The US Economist James McGill Buchanan received the 1986 Nobel Prize for Economics for his work o... more The US Economist James McGill Buchanan received the 1986 Nobel Prize for Economics for his work on, ‘public-choice theory’. The 1980’s was the Regan era in the USA and the Thatcher era in the UK. Both heads of the state paid close attention to Buchanan’s work that paved the way for using the Constitutional law as a tool to strengthen corporate power to circumvent public will. Perhaps the least known impact of Buchanan’s work on the development of public-choice theory is altering the Constitution to wrestle away the powers of voting public in favour of all-powerful governments. It was a game changer that would allow the government to prescribe and protect mega corporates from any legal accountability while upholding the ‘rule of law’ doctrine. Covid-19 provides one such glimpse where the governments have used the doctrine of the ‘Rule of Law’ to enact emergency legislations through Executive Orders. Such legislations mostly lack any Parliamentary oversight or debate. These emergency powers have taken away the constitutional rights of the citizens to question any government socio-economic decisions or the ability of their elected representatives to question the Executive Orders. This paper examines the changes in the socio-economic order due to Covid-19. The examination also considers the scholarly discourse that highlights the failure of the mainstream economics to recognise these changes and their failure to educate the masses to deconstruct the new economic realities of the world. Keywords: Public-choice theory, Economics, Rule of Law, Economic Justice, Constitutional Law, Emergency powers, Covid-19 socioeconomics
The Neoclassical economics owes its development to Alfred Marshall and Leon Walras in the late 19... more The Neoclassical economics owes its development to Alfred Marshall and Leon Walras in the late 19 th century. Marshall is also attributed with the partial equilibrium theory. Walras is known for his general equilibrium theory. Both Marshall and Walras are also attributed with the introduction of mathematics in their explanations of economic phenomenon. Since their time mathematical economics has reached new heights. Marshall, a British economist relied on the Ceteris paribus assumption principle. Walras, a French mathematician used laissez-faire as his assumption principle. Neoclassical economics saw major changes post the Great Depression. The 1929 Great Depression changed the economic views of John Maynard Keynes who was the ardent fan and star pupil of Marshall. Over time, the rational behaviour of agents and value proposition helped change the various proposed models in mainstream economics. The 2008 global financial crisis jolted the sensibilities of the entire world. Since the last decade trillions of dollars have been pumped into the global financial systems to ensure that the mega-financial institutions do not fail. Several Nobel Laureates in Economics including other prominent economists have questioned the mainstream academia's ethical position and their inability to predict the 2008 financial crisis. Her Majesty the Queen of England called the crisis 'Awful'. Her Majesty is known for her remarkable ability to clad public display of emotions. This paper aims to examine the failings of the mainstream economics in light of the existing scholarly literature on the topic. The authors believe that the mainstream economic is in dire need of overhaul.
The neoclassical economics owes its development to Alfred Marshall and Leon Walras in the late 19... more The neoclassical economics owes its development to Alfred Marshall and Leon Walras in the late 19th century. Marshall is also attributed with the partial equilibrium theory. Walras is known for his general equilibrium theory. Both Marshall and Walras are also attributed with the introduction of mathematics in their explanations of economic phenomenon. Since their time mathematical economics has reached new heights. Marshall, a British economist relied on the Ceteris paribus assumption principle. Walras, a French mathematician used laissez-faire as his assumption principle. Neoclassical economics saw major changes post the Great Depression. The 1929 Great Depression changed the economic views of John Maynard Keynes who was the ardent fan and star pupil of Marshall. Over time, the rational behaviour of agents and value proposition helped change the various proposed models in mainstream economics. The 2008 global financial crisis jolted the sensibilities of the entire world. Since the last decade trillions of dollars have been pumped into the global financial systems to ensure that the mega-financial institutions do not fail. Several Nobel Laureates in Economics including other prominent economists have questioned the mainstream academia’s ethical position and their inability to predict the 2008 financial crisis. Her Majesty the Queen of England called the crisis ‘Awful’. Her Majesty is known for her remarkable ability to clad public display of emotions. This paper aims to examine the failings of the mainstream economics in light of the existing scholarly literature on the topic. The authors believe that the mainstream economic is in dire need of overhaul.
Friedrich Carl von Savigny described 'international uniformity of results' as the foundational ob... more Friedrich Carl von Savigny described 'international uniformity of results' as the foundational objective of international litigation. Savigny argued for realism in the private international to provide transnational law with the ability to respond to the evolving legal problems of the global world. Justice Story of the US Supreme Court stated the importance of uniformity in judgments in the seminal case of Martin v. Hunter's Lessee in 1816. The principle of comity allows for the consideration of foreign judgments within the US legal system. Lord Dicey appealed for the inclusion of private international law in the laws of England in his seminal paper of 1890. International litigation is referred to as the private international law and also as law of conflicts in the legal literature and legal lexicon. The legal doctrines of lex fori (choice of forum) and lex loci (choice of law) are intrinsically important in the debate for resolving international disputes for trade, commerce and tort. There is a customary fight over the jurisdiction issue (lex fori) in international litigation. It is so because if the issue of jurisdiction over the matter is resolved, the application of the choice of law is fairly simple. This paper examines the tensions between the two doctrines and their impact on the concepts underpinning the subject of international litigation.
The US Economist James McGill Buchanan received the 1986 Nobel Prize for Economics for his work o... more The US Economist James McGill Buchanan received the 1986 Nobel Prize for Economics for his work on, ‘public-choice theory’. The 1980’s was the Regan era in the USA and the Thatcher era in the UK. Both heads of the state paid close attention to Buchanan’s work that paved the way for using the Constitutional law as a tool to strengthen corporate power to circumvent public will. Perhaps the least known impact of Buchanan’s work on the development of public-choice theory is altering the Constitution to wrestle away the powers of voting public in favour of all-powerful governments. It was a game changer that would allow the government to prescribe and protect mega corporates from any legal accountability while upholding the ‘rule of law’ doctrine. Covid-19 provides one such glimpse where the governments have used the doctrine of the ‘Rule of Law’ to enact emergency legislations through Executive Orders. Such legislations mostly lack any Parliamentary oversight or debate. These emergency powers have taken away the constitutional rights of the citizens to question any government socio-economic decisions or the ability of their elected representatives to question the Executive Orders. This paper examines the changes in the socio-economic order due to Covid-19. The examination also considers the scholarly discourse that highlights the failure of the mainstream economics to recognise these changes and their failure to educate the masses to deconstruct the new economic realities of the world. Keywords: Public-choice theory, Economics, Rule of Law, Economic Justice, Constitutional Law, Emergency powers, Covid-19 socioeconomics
The Neoclassical economics owes its development to Alfred Marshall and Leon Walras in the late 19... more The Neoclassical economics owes its development to Alfred Marshall and Leon Walras in the late 19 th century. Marshall is also attributed with the partial equilibrium theory. Walras is known for his general equilibrium theory. Both Marshall and Walras are also attributed with the introduction of mathematics in their explanations of economic phenomenon. Since their time mathematical economics has reached new heights. Marshall, a British economist relied on the Ceteris paribus assumption principle. Walras, a French mathematician used laissez-faire as his assumption principle. Neoclassical economics saw major changes post the Great Depression. The 1929 Great Depression changed the economic views of John Maynard Keynes who was the ardent fan and star pupil of Marshall. Over time, the rational behaviour of agents and value proposition helped change the various proposed models in mainstream economics. The 2008 global financial crisis jolted the sensibilities of the entire world. Since the last decade trillions of dollars have been pumped into the global financial systems to ensure that the mega-financial institutions do not fail. Several Nobel Laureates in Economics including other prominent economists have questioned the mainstream academia's ethical position and their inability to predict the 2008 financial crisis. Her Majesty the Queen of England called the crisis 'Awful'. Her Majesty is known for her remarkable ability to clad public display of emotions. This paper aims to examine the failings of the mainstream economics in light of the existing scholarly literature on the topic. The authors believe that the mainstream economic is in dire need of overhaul.
The neoclassical economics owes its development to Alfred Marshall and Leon Walras in the late 19... more The neoclassical economics owes its development to Alfred Marshall and Leon Walras in the late 19th century. Marshall is also attributed with the partial equilibrium theory. Walras is known for his general equilibrium theory. Both Marshall and Walras are also attributed with the introduction of mathematics in their explanations of economic phenomenon. Since their time mathematical economics has reached new heights. Marshall, a British economist relied on the Ceteris paribus assumption principle. Walras, a French mathematician used laissez-faire as his assumption principle. Neoclassical economics saw major changes post the Great Depression. The 1929 Great Depression changed the economic views of John Maynard Keynes who was the ardent fan and star pupil of Marshall. Over time, the rational behaviour of agents and value proposition helped change the various proposed models in mainstream economics. The 2008 global financial crisis jolted the sensibilities of the entire world. Since the last decade trillions of dollars have been pumped into the global financial systems to ensure that the mega-financial institutions do not fail. Several Nobel Laureates in Economics including other prominent economists have questioned the mainstream academia’s ethical position and their inability to predict the 2008 financial crisis. Her Majesty the Queen of England called the crisis ‘Awful’. Her Majesty is known for her remarkable ability to clad public display of emotions. This paper aims to examine the failings of the mainstream economics in light of the existing scholarly literature on the topic. The authors believe that the mainstream economic is in dire need of overhaul.
Friedrich Carl von Savigny described 'international uniformity of results' as the foundational ob... more Friedrich Carl von Savigny described 'international uniformity of results' as the foundational objective of international litigation. Savigny argued for realism in the private international to provide transnational law with the ability to respond to the evolving legal problems of the global world. Justice Story of the US Supreme Court stated the importance of uniformity in judgments in the seminal case of Martin v. Hunter's Lessee in 1816. The principle of comity allows for the consideration of foreign judgments within the US legal system. Lord Dicey appealed for the inclusion of private international law in the laws of England in his seminal paper of 1890. International litigation is referred to as the private international law and also as law of conflicts in the legal literature and legal lexicon. The legal doctrines of lex fori (choice of forum) and lex loci (choice of law) are intrinsically important in the debate for resolving international disputes for trade, commerce and tort. There is a customary fight over the jurisdiction issue (lex fori) in international litigation. It is so because if the issue of jurisdiction over the matter is resolved, the application of the choice of law is fairly simple. This paper examines the tensions between the two doctrines and their impact on the concepts underpinning the subject of international litigation.
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Papers by SYED Hassan
Keywords: Public-choice theory, Economics, Rule of Law, Economic Justice, Constitutional Law, Emergency powers, Covid-19 socioeconomics
Keywords: Public-choice theory, Economics, Rule of Law, Economic Justice, Constitutional Law, Emergency powers, Covid-19 socioeconomics