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the 18th century Adam Smith presented a philosophical foundation for
explaining the relationship between law and economics. The
discipline arose partly out of a critique of trade unions and U.S.
antitrust law. The most influential proponents, such as Richard
Posner and Oliver Williamson and the so-called Chicago School of
economists and lawyers including Milton Friedman and Gary Becker,
are generally advocates of deregulation and privatization, and are
hostile to state regulation or what they see as restrictions on the
operation of free markets. |
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philosophy of law is commonly known as jurisprudence. Normative
jurisprudence is essentially political philosophy, and asks "what
should law be?", while analytic jurisprudence asks "what is law?".
John Austin's utilitarian answer was that law is "commands, backed
by threat of sanctions, from a sovereign, to whom people have a
habit of obedience".Natural lawyers on the other side, such as
Jean-Jacques Rousseau, argue that law reflects essentially moral and
unchangeable laws of nature. The concept of "natural law" emerged in
ancient Greek philosophy concurrently and in entanglement with the
notion of justice, and re-entered the mainstream of Western culture
through the writings of Thomas Aquinas. |