Dresden, Germany

Economics and Law

Wirtschaft und Recht

Table of contents

Economics and Law at DIU - Dresden International University

Language: German Studies in German
Subject area: economy and administration
University website: www.di-uni.de

Definitions and quotes

Economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services.
Law
Law is a system of rules that are created and enforced through social or governmental institutions to regulate behavior. Law is a system that regulates and ensures that individuals or a community adhere to the will of the state. State-enforced laws can be made by a collective legislature or by a single legislator, resulting in statutes, by the executive through decrees and regulations, or established by judges through precedent, normally in common law jurisdictions. Private individuals can create legally binding contracts, including arbitration agreements that may elect to accept alternative arbitration to the normal court process. The formation of laws themselves may be influenced by a constitution, written or tacit, and the rights encoded therein. The law shapes politics, economics, history and society in various ways and serves as a mediator of relations between people.
Economics
Economists have never allowed their analysis to be influenced by psychologists of their time, but have always framed for themselves such assumptions about psychical processes as they have thought it desirable to make.
Joseph Schumpeter, History of Economic Analysis, 1945. p. 27
Law
I am a lover of truth, a worshipper of freedom, a celebrant at the altar of language and purity and tolerance. That is my religion, and every day I am sorely, grossly, heinously and deeply offended, wounded, mortified and injured by a thousand different blasphemies against it. When the fundamental canons of truth, honesty, compassion and decency are hourly assaulted by fatuous bishops, pompous, illiberal and ignorant priests, politicians and prelates, sanctimonious censors, self-appointed moralists and busy-bodies, what recourse of ancient laws have I? None whatever. Nor would I ask for any. For unlike these blistering imbeciles my belief in my religion is strong and I know that lies will always fail and indecency and intolerance will always perish.
Stephen Fry, in his "Trefusis Blasphemes" radio broadcast, as published in Paperweight (1993).
Economics
Mit dem Jahr 1830 trat die ein für allemal entscheidende Krise ein. Die Bourgeoisie hatte in Frankreich und England politische Macht erobert. Von da an gewann der Klassenkampf, praktisch und theoretisch, mehr und mehr ausgesprochne und drohende Formen. Er läutete die Totenglocke der wissenschaftlichen bürgerlichen Ökonomie. Es handelte sich jetzt nicht mehr darum, ob dies oder jenes Theorem wahr sei, sondern ob es dem Kapital nützlich oder schädlich, bequem oder unbequem, ob polizeiwidrig oder nicht. An die Stelle uneigennütziger Forschung trat bezahlte Klopffechterei, an die Stelle unbefangner wissenschaftlicher Untersuchung das böse Gewissen und die schlechte Absicht der Apologetik.
With the year 1830 came the decisive crisis. In France and in England the bourgeoise had conquered political power. Thenceforth, the class-struggle, practically as well as theoretically, took on more and more outspoken and threatening forms. It sounded the death knell of scientific bourgeois economy. It was no longer a question, whether this theorem or that was true, but whether it was useful to capital or harmful, expedient or inexpedient, politically dangerous or not. In place of disinterested enquirers, there were hired prize-fighters; in place of genuine scientific research, the bad consequence and the evil intent of apologetic. Karl Marx, Capital, Postscript to the Second Edition Karl Marx, Capital, Postscript to the Second Edition
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