The Republic of Beliefs : A New Approach to ‘Law and Economics’
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...
| Main Author: | |
|---|---|
| Format: | Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2015
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2015/05/24454378/republic-beliefs-new-approach-‘law-economics’ http://hdl.handle.net/10986/21991 |
| id |
okr-10986-21991 |
|---|---|
| recordtype |
oai_dc |
| spelling |
okr-10986-219912021-04-23T14:04:06Z The Republic of Beliefs : A New Approach to ‘Law and Economics’ Basu, Kaushik EMPLOYMENT BENEFIT RIGHTS LIABILITY MOTIVATION COURT MULTIPLE EQUILIBRIA POLITICS BRIBERY CIVIL SERVANTS BRIBES INCOME CRIMINAL LAWS LAW ENFORCEMENT GOVERNMENT SEXES FREEDOM OF SPEECH CRIME CONTROL STRATEGIES POLITICIANS INFORMATION SERVICES DISCRIMINATION CONTRACTUAL RELATIONS MONITORING POLITICAL ECONOMY MINISTER EFFECTS SANCTIONS INCENTIVES SERVANTS SINGLE MAN SUBSIDY CORRUPTION CRIME WILL RENTS ECONOMIC ANALYSIS LEGAL THEORY COURTS LABOR MARKET CRIMINAL LAW MATHEMATICS BEHAVIORAL SCIENCES POLITICAL INSTITUTIONS DEVELOPMENT ECONOMICS OPPRESSION JUDGE DEMOCRACY UNEMPLOYED EMPLOYMENT LAW JUDGES ORGANIZATIONS LEGISLATION TRADITIONAL LAW LAWYERS STANDARDS COMPENSATION LABOR NEOCLASSICAL ECONOMISTS SUBSIDIES FINANCE ILLEGAL IMMIGRANTS EFFICIENCY MARKET ECONOMIES BANKS GENERAL EQUILIBRIUM WAGES POLICIES POLICE VALUE GENDER BANK INVESTIGATION PENALTY BRIBE CORRUPTION ACT ECONOMIC EFFICIENCY PROPERTY HUMAN RIGHTS LAW CRIMINOLOGY SANCTION ECONOMIC THEORY ECONOMICS POLICY DEMOCRACIES MANAGEMENT GOVERNANCE WELFARE STATE INSURANCE LABOR STANDARDS LEGAL JUSTICE HUMAN RIGHTS CRIMINALS MALFEASANCE THEORY CHILDREN SECURITY PRISONER RISK CHILD LIBERTY CIVIL LAW ORGANIZATION EQUALITY SUPPLY OLIGARCHIES DISCIPLINE INNOVATION GAME THEORY LAW PROFIT HOUSES INTERNATIONAL LAW CHILD LABOR NEOCLASSICAL ECONOMICS STRATEGY HARASSMENT LEGITIMACY JAILS COLLECTIVE ACTION GOVERNMENTS OUTCOMES POLITICAL LEADERS ADVERSE EFFECTS PRICES 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. 2015-06-02T15:37:36Z 2015-06-02T15:37:36Z 2015-05 Working Paper http://documents.worldbank.org/curated/en/2015/05/24454378/republic-beliefs-new-approach-‘law-economics’ http://hdl.handle.net/10986/21991 English en_US Policy Research Working Paper;No. 7259 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
EMPLOYMENT BENEFIT RIGHTS LIABILITY MOTIVATION COURT MULTIPLE EQUILIBRIA POLITICS BRIBERY CIVIL SERVANTS BRIBES INCOME CRIMINAL LAWS LAW ENFORCEMENT GOVERNMENT SEXES FREEDOM OF SPEECH CRIME CONTROL STRATEGIES POLITICIANS INFORMATION SERVICES DISCRIMINATION CONTRACTUAL RELATIONS MONITORING POLITICAL ECONOMY MINISTER EFFECTS SANCTIONS INCENTIVES SERVANTS SINGLE MAN SUBSIDY CORRUPTION CRIME WILL RENTS ECONOMIC ANALYSIS LEGAL THEORY COURTS LABOR MARKET CRIMINAL LAW MATHEMATICS BEHAVIORAL SCIENCES POLITICAL INSTITUTIONS DEVELOPMENT ECONOMICS OPPRESSION JUDGE DEMOCRACY UNEMPLOYED EMPLOYMENT LAW JUDGES ORGANIZATIONS LEGISLATION TRADITIONAL LAW LAWYERS STANDARDS COMPENSATION LABOR NEOCLASSICAL ECONOMISTS SUBSIDIES FINANCE ILLEGAL IMMIGRANTS EFFICIENCY MARKET ECONOMIES BANKS GENERAL EQUILIBRIUM WAGES POLICIES POLICE VALUE GENDER BANK INVESTIGATION PENALTY BRIBE CORRUPTION ACT ECONOMIC EFFICIENCY PROPERTY HUMAN RIGHTS LAW CRIMINOLOGY SANCTION ECONOMIC THEORY ECONOMICS POLICY DEMOCRACIES MANAGEMENT GOVERNANCE WELFARE STATE INSURANCE LABOR STANDARDS LEGAL JUSTICE HUMAN RIGHTS CRIMINALS MALFEASANCE THEORY CHILDREN SECURITY PRISONER RISK CHILD LIBERTY CIVIL LAW ORGANIZATION EQUALITY SUPPLY OLIGARCHIES DISCIPLINE INNOVATION GAME THEORY LAW PROFIT HOUSES INTERNATIONAL LAW CHILD LABOR NEOCLASSICAL ECONOMICS STRATEGY HARASSMENT LEGITIMACY JAILS COLLECTIVE ACTION GOVERNMENTS OUTCOMES POLITICAL LEADERS ADVERSE EFFECTS PRICES |
| spellingShingle |
EMPLOYMENT BENEFIT RIGHTS LIABILITY MOTIVATION COURT MULTIPLE EQUILIBRIA POLITICS BRIBERY CIVIL SERVANTS BRIBES INCOME CRIMINAL LAWS LAW ENFORCEMENT GOVERNMENT SEXES FREEDOM OF SPEECH CRIME CONTROL STRATEGIES POLITICIANS INFORMATION SERVICES DISCRIMINATION CONTRACTUAL RELATIONS MONITORING POLITICAL ECONOMY MINISTER EFFECTS SANCTIONS INCENTIVES SERVANTS SINGLE MAN SUBSIDY CORRUPTION CRIME WILL RENTS ECONOMIC ANALYSIS LEGAL THEORY COURTS LABOR MARKET CRIMINAL LAW MATHEMATICS BEHAVIORAL SCIENCES POLITICAL INSTITUTIONS DEVELOPMENT ECONOMICS OPPRESSION JUDGE DEMOCRACY UNEMPLOYED EMPLOYMENT LAW JUDGES ORGANIZATIONS LEGISLATION TRADITIONAL LAW LAWYERS STANDARDS COMPENSATION LABOR NEOCLASSICAL ECONOMISTS SUBSIDIES FINANCE ILLEGAL IMMIGRANTS EFFICIENCY MARKET ECONOMIES BANKS GENERAL EQUILIBRIUM WAGES POLICIES POLICE VALUE GENDER BANK INVESTIGATION PENALTY BRIBE CORRUPTION ACT ECONOMIC EFFICIENCY PROPERTY HUMAN RIGHTS LAW CRIMINOLOGY SANCTION ECONOMIC THEORY ECONOMICS POLICY DEMOCRACIES MANAGEMENT GOVERNANCE WELFARE STATE INSURANCE LABOR STANDARDS LEGAL JUSTICE HUMAN RIGHTS CRIMINALS MALFEASANCE THEORY CHILDREN SECURITY PRISONER RISK CHILD LIBERTY CIVIL LAW ORGANIZATION EQUALITY SUPPLY OLIGARCHIES DISCIPLINE INNOVATION GAME THEORY LAW PROFIT HOUSES INTERNATIONAL LAW CHILD LABOR NEOCLASSICAL ECONOMICS STRATEGY HARASSMENT LEGITIMACY JAILS COLLECTIVE ACTION GOVERNMENTS OUTCOMES POLITICAL LEADERS ADVERSE EFFECTS PRICES Basu, Kaushik The Republic of Beliefs : A New Approach to ‘Law and Economics’ |
| relation |
Policy Research Working Paper;No. 7259 |
| description |
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. |
| format |
Working Paper |
| author |
Basu, Kaushik |
| author_facet |
Basu, Kaushik |
| author_sort |
Basu, Kaushik |
| title |
The Republic of Beliefs : A New Approach to ‘Law and Economics’ |
| title_short |
The Republic of Beliefs : A New Approach to ‘Law and Economics’ |
| title_full |
The Republic of Beliefs : A New Approach to ‘Law and Economics’ |
| title_fullStr |
The Republic of Beliefs : A New Approach to ‘Law and Economics’ |
| title_full_unstemmed |
The Republic of Beliefs : A New Approach to ‘Law and Economics’ |
| title_sort |
republic of beliefs : a new approach to ‘law and economics’ |
| publisher |
World Bank, Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2015/05/24454378/republic-beliefs-new-approach-‘law-economics’ http://hdl.handle.net/10986/21991 |
| _version_ |
1764449850310524928 |