Economics deals with human welfare all of the economic discussion is to increase human welfare what kind of structure are there what kind of institutional structure should be design in order to make sure that human welfare increases. law also does the same thing if a criminal is punished under the law then human welfare increases society believes that this increases human welfare.
Many of us are always interested to find out what is relationship between law and economics so B.A.LLB. and llb course in west bengal in law institute can be better option to learn in more depth. So, understanding this concept the Economics subject is with scarcity of resources, Economics means allocation of resources, rationality of choice, economics talks about distribution of income. Economics looking at it concepts of utilities part of it, resources scarcity, GDP, production, cost ,investment think about inflation, economic growth, inequality and poverty analysis so these are all part of economics and we might wonder where is this link this particular thing is linked at all if it is with law. Now, let’s go to the law and if we look into the law as such we shall find out that the law deals with many different kinds of law there are tort law dealing with compensation injury, there are civil law dealing with human rights different types of rights, labour law dealing with labour related rights, corporate law with corporate owners business operation regulations there are also environment law dealing with environment regulations there are criminal law dealing with crimes, there are also human rights law as mentioned in constitutional law for example all this part of the law so there is almost like a divide between law and economics. Economics deals with one issue and law is with completely different issues. Economics deals with policy whereas law deals with enforcement. If we really think about what is the interconnection between Law and Economics, one is like designing something and another one is about enforcing. There are different answers that law and economics all are linked with two key economic concepts or legal concepts which are linked for example economics with all its analysis deals with human behaviour it wants to create incentives for people to do and not to do some things so we can almost talk about creating regulation to change human behaviour. Law also does same thing it deals with enforcing regulation to change human behaviour. The second thing they are common in both of them economics deals with human welfare all of the economic discussion is to increase human welfare what kind of structure are there what kind of institutional structure should be design in order to make sure that human welfare increases. law also does the same thing if a criminal is punished under the law then human welfare increases society believes that this increases human welfare.
But then they are separate discipline that law is not fixed it always changes what is legal today may not legal tomorrow law changes because society is better off with the new conditions society changes and as the society changes situation changes we need to change the law. In law and in economics the primary objectives of discussion should be and i believe it is what it is that we should discuss how do we change a law how to design a law that will maximize social welfare and that is very particular in economics and law. However, when we discuss about Law and Economics, Law institutes can be a better option for between the two in more depth. There are many Law institutes that provide B.A.LLB. and llb course in west bengal which makes it easier for the students of West Bengal to enroll themselves for their better future in Law.
