This highly unique book takes a fundamental look at when and how a government can fail at its core responsibility of formulating rules. Government, representing society, relates to the economy by formulating the rules within which (market) players should operate. Although market and business failure are much discussed in the economics literature, government failure is often overlooked. This book addresses this gap, exploring in detail what constitutes government failure.
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Society, Markets and Rules
Patrick A. McNutt
In this insightful book, Patrick McNutt explores the meaning of law within a political environment, and advances many new ideas and concepts first addressed in his earlier book Law, Economics and Antitrust.
Richard A. Epstein
In this thought-provoking research review, Professor Epstein assesses the leading articles which explore the economic approach to the two major issues of constitutionalism. The articles discussed offer extensive comparisons between the classical liberal and social democratic views of constitutional law.
The Case for Common Law
Svetozar Pejovich and Enrico Colombatto
Capitalism has outperformed all other systems and maintained a positive growth rate since it began. Svetozar Pejovich makes the case within this book that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which continuously adjust the rules of the game to the requirements of economic progress. The analysis throughout is consistent and is supported by evidence. Key components of the proposed theory are the rule of law, the market for institutions, the interaction thesis, the carriers of change, and the process of changing formal and informal institutions.
Edited by Jürgen G. Backhaus
This authoritative and comprehensive reference work introduces the reader to the major concepts and leading contributors in the field of law and economics. The Companion features accessible, informative and provocative entries on all the significant areas and breaks new ground by bringing together widely dispersed but theoretically congruent ideas for the first time.