Skip to main content

Size of Act must be large enough (Law)

 §1. Parliament draft laws which are necessary for running the country within the frame of Constitution. Let us say constitution reflects the society and its values which it wants to realize.

§2. The problem of incomplete contract is about the inability of contract framers to envision each and every possible future events within premises of contract. As contract is framed to avoid dead weight loss and to facilitate the efficient exchange of promises. Revision of such contracts to accommodate new conditions requires additional cost. 

§3. In legal premise, Act formulated by legislation can be viewed as social contract. It is unlike private law to be enforced, agreement among people of the country. To formulate such, people elect the most capable person among themselves. Rules and regulations are often left to be articulated by administrators. Rules are for implementation purposes rather than to formulate principles and basic understandings.

§4. Hence, the Act to be formed by legislators must be argued enough, to encompass all conditions to address all circumstances in the future that can arise out of such agreed terms in the society. There is always problem of incomplete contract in such Acts. Rules driven laws bear the huge cost in the country due to incomplete contract. Cost of revision of such contract will be minimal compared to social cost due to such incomplete contracts. 

Comments

Post a Comment

Popular posts from this blog

Hindu Jurisprudence- Smriti And some property law

I just don’t have the energy to write against the popular teaching (perhaps I have read the wrong books) that Hindu jurisprudence is contained within the Smriti, mainly the Manusmriti, and the property systems of the two schools — Mitakshara and Dayabhaga (I forget which region each school belongs to). But these are laws, not jurisprudence. I admit I do not know the subject of jurisprudence deeply — such a tragedy — but it seems to me these were laws made for the time and place according to the wisdom of the sages of that era. The Smriti writers themselves clearly said that the source of their understanding is the Veda. So, anyone who wants to understand exactly what truth Hindus hold must study the Vedas. Those who cannot may go through the Upanishads (major texts distilled by sages to teach the essence of the Jñāna part of the Veda). Those who still find that difficult may turn to the Mahabharata (which is in itself a “great battle” to understand), or they may study Mīmāṁsā, Nyāya-śā...
Post a Comment
Read more

Sabda Bramha-Words are everything

They say Om is Sabda Bramha Vayu is Pratakshya Bramha I(Aatma) am Bramha I am the essence Sounds and letters ignite the mind They are capable of saying new things to mind Though not against Rit of the Bramhanda But they dont repeat they enlighten If that word be Om or Ram or Radha or Radhe or Bramha or Agni or Indra or Savita or ... No joy can match the joy of Naam Jap When emotion is so strong it lost itself in Mother then words may loose themselves But words no matter what are capable of carrying what is forgotten and what will one become etc. Title may demand more explanation - -- - -- - -- -
Post a Comment
Read more

APPL Fama-French three factor model

This model is built purely for educational and illustrative purposes. It is a simplified implementation of the Fama-French 3-factor model applied to Apple's historical returns. The model has not been validated for investment, trading, or financial advisory use.
Post a Comment
Read more