What school of jurisprudence holds that economic conditions of the involved parties must also be considered together with law?

The school of jurisprudence that emphasizes the consideration of economic conditions alongside legal principles is known as Legal Realism. Legal Realists argue that law cannot be fully understood without examining the social and economic contexts in which it operates. They believe that factors such as economic status and societal conditions significantly influence legal outcomes and the application of laws. This perspective contrasts with formalist approaches that prioritize legal texts and principles alone.