Edited by Christopher May and Adam Winchester
Chapter 23: The rule of law from a law and economics perspective
Historically, rule of law has not been one of the central or explicit preoccupations of traditional economic analysis of the law (also known as ‘Law & Economics’). Those scholars who have engaged with the topic had to address three challenges: defining the rule of law; assessing the role that the rule of law plays in influencing human behaviour, and thus impacting economic outcomes; and measuring these outcomes. As illustrated in this chapter, the responses to these challenges vary significantly, and sometimes have little overlap with each other. Nevertheless, one common theme emerges from all of these analyses: the concern with whether and how law more generally, and the rule of law in particular, promotes economic development. Thus, the analysis of the rule of law from a ‘Law & Economics’ perspective blurs the lines between economic analysis of the law and the development literature in general and new institutional economics in particular.
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