Institutional Law and Economics: The Legal-Economic Nexus

 Our book is out, and we are more than ready to share it!  After much patience, hard work, and delays on our part (and along the supply chain),  The Legal Foundations of Micro-Institutional Performance: A Heterodox Law & Economics Approach is in print and ready for use in advanced undergraduate law and econ classes, heterodox graduate level classes, and by practitioners conducting impact analysis. I encourage anyone interested to click through the hyperlinked text to view the introduction on Elgar's website-- simply click the cover of the book and the front matter will appear. We anticipate numerous reviews in institutional and law and econ journals in the coming months, and are grateful for any and all feedback directed our way. It's our hope that this framework doesn't stop developing here, but rather continues growing like Al Schmid's Situation-Structure-Performance model upon which the Legal-Economic Performance Framework is loosely based, or the application of ...

Last week, Eric wrote about George Will's thoughts on capitalism and the spontaneous order . I haven't yet read the book,   The Conservative Sensibility (2019) but being from the rural Midwest, I'm pretty familiar  with the conservative heart of his work. Check out Eric's post for a brief  run-down. What's most interesting to me in these kinds of arguments about capitalism and social order is that there are often two distinct kinds of discourse occurring:  we have the defense of some idea or view of how the world ought to be, and we have discussion of how the world currently is, and how we might address issues in it (Will engages in both at times, the former more so in his book, the latter in his columns). What we rarely get in either type of discourse is a clear, detailed definition of the role of government.   There is plenty of opposition to the "centrally planned economy" on the basis of the work of Hayek (the  knowledge problem ) and Ludwig ...