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Legal theory stresses on the existence of legal procedures that are formulated and enforced by social powers and are bind to all social players. Every field has got rules that regulate the manner in which business is conducted and how people relate with one another. In most written documents, elements of legal theory are quite discernible, especially in making analyses or conclusions. For instance, the article “Growing Your Economy With More Population” in Forbes Financial Magazine contains several elements of the legal theory. This paper would entail an analysis of the article with regards to the application of the legal theory. In addition, it will seek to unravel how the article would be different if legal theory did not form part of it.
In the first paragraph of the article, the author laments that business incentives have lost the way. According to the author, the entire logic behind the move by the capital markets is flawed and is a recipe for chaos in the future. Indeed, it is noticeable that there is a set of rules by which business incentives should be run. In criticizing this move, the author acknowledges that there is need for the market players to renew the previous system that operated within the boundaries of a legal system. For instance, the author singles out the idea that the government should consider giving incentives as a way of encouraging people to give birth. Indeed, it seems the society is keen on changing into the legal provision that requires people to bear more children as a way of improving the labor market. It is the legality as well as the logic behind this provision that the author puts under scrutiny. He appears to foresee a situation where a huge population will mask the economic growth as the government will have so many people to provide for. Essentially, the criticism by the author is meant to criticize the legality and the logic of encouraging massive population increase.
A group of economists seem quite convinced that population surge is the way to go in pursuit of economic growth. Although they also have a point, the benefits of their proposal are only viable in the short term. For instance, population increase will undoubtedly increase the number of consumers, thereby creating a wider market for produced goods. In addition, it will increase the labor force in the country, thus raising the country’s ability to maximize on its production. However, the eventuality will not be desirable, especially for a country that has cut a special niche globally. In the end, the large population will certainly put a strain on the available natural resources as well as social amenities. Indeed, it is unfortunate to imagine of long queues by citizens seeking medical services to the extent that some die unattended to. It is a real possibility if advocates of population increase get their way. However, the fact that they need a Presidential approval reveals an obvious element of legal theory. In this case, the economists advocating for population increase understand that they would need to convince the President on the matter. In fact, it is a legal requirement that such changes need legal backing before they can be adopted. If this cannot be achieved then the proposals by the team of economist will just remain on pieces of paper.
The author also notes that free markets are characterized by population expansion, whereby the concerned governments encourage people to give birth to more children. The ideal characteristics of a free market are typical elements of legal theory. They basically define the manner in which a free market should operate in order to achieve the desired outcomes. In fact, market players can be subjected to legal action if they opt to operate in total disregard of the conventional rules. Indeed, the interventions by the government aimed at increasing the population would definitely require legal changes. For instance, new legal structures would have to be put in place to ensure that the new incentive program is not challenged in court. In cases where the most viable option is immigration, it would be prudent for the government to change immigration laws to allow more people into the country to boost their labor force. However, the author seeks to challenge the idea of population increase on the basis of the failed system in Japan. According to the author, the system only succeeded at the initial stages of its implementation in Japan. However, the entire system failed when population increased to the extent that the government had to import everything, including foodstuffs. In a matter of years, human population encroached into agricultural lands, thereby causing food insecurity. The author notes that the unfortunate eventuality was due to attempts to ignore the elements of the previous legal system. The Japanese were basically experimenting with a new idea that they did not fully understand. It is the reason they have had to go back to the drawing board and put in place new legal structures that would ensure that the country remains self-sustained.
In conclusion, the existence of legal procedures in various aspects of the society cannot be underrated. Every field has got rules that regulate the manner in which business is conducted in a sustainable manner. In the article “Growing Your Economy With More Population” in Forbes Financial Magazine, the author has used the deviance from conventional economic rules as the reason Japan cannot sustain itself. In addition, the article warns the United States against instituting a legal system that encourages population growth as a way of stimulating economic growth.