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Economics Without Laws

Author: Łukasz Hardt

Publisher: Springer

Published: 2017-09-22

Total Pages: 220

ISBN-13: 3319548611

This book offers a vision of economics in which there is no place for universal laws of nature, and even for laws of a more probabilistic character. The author avoids interpreting the practice of economics as something that leads to the formulation of universal laws or laws of nature. Instead, chapters in the book follow the method of contemporary philosophy of science: rather than formulating suggestions for practicing scientists of how they should do research, the text describes and interprets the very practice of scientific research. This approach demonstrates how economists can explain economic phenomena not by subsuming them under general laws, but rather by building models of these phenomena, by referring to causes, or even by investigating what is in the nature of given factors, events, or circumstances to produce.

Order without Law

Author: Robert C. ELLICKSON

Publisher: Harvard University Press

Published: 2009-06-30

Total Pages: 317

ISBN-13: 0674036433

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Integrating the current research in law, economics, sociology, game theory and anthropology, this text demonstrates that people largely govern themselves by means of informal rules - social norms - without the need for a state or other central co-ordinator to lay down the law.

Economics in Three Lessons and One Hundred Economics Laws

Author: Hunter Lewis

Publisher:

Published: 2017

Total Pages: 403

ISBN-13: 9781604191141

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Economics in Three Lessons Henry Hazlitt's 1946 book Economics in One Lesson sold more than a million copies. It is perhaps the best selling economics book of all time. In this volume, Hunter Lewis, a Hazlitt admirer and student, provides a sequel and update. The great merit of this volume is its simplicity. Anyone can read and understand it. It is an ideal introduction to economics. One Hundred Economic Laws In this groundbreaking volume, Lewis does what no one has attempted to do. It collects in one place some of the most important laws of economics. Everyone understands the importance of the laws of physics. Are there also laws of economics? Can understanding them also make our lives better? This volume answers with a resounding yes. This short book is also a complete course in economics written in a lively and sparkling style.

Law's Order

Author: David D. Friedman

Publisher: Princeton University Press

Published: 2001-07-02

Total Pages: 339

ISBN-13: 1400823471

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What does economics have to do with law? Suppose legislators propose that armed robbers receive life imprisonment. Editorial pages applaud them for getting tough on crime. Constitutional lawyers raise the issue of cruel and unusual punishment. Legal philosophers ponder questions of justness. An economist, on the other hand, observes that making the punishment for armed robbery the same as that for murder encourages muggers to kill their victims. This is the cut-to-the-chase quality that makes economics not only applicable to the interpretation of law, but beneficial to its crafting. Drawing on numerous commonsense examples, in addition to his extensive knowledge of Chicago-school economics, David D. Friedman offers a spirited defense of the economic view of law. He clarifies the relationship between law and economics in clear prose that is friendly to students, lawyers, and lay readers without sacrificing the intellectual heft of the ideas presented. Friedman is the ideal spokesman for an approach to law that is controversial not because it overturns the conclusions of traditional legal scholars--it can be used to advocate a surprising variety of political positions, including both sides of such contentious issues as capital punishment--but rather because it alters the very nature of their arguments. For example, rather than viewing landlord-tenant law as a matter of favoring landlords over tenants or tenants over landlords, an economic analysis makes clear that a bad law injures both groups in the long run. And unlike traditional legal doctrines, economics offers a unified approach, one that applies the same fundamental ideas to understand and evaluate legal rules in contract, property, crime, tort, and every other category of law, whether in modern day America or other times and places--and systems of non-legal rules, such as social norms, as well. This book will undoubtedly raise the discourse on the increasingly important topic of the economics of law, giving both supporters and critics of the economic perspective a place to organize their ideas.

Law, Economics, and Conflict

Author: Kaushik Basu

Publisher: Cornell University Press

Published: 2021-08-15

Total Pages: 232

ISBN-13: 1501759280

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In Law, Economics, and Conflict, Kaushik Basu and Robert C. Hockett bring together international experts to offer new perspectives on how to take analytic tools from the realm of academic research out into the real world to address pressing policy questions. As the essays discuss, political polarization, regional conflicts, climate change, and the dramatic technological breakthroughs of the digital age have all left the standard tools of regulation floundering in the twenty-first century. These failures have, in turn, precipitated significant questions about the fundamentals of law and economics. The contributors address law and economics in diverse settings and situations, including central banking and the use of capital controls, fighting corruption in China, rural credit markets in India, pawnshops in the United States, the limitations of antitrust law, and the role of international monetary regimes. Collectively, the essays in Law, Economics, and Conflict rethink how the insights of law and economics can inform policies that provide individuals with the space and means to work, innovate, and prosper—while guiding states and international organization to regulate in ways that limit conflict, reduce national and global inequality, and ensure fairness. Contributors: Kaushik Basu; Kimberly Bolch; University of Oxford; Marieke Bos, Stockholm School of Economics; Susan Payne Carter, US Military Academy at West Point; Peter Cornelisse, Erasmus University Rotterdam; Gaël Giraud, Georgetown University; Nicole Hassoun, Binghamton University; Robert C. Hockett; Karla Hoff, Columbia University and World Bank; Yair Listokin, Yale Law School; Cheryl Long, Xiamen University and Wang Yanan Institute for Study of Economics (WISE); Luis Felipe López-Calva, UN Development Programme; Célestin Monga, Harvard University; Paige Marta Skiba, Vanderbilt Law School; Anand V. Swamy, Williams College; Erik Thorbecke, Cornell University; James Walsh, University of Oxford. Contributors: Kimberly B. Bolch, Marieke Bos, Susan Payne Carter, Peter A. Cornelisse, Gaël Giraud, Nicole Hassoun, Karla Hoff, Yair Listokin, Cheryl Long, Luis F. López-Calva, Célestin Monga, Paige Marta Skiba, Anand V. Swamy, Erik Thorbecke, James Walsh

Law, Economics, and Game Theory

Author: John Cirace

Publisher: Lexington Books

Published: 2018-04-16

Total Pages: 474

ISBN-13: 1498549098

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This book uses game theory to explain conflict between individual self-interested behavior and cooperation in economic markets, lawsuits, and legislative bodies. It demonstrates the need for social regulation in addition to free markets and judicial decisions in common law cases.

Natural Law

Author: Alberto Martinez Piedra

Publisher: Lexington Books

Published: 2004

Total Pages: 226

ISBN-13: 9780739109496

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Author Alberto M. Piedra lucidly illustrates the notion of 'natural law' through the examination of economic, social, political, and cultural issues. In this work Piedra draws on classical and Christian sources as well as his personal experience as an economist, diplomat, and lecturer on world politics to address philosophical views in a constructive and morally guided exegesis of natural law and economics. This innovative book shows the value of appeals to a governing, natural law and attendant principles such as the common good, subsidiarity, hierarchy, spiritual welfare, the reciprocity of freedom and authority, and the cultivation of personal moral and intellectual virtue. Natural Law will appeal to scholars, professionals, and others interested in the cultivation of personal moral and intellectual virtue.

Economics and the Law

Author: Nicholas Mercuro

Publisher: Princeton University Press

Published: 1997

Total Pages: 250

ISBN-13: 9780691005447

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By providing readers with a noncritical description of the broad contours of each school of thought, Mercuro and Medema convey a strong sense of the important elements of each of these interrelated yet varied traditions.

The Second Law of Economics

Author: Reiner Kümmel

Publisher: Springer Science & Business Media

Published: 2011-06-24

Total Pages: 309

ISBN-13: 1441993657

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Nothing happens in the world without energy conversion and entropy production. These fundamental natural laws are familiar to most of us when applied to the evolution of stars, biological processes, or the working of an internal combustion engine, but what about industrial economies and wealth production, or their constant companion, pollution? Does economics conform to the First and the Second Law of Thermodynamics? In this important book, Reiner Kümmel takes us on a fascinating tour of these laws and their influence on natural, technological, and social evolution. Analyzing economic growth in Germany, Japan, and the United States in light of technological constraints on capital, labor, and energy, Professor Kümmel upends conventional economic wisdom by showing that the productive power of energy far outweighs its small share of costs, while for labor just the opposite is true. Wealth creation by energy conversion is accompanied and limited by polluting emissions that are coupled to entropy production. These facts constitute the Second Law of Economics. They take on unprecedented importance in a world that is facing peak oil, debt-driven economic turmoil, and threats from pollution and climate change. They complement the First Law of Economics: Wealth is allocated on markets, and the legal framework determines the outcome. By applying the First and Second Law we understand the true origins of wealth production, the issues that imperil the goal of sustainable development, and the technological options that are compatible both with this goal and with natural laws. The critical role of energy and entropy in the productive sectors of the economy must be realized if we are to create a road map that avoids a Dark Age of shrinking natural resources, environmental degradation, and increasing social tensions.

Issues in Law and Economics

Author: Harold Winter

Publisher: University of Chicago Press

Published: 2017-01-27

Total Pages: 248

ISBN-13: 022624976X

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Is file-sharing destroying the music industry? Should the courts encourage breach of contract? Does the threat of malpractice lawsuits cause doctors to provide too much medical care? Do judges discriminate when sentencing? With Issues in Law and Economics, Harold Winter takes readers through these and other recent and controversial questions. In an accessible and engaging manner, Winter shows these legal issues can be reexamined through the use of economic analysis. Using real-world cases to highlight issues, Winter offers step-by-step analysis, guiding readers through the identification of the trade-offs involved in each issue and assessing the economic evidence from scholarly research before exploring how this research may be used to guide policy recommendations. The book is divided into four sections, covering the basic practice areas of property, contracts, torts, and crime, with a fifth section devoted to a concise introduction to the topic of behavioral law and economics. Each chapter concludes with a series of thought-provoking discussion questions that provide readers the opportunity to further explore important ideas and concepts.