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The Economic Dynamics of Law

The Economic Dynamics of Law

Author: David M. Driesen
Publisher: Cambridge University Press
ISBN: 9781107004856
Published In: June 2012
Format: Hardback , 250 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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This book offers a dynamic theory of law and economics focused on change over time, aimed at avoiding significant systemic risks (like financial crises and climate disruption) and implemented through a systematic analysis of law's economic incentives and how people actually respond to them. This theory offers a new vision of law as fundamentally a macro-level enterprise establishing normative commitments and a framework for numerous private transactions, rather than as an analogue to a market transaction. It explains how neoclassical law and economics sparked decades of deregulation culminating in the 2008 financial collapse. It then shows how economic dynamic theory helps scholars and policymakers make wise choices about how to avoid future catastrophes while keeping open a robust set of economic opportunities, with individual chapters addressing the law and economics of financial regulation, contract, property, intellectual property, antitrust, national security and climate disruption.

• Offers a new approach to law and economics that emphasizes systemic risk and change over time rather than efficiency

• Applies this new approach to contract, property, intellectual property, antitrust, national security and climate disruption law

• Provides a systematic method of analyzing law's effects

Preface	ix
1 An Introduction to the Economic Dynamics of Law	1
Part One
2 Neoclassical Law and Economics	19
3 The Economic Collapse of 2008	36
4 The Economic Dynamic Theory	50
5 Financial Regulation	79
Part Two
6 Contract Law's Inefficiency	99
7 Property Law: A Macroeconomic View	121
8 Intellectual Property: Economic Dynamic Scholarship and Neoclassical Legal Change	137
9 Size Matters: Antitrust, Empowerment, and Systemic Risk	156
10 On the Dangers of Ignoring the Economic Dynamics of National Security	181
11 Climate Disruption: An Economic Dynamic Approach	203
12 Conclusion: On Economic Dynamics’ Value and Limits	223
Index	235