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Graziani, Augusto (1865–1938)

The work of the Italian scholar Augusto Graziani anticipated modern law and economics and institutional theory. To identify laws independent of their natural development, Graziani illustrated the relationship between economic reasoning and legal choices, stressing the economic foundations of the law. His pioneering work, “Il fondamento economico del diritto” (The Economic Foundation of Law) was published in the University of Siena's yearbook in 1894, later reproduced in Teorie e fatti economici (Economic Facts and Theories) in 1912. In later years, he addressed a series of identical considerations in Istituzioni di economia politica (3d ed. 1917, Institutions of Economic Policy).

Graziani suggested that modern democratic states exist for economic reasons. Raising and spending money, Graziani wrote, is the primary chore of representative government. As spending and consolidated ...

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