Economics and law

Department of Human and Economic Geography, School of Business, Economics and Law, University of Gothenburg, SE 405 30, Gothenburg, Sweden e-mail Bertil.Vilhelmson geography.gu.se... 

A catalytic oxidation system may cost 150 per car, but the catalyst cost is estimated to be 30, less than 1% of the cost of an automobile (2). In a few years, the gross sale of automotive catalysts in dollars may exceed the combined sale of catalysts to the chemical and petroleum industries (3). On the other hand, if the emission laws are relaxed or if the automotive engineers succeed in developing a more economical and reliable non-catalytic solution to emission control, automotive catalysis may turn out to be a short boom. Automotive catalysis is still in its infancy, with tremendous potential for improvement. The innovations of catalytic scientists and engineers in the future will determine whether catalysis is the long term solution to automotive emissions. 

Ayres, R.U., 1998, Eco-thermodynamics economics and the second law, Ecological Economics 26 189-209. 

All societies have their rules of play their institutions. These institutions can be defined as the restrictions created by humanity to give structure to political, economic and social interaction. A society s institutions are at the same time its rules of play and its safeguard mechanisms. They can be formal, such as the Constitution, laws, property rights and ethical codes, or informal, such as customs, traditions and expected codes of conduct in a professional group. 

Komesar, N.K., Imperfect Alternatives Choosing Institutions in Law, Economics, and Public Policy, Chicago University of Chicago Press 1994. 

In the late 1970 s, the country s mood changed to accept not just some risk, but to include in the decision equation, specific consideration for economic factors, social benefits and impact on jobs. And so, the Clean Air Act was amended in 1977, changing the thrust of the law to include economic and practical considerations in carrying out the mandate of that law. And so too, the TSCA law that finally passed in late 1976, was a "balancing law," the first really true balancing law to be passed by Congress. It con-... 

Laws and regulations by their very nature place constraints and burdens on the regulated community. TSCA is no exception. Monsanto s experience with sections 5,8 and 10 of TSCA has, however, indicated that in addition to the burdens imposed by the mandate, there are also tangible benefits. Such benefits help offset some of the burdens and satisfy the intent of Congress as indicated in Section 2(c) of TSCA. "It is the intent of Congress that the Administrator shall carry out this Act in a reasonable and prudent manner, and that the Administrator shall consider the environmental, economic and social impact of any action the Administrator takes or proposes to take under this Act."... 

In economics, the law of supply and demand is similar to Le Chatelier s principle. When the price of a commodity, such as the price of a kilogram of apples, is constant, the market for the commodity is at equilibrium. If the supply of the commodity falls, the equilibrium is changed. The market adjusts by increasing the price, which tends to increase the supply. 

Lyndon, Mary. 1989. Informational Economics and Chemical Toxicity Designing Laws to Produce and Use Data. Michigan Law Review 87 (June) 1795-1861. 

---