained popularity worldwide, with every nation presentlyemphasizing environmental concerns, embracing the green economy as their main economicmodel, and pursuing sustainable development
In this study, I argue that the rationale determining criminalisable corporate harms has undergonea radical transformation from protection of public interest to boosting ease of doing business inIndia
Defection is not an unfamiliar term for parliamentary democracies like India. Though the evilpractice was present since the preindependence era, the advent of the multiparty systemresulting in coalition governments increased floor crossing.
This research paper explores the complex and multifaceted issue of gambling regulation in India.It begins by establishing the need and significance of gambling legislations, followed by ahistorical overview of gambling and its legislation during the periods of Ancient India, MauryanEmpire and British Rule
The 21st century has witnessed a profound transformation in the landscape of femalecriminality, challenging traditional stereotypes and prompting a reevaluation of ourunderstanding of this complex issue.
The first issue for Volume VII presents a set of 6 articles which seek to explore the intersectionof law and economics, examining how economic principles can enhance legal frameworks andimprove societal outcomes
This paper titled A Law & Economic Analysis of Ordinance Raj In India: Navigatingthe Rule v. Standard Debate in the Legal Design as a Mechanism to Reduce PoliticalCartelization by Khyati Maurya and Saransh Sood, examines the use of ordinances in India,focusing on the issue of promulgation.
The paper titled Economic Analysis of CommunityBased Interventions in Indias MentalHealth Laws and Policy Frameworks: Resources Allocation and the Efficiency authored bySarah, presents a factors in shaping public health outcomes.
Cyberattacks have surged rapidly during the previous five years, and cybersecurity expertsanticipate one attack every 11 seconds by 2023.
Although there has been an increase in the provision of funds for mental health in India, theprevalence of suicide and mental disease remains a significant burden.
The exponential growth that the cryptocurrency market has seen in the past decade has causedmuch discomfort among governments across the globe, owing to the unregulated nature oftransactions and what some may argue is a disproportionate impact of the crypto market ondomestic economies
India's judicial system, often a subject of scrutiny for its perceived sluggishness, has emerged asa central point of contention regarding its influence on the nation's evolving economic landscape.
Set to become the most populated country, India has always lacked an adequate legal frameworkfor protecting the data privacy of its citizens
The basis of the entire legal system, since time immemorial, is shrouded in the ideals of justice.Crime attracts Punishment.
The first issue for Volume VI presents a set of 6 articles which seek to challenge the notionsthat appear prima facie to be viable, by using law and economic tool.
Religious rights are fundamental to every citizen of India. Nonetheless the evil practices in thename of religion are not fundamental to religion.
The levy of service charge in India is at present highly contented, which has led to a war ofwords among various authorities of the country.
This work is an analysis of the effect of the pendency of exciserelated cases in Bihar on societyand the economy also it provides possible remedies that can curb the problem of pendency.
Economists have studied the psychology of crime and how individuals react to changes in theeconomy. One basic idea is laws are enacted to lower down crime rates and discouragepotential offenders from committing crimes.
Child labour has often been seen as a completely negative phenomenon. However, it lies in themidst of the moral, social and economic grey area.
With various governments enacting laws in its favour, Rent Control is among the leadingwelfare measures to have endured the test of time in Indian polity.
The paper titled, Measuring the economic value of Womens Household Work authored byShruti Thakare and Kanan Shivhare, analyses the economic value of unpaid household work.
The unpaid household work as recognized by the society is often not considered to be aproductive activity or a work having an economic value attached to it.
Medical science claims to have developed several ways of controlling health risks, increasingsafety standards and protocols related to medical practices and procedures but it cannot claimthat it has eliminated all other kinds of risks associated with it.
This paper outlays a study of 144 women, done in Ludhiana district of Punjab, whereininformation has been obtained through objective as well as openended questions.
However, immediately after the imposition of US tariffs inApril 2018, the balance of trade turned negative as no retaliatory tariffs (safeguard duties) onsteel products were imposed by the Indian authorities to check the sudden diversion of trade.
The present issue consists of three articles which cover different facets of law ranging fromcompetition law to arbitration and dowry protection.
The law and economics approach to competition policy uses the tools of economics to showhow the interactions between firms may result in outcomes that are harmful to society, and howcompetition (antitrust) law can prevent such outcomes.
In the contemporary globalised economy, popularity of arbitration as a dispute resolutionmethod has amplified. It has many advantageous features such as expertise of arbitrator,speedy procedure which lack in litigation, therebymaking arbitration the preferred mode of dispute resolution
This short essay looks at the ineffectiveness of laws to control dowry in India from a law andeconomics perspective. This starts with an understanding of the economic and social incentives toprovide dowry
In the paper titled Economics of Juvenile Delinquency in India: Examining TheContemporary Issues with the Juvenile Justice Act, 2015 Pranay Agarwal addresses theissue of high juvenile delinquency in India adopting the law and economics approach.
Corporate Social Responsibility is a form of business practice wherein a corporate regulatesitself by being socially accountable to itself, the stakeholders, as well as the public at large.
Others, with their attitude and behavior, profoundly impact how we perceive, understand, andinterpret the law.
The problem of high Juvenile delinquency has been a problem in India for a long time. Theproblem consequently led to the development of various laws and justice mechanisms to dealwith the problem.
In this issue, Prof. Rgis Lanneau writes in his authoritative manner on the aspect of regulatorycompetition in the postglobalisation period in the paper titled Preconditions to RegulatoryCompetition
Regulatory competition is often believed to be a hard fact of the post globalization era. Legalsystems must be economically attractive and thus law makers must work to achieve thispurpose.
In an information rich world, a wealth of information necessarily implies a dearth of whatinformation consumes i.e., the attention of its recipients.
The State of Bihar implemented a State wise liquor ban on manufacturing, possession, saleand consumption of Indian Made Foreign Liquor (IMFL), Foreign Made Foreign Liquor(FMFL) and Beer on April 5, 2016, through the Bihar Prohibition and Excise Act, 2016 toempower women and control domestic violence faced by them due to excessive drinking.
Law is inherently an interdisciplinary subject as the very object of laws is to regulate the societyand the conduct of its members. Law can never be studied as a standalone discipline. Thoughdisciplines such as history and political science have been its close companions for long,economics has proved to be best despite being the recentmost.
Covid19 has triggered many claims for compensation for injuries as well. In the aftermath ofCovid outbreak, many employees were able to work from home. However, for a large sectionof employees it was not possible to work remotely, especially those working in the essentialservices. T
Arbitration in India truly began with the enactment of the Arbitration Act, 1940 (hereinafterreferred to as Act of 1940).4 The Act of 1940 formalized the distinction between public andprivate adjudication of disputes
Economics focuses on more effective and equitable distribution of resources4.The paper doesnot rebut the ethical argument but focuses on the need to include economics to support the same.
This insight has two implications; first, law can be employed as anapparatus to bring in socially desirable behaviour as well as to discourage sociallyundesirable behaviour.
Exploitative excessive pricing is one subject matter relating to Competition law that still remainsa slippery slope
Determined to supersede one another in the race for technological advancement, patentrights seem to offer a benign opportunity for an inventor, to make exclusive his invention,while offering him the discretion in fixing license fees.
The contemporary digital aeon envelops numerous potential tax implications which may havean effective reverberation on the economy.
Prisoner rights usually take ones attention towards the field of criminal law, constitutional lawand human rights.
Recently, Brazil 2, Australia 3and Guatemala 4have each filed individual requests for Consultation with India at the WTO challenging the domestic support measures and export subsidies provided by India to producers of sugarcane and sugar.
The COVID19 Pandemic has forced us to challenge our world views in different forms,leading to the creation of new research domains.
Nevertheless, the situation that was analyzed through the perspective of the referredauthors did not consider the alteration of relevant context for the agreement due to unexpectedcircumstances.
This essay researches the main consequences of the pandemic caused by the COVID19virus in the field of international commercial arbitration through an economic analysis of law.
The finance ministers of the euro zone proposed that each member state can borrow anamount of 2 percent of its gross national product as a loan under the ECCL (EnhancedConditioned Credit Line), set out by Art.
The coronavirus pandemic has become a defining event of our times. We have all been affectedby the disease in one way or another.
Governments all over the world may use or institute laws and other measures (like theEpidemic Diseases Act, 1897 in India) during pandemics like the COVID19. These mayfreedom of individuals with the purpose of containing the spread of epidemics.
Rule of law is an important facet of Welfare State. The State is not an end in itself and an obligationis conferred on the State to meet the interests of the citizens. 2 Access to Justice is a basicFundamental Right granted by the Constitution of India.3 However, its fruits remained confined toa few until the process of adjudication and justice delivery is streamlined in the country, keepingnewer challenges in mind. A closer look will reveal that the Rule of Law is directly proportionalto the economic growth of the country.India ranked 63 out of 190 countries in the Ease of Doing Business Index, 20204 while it ranked69 out of 128 countries in Rule of Law Index in 2020.5 According to Institute for Economics andPeace, approximately 9 % of the GDP is cost to India due to lack of proper justice delivery system.Thus, it is important to have a discourse on how the legal rules and standards controllingadjudication affect the efficiency of the judicial system.
The Employees Compensation Act, 1923, (Act), is the first piece of social security legislationtowards providing for speedier, simpler, cheaper and efficient machinery for the determinationand payment of compensation to the workmen.
Human behaviour is the result of the circumstances and responses to various social factorsconsidering the stakes involved in decision making.
Though the code enables workmen to initiate insolvency resolution against the corporatedebtor, maintaining the procedure prescribed by the code might prove financially burdensometo any individual workman who seeks relief through the initiation of insolvency resolution.
These facts very aptly ingeminate the gravity of the mishap India is witnessing. COVID19 hasbrought almost every essence of life to a halt. Managing Director of International MonetaryFund Kristalina Georgieva has already declared that the world has entered a recession as bador worse than 2009.
It gives me immense pleasure to present the second issue of the GNLU Journal of Law& Economics, published by the GNLU Centre for Law & Economics. The conceptionand the development of this journal has been a thorough academic exercise, directedtowards increasing student inclination towards the profound subject of law andeconomics.
A theory of individual supremacy ends up as a philosophy of group supremacy. This is aremarkable metamorphosis. Any theory that can successfully obfuscate the differencebetween individual sovereignty in the market and the dominance of group interests incoercive decision making will surely gain a large number of followers.
The Economic Darwinism in the past three centuries has resulted in a significantincrement in the desires and needs of an industrial man. However, the existing system hasfailed to create means to address them. In such scenarios of increasing failure of systemsto address the needs and desires of people, if the law has to act as a system of socialengineering, it is essential that it creates a framework to eradicate social frictions byproviding dignity through authority of rights.
Limited liability is considered to be the feature of corporate law. From a CorporateLaw & Economics perspective, for very broad and different economic stimuli andreasons, it is supposed that limited liability provides gains from improving liquidity anddiversification.
Imagine that a U.S. bank wishes to develop a predictive model for granting credit toborrowers below the poverty line. With the current U.S. population at 325 millionofwhich nearly 40 million live in poverty140the universe of available data for makingpredictions may be limited.
A contingency fee is a contractual arrangement between a client and an advocate in whichthe advocates fee depends on the outcome of the case.159 The lawyer agrees to make hisfee contingent upon the success of his representation and recovery of a sum of moneyand the fee charged is a percentage of the recovery.
It gives us immense pleasure to present the inaugural issue of the GNLU Journal of Law and Economics, apublication that we hope will provide its readers with highquality empirical research inputs on law andeconomics
The Economic and Monetary Union (EMU) is based on an asymmetry: On one hand, there is themonetary dimension which falls within the exclusive competence of the European Central Bank(ECB), on the other hand, there are the economic and budgetary domains which fall within thecompetence of the Member States.1
Corporate Social Responsibility (CSR) is an approach that breaks through more and more in theacademic debates and in the sphere of public policies,2to the point of being considered the stanceof the majority3. Therefore, the current essay will articulate the social role, given to companies andthe possible conflict that can be revealed between shareholders and stakeholders.4
What are the benefits and costs associated with the United States withdrawing from the ParisAgreement on climate change This note approaches this question focusing on the advantagesand disadvantages for the United States while considering its global impact and the moraldimensions involved.
The proposition that crime rates respond to risks and benefits is called the deterrence hypothesisin the economic literature. It asserts that individuals respond significantly to the incentives createdby the criminal justice system. If so, increasing the resources that society devotes to the arrest,prosecution, conviction, and punishment of criminals will reduce the amount and social cost ofcrime.
We relate the law and economics discussion of precise legal rules versus broad and informationintensive legal standards to the impact of the law on economic development and to economicand political features of low and middleincome countries in general and to how land acquisitionlaw work in this setting.
My gain from hearing or reading what other people thought was that it changed, as it were thecolours of my own concepts. What I heard or read did not enable me to reproduce their thoughtbut altered my thought. I would not retain their ideas or concepts but modify the relations amongmy own
Of course, there is much that is written and discussed about Indian labour laws and in most of themainstream writing there is a sense that these laws frustrate economic activity on many accounts. Itis said there are too many laws making compliance difficult for the businessman, the restrictionsthat they impose lead to inefficiencies and that the law must change substantially (at least as theyare in their present form) the recent move to collapse labour laws into codes is conceivably theculmination of this chain of thinking.
One of the most dramatic events in the United States of the past almost 30 years has been the remarkabledecline in the amount of crime. Since 1991 there has been an almost (an important qualifier, as we shallsee) continuous decline in both violent and nonviolent crime in the United States.