The Economics of Lawmaking explores the relative advantages and limits of alternative sources of law. Professors Francesco Parisi and Vincy Fon view the sources of law through a law and economics lens, and consider the important issue of institutional design in lawmaking. They consider the respective advantages and proper scope of application of four fundamental sources of law: legislation, judge-made law, customary law, and international law. The defining features of these four sources of law are examined using the formal methods of public choice theory: lawmaking through legislation; lawmaking through adjudication; lawmaking through practice; and lawmaking through agreement. This book begins by examining the sources of law dependent on collective political decision-making, such as legislation. Multiple issues are considered, such as optimal specificity of law, optimal timing of legal intervention and optimal territorial scope of law, and include a thorough discussion on the sources of law derived from judges' decisions, such as common law. Parisi and Fon provide an extensive study on the roles of litigation and judicial path-dependence on judge-made law, biases in the evolution of legal remedies through litigation, and the effect of alternative doctrines of legal precedent, such as stare decisis and jurisprudence constante. They also consider the customary sources of law, with special attention on the mechanisms that determine their emergence and evolution, and explore sources of law derived from international treaties and conventions. The Economics of Lawmaking is the first systematic law and economics treatment of this field and will shed new light on the process of lawmaking.
This book addresses the lively interaction between the disciplines of law and economics.
Should laws be made in courts or in parliaments? Orlin Yalnazov proposes a new approach to the problem. He conceptualizes law as an information product, and law-making as an exercise in production.
Empirical legal studies and regulatory impact assessments offered different ways forward. This book presents a new approach to the risks and benefits of interdisciplinary policy work.
The original essays shed new light on important issues concerning the institutional design of lawmaking through the lens of economic analysis and public choice theory, and together form an important reference tool.
This book analyses this informal international lawmaking and its impact on contemporary trends in international interaction, looking at the questions of accountability and effectiveness it raises.
Economic Analysis of Law, Eighth Edition, written by the pioneer in law and economics analysis, Richard A. Posner, remains the classic text in its field.
This book examines the legal accountability associated with government policies in the Indonesian legal system.
The current election process of representatives for the national lawmaking institution and top administrative leaders is and the politicians campaigns are very time consuming and extremely expensive.
This comparative study of the law of lawmaking demonstrates the interplay between constitutional principles and political imperatives in four modern polities.
The book revisits older work on legal transitions and breaks new ground on timing rules, especially with respect to how judges, legislators and regulators use time as a tool when devising new rules.