Handbook on the Rule of Law
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Handbook on the Rule of Law

Edited by Christopher May and Adam Winchester

The discussion of the norm of the rule of law has broken out of the confines of jurisprudence and is of growing interest to many non-legal researchers. A range of issues are explored in this volume that will help non-specialists with an interest in the rule of law develop a nuanced understanding of its character and political implications. It is explicitly aimed at those who know the rule of law is important and while having little legal background, would like to know more about the norm.
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Chapter 23: The rule of law from a law and economics perspective

Mariana Mota Prado

Abstract

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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