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The Economic Dynamics of Law

Author: David M. Driesen

Publisher: Cambridge University Press

Published: 2012-06-18

Total Pages: 255

ISBN-13: 1107378044

This book offers a dynamic theory of law and economics focused on change over time, aimed at avoiding significant systemic risks (like financial crises and climate disruption) and implemented through a systematic analysis of law's economic incentives and how people actually respond to them. This theory offers a new vision of law as fundamentally a macro-level enterprise establishing normative commitments and a framework for numerous private transactions, rather than as an analogue to a market transaction. It explains how neoclassical law and economics sparked decades of deregulation culminating in the 2008 financial collapse. It then shows how economic dynamic theory helps scholars and policymakers make wise choices about how to avoid future catastrophes while keeping open a robust set of economic opportunities, with individual chapters addressing the law and economics of financial regulation, contract, property, intellectual property, antitrust, national security and climate disruption.

The Economic Dynamics of Environmental Law

Author: David M. Driesen

Publisher: MIT Press

Published: 2003

Total Pages: 284

ISBN-13: 9780262541398

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A study showing that environmentally beneficial technical innovation would be more effective than economic efficiency as the organizing principle of environmental public policy.

Property Rights Dynamics

Author: Donatella Porrini

Publisher: Routledge

Published: 2012-07-26

Total Pages: 224

ISBN-13: 1134324634

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Issues such as the patentability of scientific ideas, the market for organs and open source software are hotly debated and yet poorly understood. In particular, there is a great need for sound economic theorizing on such issues. There is also a need for a clear and concise exposition of the state-of-the-art of the economics of property rights. This book fulfils these various needs.

The New Stock Market

Author: Merritt B. Fox

Publisher: Columbia University Press

Published: 2019-01-08

Total Pages: 612

ISBN-13: 023154393X

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The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as “dark pools.” These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes. The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets’ institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market’s regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.

Economic Dynamics of Environmental Law

Author: David M. Driesen

Publisher:

Published: 2013

Total Pages: 0

ISBN-13:

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The Economic Dynamics of Environmental Law proposes an alternative to static efficiency-based analysis and policy prescription, focusing primarily upon the environmental law example. It argues for an approach that takes change over time seriously. In particular, an economic dynamic exists that tends to diminish environmental quality over time, principally through increased consumption and population growth. For that reason environmental policy should compensate for these tendencies by encouraging pro-environmental innovation, which the free market often fails to foster. The literature has blurred attention to the innovation problem by failing to acknowledge the tension between fostering innovation beneficial for the long-term and regulation aimed at short term efficiency. Environmental policy cannot foster innovation by treating each regulatory decision as a separate transaction governed by principles of allocative efficiency. Rather, environmental policy-makers should aim to address this larger picture by securing a sufficient number of environmentally positive decisions to countervail numerous private decisions that tend to degrade the environment. This book employs an institutional economic framework, placing some emphasis on Douglas North's idea of adaptive efficiency, to analyze how to think about the environmental law's economic dynamic. It critiques cost-benefit analysis, emissions trading, and free trade-based restraints on environmental protection. It uses the free market as a model, not of efficiency, but of a dynamic encouraging innovation and adaptation in the face of uncertainty. And it urges consideration of a variety of reforms based on economic dynamic analysis. This book contends that its economic dynamic theory offers a viable alternative to policy prescription based on a neoclassical economic framework in a variety of areas, and includes an application of the theory to the law of regulated industries.

Law & Capitalism

Author: Curtis J. Milhaupt

Publisher: University of Chicago Press

Published: 2008-09-15

Total Pages: 281

ISBN-13: 0226525295

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Recent high-profile corporate scandals—such as those involving Enron in the United States, Yukos in Russia, and Livedoor in Japan—demonstrate challenges to legal regulation of business practices in capitalist economies. Setting forth a new analytic framework for understanding these problems, Law and Capitalism examines such contemporary corporate governance crises in six countries, to shed light on the interaction of legal systems and economic change. This provocative book debunks the simplistic view of law’s instrumental function for financial market development and economic growth. Using comparative case studies that address the United States, China, Germany, Japan, Korea, and Russia, Curtis J. Milhaupt and Katharina Pistor argue that a disparate blend of legal and nonlegal mechanisms have supported economic growth around the world. Their groundbreaking findings show that law and markets evolve together in a “rolling relationship,” and legal systems, including those of the most successful economies, therefore differ significantly in their organizational characteristics. Innovative and insightful, Law and Capitalism will change the way lawyers, economists, policy makers, and business leaders think about legal regulation in an increasingly global market for capital and corporate governance.

The Economic Dynamics of Law

Author: David M. Driesen

Publisher: Cambridge University Press

Published: 2012-06-18

Total Pages: 255

ISBN-13: 1107004853

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This book offers a theory of law and economics focused on change over time and aimed at avoiding systemic risks.

Law and Long-Term Economic Change

Author: Debin Ma

Publisher: Stanford University Press

Published: 2011-06-06

Total Pages: 385

ISBN-13: 0804777616

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Recently, a growing body of work on "law and finance" and "legal origins" has highlighted the role of formal legal institutions in shaping financial institutions. However, these writings have focused largely on Europe, neglecting important non-Western traditions that prevail in a large part of the world. Law and Long-Term Economic Change brings together a group of leading scholars from economics, economic history, law, and area studies to develop a unique, global and, long-term perspective on the linkage between law and economic change. Covering the regions of Western Europe, East and South Asia, and the Middle East, the chapters explore major themes regarding the nature and evolution of different legal regimes; their relationship with the state or organized religion; the definition and interpretation of ownership and property rights; the functioning of courts, and other mechanisms for dispute resolution and contract enforcement; and the complex dynamics of legal transplantations through processes such as colonization. The text makes clear that the development of legal traditions and institutions—as embodiments of cultural values and norms—exerts a strong effect on long-term economic change. And it demonstrates that a good understanding of legal origins around the world enriches any debate about Great Divergence in the early modern era, as well as development and underdevelopment in 19th-20th century Eurasia.

Research Handbook on Political Economy and Law

Author: Ugo Mattei

Publisher: Edward Elgar Publishing

Published: 2015-11-27

Total Pages: 599

ISBN-13: 1781005354

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Events such as the global financial crisis have helped reveal that the drivers and contours of governance on a national and international level remain a mystery in many respects. This is so despite the ever-increasing complexity and sophistication in the management and understanding of economic, legal and political spheres of global society. Set in this context, this timely Research Handbook is the first to explicitly address the constitutive relationship between law and political economy. With scholarly contributions from diverse disciplinary and geographic backgrounds, this authoritative book provides an expansive overview of the legal architecture of the global political economy. It covers, in three parts, topics surrounding money and markets, the relations of organization, and commodities, land and resources. Scholars and policymakers as well as undergraduate and postgraduate law students interested in the intersection of socio-political, economic, and legal dynamics of governance will find this book a thought-provoking and insightful resource.

The Manufacturing of Markets

Author: Eric Brousseau

Publisher:

Published: 2014-07-03

Total Pages: 550

ISBN-13: 9781139958042

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Leading scholars from law, political science and economics explore the challenges in designing efficient markets in both private and public sector.