Legal Economics Interactional Dimensions of Economics and Law by K.C. Gopalakrishnan – 1st Edition 2022

This book on Economics is written keeping in mind the needs of law students for acquiring knowledge of economics for a better understanding of the 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 program. 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 textbook 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 on 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 the 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.

Reviews

Every law student should have a better knowledge of the current economic problems of the nation. The authors have made a sincere effort for analysing such problems. The book is a useful guide for every law student to make a voyage into the vast ocean of law with great confidence.