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The Republic of Beliefs : A New Approach to ‘Law and Economics’
- Publication Year :
- 2015
- Publisher :
- World Bank, Washington, DC, 2015.
-
Abstract
- The discipline of law and economics deals with wide-ranging topics, from competition and environmental policy to crime control, and has been instrumental in determining how an economy performs. Yet its success has fallen short of its potential. The discipline’s shortcomings are nowhere as visible as in developing economies, where a common refrain is how the law looks good on paper but does not get implemented. This paper articulates a methodological flaw that underlies much of contemporary law and economics, and argues that there is an intimate connection between human beliefs and expectations, on the one hand, and the effectiveness of the law, on the other. I propose a new approach to law and economics that is rooted in game theory and rectifies the flaw. It is argued that this approach can open up new areas of research and be marshalled to address some of the more pressing policy challenges of our time.
- Subjects :
- INFORMATION
GENERAL EQUILIBRIUM
CHILDREN
RIGHTS
CRIMINAL LAW
MATHEMATICS
CHILD
EMPLOYMENT
DISCIPLINE
BENEFIT
MARKET ECONOMIES
MONITORING
INCOME
OUTCOMES
BRIBE
HOUSES
GOVERNMENTS
CRIME
POLITICAL LEADERS
INCENTIVES
POLITICAL INSTITUTIONS
DEMOCRACIES
GAME THEORY
BANK
BRIBES
NEOCLASSICAL ECONOMICS
SANCTIONS
STANDARDS
LAW ENFORCEMENT
BEHAVIORAL SCIENCES
ORGANIZATIONS
STRATEGIES
SERVANTS
SUBSIDIES
DEVELOPMENT ECONOMICS
DEMOCRACY
LEGAL
PROFIT
UNEMPLOYED
JAILS
FINANCE
OPPRESSION
PRICES
WAGES
COLLECTIVE ACTION
CORRUPTION ACT
CRIME CONTROL
LABOR MARKET
NEOCLASSICAL ECONOMISTS
BRIBERY
EMPLOYMENT LAW
SERVICES
HUMAN RIGHTS LAW
THEORY
PENALTY
JUDGES
LIBERTY
CRIMINOLOGY
COMPENSATION
SUPPLY
HUMAN RIGHTS
MINISTER
PROPERTY
MALFEASANCE
EQUALITY
COURT
INVESTIGATION
RENTS
INNOVATION
ECONOMIC THEORY
TRADITIONAL LAW
LEGAL THEORY
CRIMINALS
POLITICAL ECONOMY
OLIGARCHIES
VALUE
SECURITY
RISK
WILL
CHILD LABOR
JUDGE
POLICIES
GOVERNANCE
CIVIL SERVANTS
SEXES
POLICY
POLICE
JUSTICE
LIABILITY
EFFECTS
INSURANCE
SANCTION
CRIMINAL
COURTS
GOVERNMENT
BANKS
EFFICIENCY
MULTIPLE EQUILIBRIA
FREEDOM OF SPEECH
ORGANIZATION
INTERNATIONAL LAW
LEGISLATION
LABOR STANDARDS
MANAGEMENT
WELFARE STATE
PRISONER
STRATEGY
LABOR
POLITICS
HARASSMENT
ECONOMIC ANALYSIS
ECONOMIC EFFICIENCY
ECONOMICS
CONTRACTUAL RELATIONS
POLITICIANS
CORRUPTION
MOTIVATION
ILLEGAL IMMIGRANTS
LAWYERS
SUBSIDY
LAWS
ADVERSE EFFECTS
DISCRIMINATION
CIVIL LAW
LEGITIMACY
SINGLE MAN
GENDER
LAW
Subjects
Details
- Language :
- English
- Database :
- OpenAIRE
- Accession number :
- edsair.od......2456..49666d47e9348a9bb594acc68cfccf69