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The Rise of Law and Economics
This is a history-though, intentionally, a brief history-of the rise of law and economics as a field of thought in the U.S. college and law school academy, though the field has expanded to Europe and South America and will expand further as other legal systems develop.
This book explains the origins of the field and the sources of its growth during its formative period. It describes the intellectual roots of the field, and the field's relationship to the understanding of the role of the legal system in directing the functioning of the economy. It describes the effect of the Great Depression and the expansion of governmental power on advancing the functional approach. The book then addresses the work of Aaron Director, during the late 1950s, on focusing economic analysis as a means of understanding the effects of the legal and regulatory system on the allocation of resources in the society. Then it turns to the subsequent intellectual founders of the field-Ronald Coase, Guido Calabresi, and Richard Posner-and attempts to explain the significance of their work. It also discusses the efforts of Robert Bork and Henry Manne toward the influence of law and economics on public policy. The book ends with the founding of the American Law and Economics Association in 1991.
This is an essential companion to law and economics texts for undergraduate law and economic students and, especially, a general supplement to first-year casebooks for law school students.
eBook
The Evolution of Law and Economics in Korea
Law and economics was formally introduced to South Korea in the mid-1980s. It was adopted relatively quickly compared to other Asian countries, and both research and education have been actively pursued. As a result, the Korean Law and Economics Association was founded in 2002, promoting research within the country, and many Korean scholars played a significant role in the establishment and development of the Asian Law and Economics Association, founded in 2005. The growth of the law and economics community in Korea can be attributed to the efforts of many pioneering scholars, as well as the smooth interaction between economics and law within academia and practice. To ensure the continued development of this field, it is essential to enhance understanding between economics and law and to sustain efforts to attract new scholars.
Journal Article
The economic dynamics of law
\"This book offers a theory of law and economics focused on change over time, aimed at avoiding systemic risks, and implemented through an analysis of law's economic incentives and how people respond to them\"-- Provided by publisher.
Book
The moral economy : why good incentives are no substitute for good citizens
Should the idea of economic man-the amoral and self-interested Homo economicus-determine how we expect people to respond to monetary rewards, punishments, and other incentives? Samuel Bowles answers with a resounding \"no.\" Policies that follow from this paradigm, he shows, may \"crowd out\" ethical and generous motives and thus backfire. But incentives per se are not really the culprit. Bowles shows that crowding out occurs when the message conveyed by fines and rewards is that self-interest is expected, that the employer thinks the workforce is lazy, or that the citizen cannot otherwise be trusted to contribute to the public good. Using historical and recent case studies as well as behavioral experiments, Bowles shows how well-designed incentives can crowd in the civic motives on which good governance depends
eBook
Comparative law and economics
Contemporary law and economics has greatly expanded its scope of inquiry as well as its sphere of influence. By focusing specifically on a comparative approach, this Handbook offers new insights for developing current law and economics research. It also provides stimuli for further research, exploring the idea that the comparative method offers a valuable way to enrich law and economics scholarship. With contributions from leading scholars from around the world, the Handbook sets the context by examining the past, present and future of comparative law and economics before addressing this approach to specific issues within the fields of intellectual property, competition, contracts, torts, judicial behaviour, tax, property law, energy markets, regulation and environmental agreements. This topical Handbook will be of great interest and value to scholars and postgraduate students of law and economics, looking for new directions in their research. It will also be a useful reference to policymakers and those working at an institutional level. Contemporary law and economics has greatly expanded its scope of inquiry as well as its sphere of influence. By focusing specifically on a comparative approach, this Handbook offers new insights for developing current law and economics research. It also provides stimuli for further research, exploring the idea that the comparative method offers a valuable way to enrich law and economics scholarship. With contributions from leading scholars from around the world, the Handbook sets the context by examining the past, present and future of comparative law and economics before addressing this approach to specific issues within the fields of intellectual property, competition, contracts, torts, judicial behaviour, tax, property law, energy markets, regulation and environmental agreements. This topical Handbook will be of great interest and value to scholars and postgraduate students of law and economics, looking for new directions in their research. It will also be a useful reference to policymakers and those working at an institutional level.
Book
Building a Law-and-Political-Economy Framework: Beyond the Twentieth-Century Synthesis
We live in a time of interrelated crises. Economic inequality and precarity, and crises of democracy, climate change, and more raise significant challenges for legal scholarship and thought. \"Neoliberal\" premises undergird many fields of law and have helped authorize policies and practices that reaffirm the inequities of the current era. In particular, market efficiency, neutrality, and formal equality have rendered key kinds of power invisible, and generated a skepticism of democratic politics. The result of these presumptions is what we call the \"Twentieth-Century Synthesis\": a pervasive view of law that encases \"the market\" from claims of justice and conceals it from analyses of power. This Feature offers a framework for identifying and critiquing the Twentieth-Century Synthesis. This is also a framework for a new \"law-and-political-economy approach\" to legal scholarship. We hope to help amplify and catalyze scholarship and pedagogy that place themes of power, equality, and democracy at the center of legal scholarship.
Journal Article
Which Way To Nudge? Uncovering Preferences in the Behavioral Age
Behavioral Law and Economics has created a dilemma for policymakers. On the one hand, research from the field suggests a wide range of unconventional policy instruments (\"nudges\") may be used to shape people's voluntary choices in order to lead them to the option they most prefer. On the other hand, the very nature of these new instruments precludes researchers from measuring people's preferences in the traditional way, i.e., by evaluating which option people choose from the set of available choices. As a result, policymakers often lack the information they need to design nudges that will make people better off. To tackle this dilemma, I propose a new framework that focuses on the distinction between those decision makers who respond to nudges and those who do not. The framework highlights that existing methods for designing nudges come up short—none accounts for what I argue is the crucial piece of information: the preferences of the nudge-sensitive decisionmakers. After exploring this dilemma, the Essay describes two new approaches for uncovering the preferences of this group and argues that they hold promise for informing the design of nudges in a wide range of policy settings.
Journal Article