Salzburg, Austria

Law and Economy

Recht und Wirtschaft

Master's
Language: GermanStudies in German
Subject area: economy and administration
Qualification: LLM
LLM. oec., Master der Rechts- und Wirtschaftswissenschaften
4 Semester
120 ECTS
University website: www.uni-salzburg.at
Economy
An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution, or trade, and consumption of goods and services by different agents. Understood in its broadest sense, 'The economy is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources'. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain.
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.
Law
Laws grind the poor, and rich men rule the law.
Oliver Goldsmith, The Traveller (1764), line 386. Same in Vicar of Wakefield.
Law
There is no worse torture than the torture of laws.
Lord Bacon, folio edition, Vol. I. 440, 441.
Law
Inertis est nescire, quid liceat sibi.
Id facere, laus est, quod decet; non, quod licet.
It is the act of the indolent not to know what he may lawfully do. It is praiseworthy to do what is becoming, and not merely what is lawful.
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