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The republic of beliefs : a new approach to 'law and economics'

Author: Kaushik Basu; World Bank. Office of the Vice President, Development Economics. Office of the Chief Economist.
Publisher: [Washington, D.C.] : World Bank, ©2015.
Series: Policy research working papers, 7259.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
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  Read more...
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Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Kaushik Basu; World Bank. Office of the Vice President, Development Economics. Office of the Chief Economist.
OCLC Number: 910625369
Notes: "May 2015."
"World Bank Group, Development Economics Vice Presidency, Office of the Chief Economist."
Description: 1 online resource (54 pages) : illustrations.
Series Title: Policy research working papers, 7259.
Responsibility: Kaushik Basu.

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.

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