Journal ArticleDOI
A Positive Theory of Legal Change
Martin J. Bailey,Paul H. Rubin +1 more
TLDR
In this paper, the authors find a strong parallel in common law to the forces that change statute law, including rent seeking by special interest groups, and propose a straightforward remedy for this omission.About:
This article is published in International Review of Law and Economics.The article was published on 1994-12-01. It has received 80 citations till now. The article focuses on the topics: Common law & Statutory law.read more
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Book ChapterDOI
Recent Evolutionary Theorizing About Economic Change
TL;DR: This famous passage from Marshall's Principles of Economics (it first appeared in the fifth edition which came out in 1907) nicely brings out two issues which are as germane to economics today as they were when Marshall wrote as mentioned in this paper.
Journal ArticleDOI
Law and Finance: Why Does Legal Origin Matter?
TL;DR: The authors empirically assesses two theories of why legal origin influences financial development, i.e., political and adaptation, and concludes that legal systems that adapt quic kly to minimize the gap between the contracting needs of the economy and the legal system's capabilities will foster financial development more effectively than would more rigid legal traditions.
Posted Content
Law and finance: why does legal origin matter?
TL;DR: In this paper, the authors assess two theories of why legal origin influences financial development: political and adaptation, and conclude that legal systems that adapt quickly to minimize the gap between the contracting needs of the economy and the legal system's capabilities will foster financial development more effectively than would more rigid legal traditions.
Book ChapterDOI
Legal Institutions and Financial Development
Thorsten Beck,Ross Levine +1 more
TL;DR: A burgeoning literature finds that financial development exerts a first-order impact on long-run economic growth, which raises critical questions, such as why do some countries have well-developed growthenhancing financial systems while others do not? The law and finance theory focuses on the role of legal institutions in explaining international differences in financial development as discussed by the authors.
Book
The Strategic Constitution
TL;DR: This chapter discusses the processes of government, including voting, bargaining, and ministering, as well as the importance of human rights, and the role of government agencies in these processes.
References
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Journal ArticleDOI
Why the "Haves" Come out Ahead: Speculations on the Limits of Legal Change
Journal ArticleDOI
The Selection of Disputes for Litigation
George L. Priest,Benjamin Klein +1 more
TL;DR: The relationship between litigated disputes and disputes settled before or during litigation has been investigated in this article, and the relationship between legal rules and social behavior has been examined. But the relationship has not been studied as a whole.
Posted Content
Economic Analysis of Legal Disputes and Their Resolution
TL;DR: In the early 1970s, economics was relegated by lawyers to the technical role of providing expert advice on a relatively narrow set of laws in such fields as antitrust and labor as mentioned in this paper.
Book
The Economic Structure of Tort Law
TL;DR: The first full-length economic study of tort law is as discussed by the authors, which provides a comprehensive description of the major tort law and a series of formal economic models used to explore the economic properties of these doctrines.
Journal ArticleDOI
Why Is the Common Law Efficient
TL;DR: In this paper, it was shown that the rationality of the common law rests on irrational behavior of litigants, and that the decision to use the courts to settle a dispute is more likely in cases where the legal rules relevant to the dispute are inefficient, and less likely where the rules are efficient.