LAW 534 Lecture Notes - Lecture 1: Subprime Mortgage Crisis, Product Liability, Invisible Hand
Law 534 week 1 chapter 1 regulation/deregulation risk. Two types of risks: risk of harm or undesired effects on society (pollution, regulate, work injury, bypassing laws) 2. risk of non compliance by a business perspective, (compliance officer) They usually mean the detailed rule under some sort of statute a)-regulation govt law b)some sort of gov"t law statues e. g highway traffic act (detailed to prescribed in regulations) 2 meanings: govt trying to control conduct of citizens -enable statutes, pursuant to. Govt intervention (nanny state-govt control of everything, what you do, etc) The invisible hand (adam smith) how much they should regulate, not what they should regulate. Someone who had shares into a company cannot come up with an idea because of the copyright act. Freedom through regulation. right=duty every right has a corresponding duty (hohfeld-legal realism ) Property right=restrict someone else"s access right to my property includes your obligations/duty to stay off my property.