The publication of Guido Calabresi’s book “The Future of Law and Economics” has drawn a substantial amount of attention among law and economics scholars. We thought that the best way to devote special attention to this book was to devote a Special issue to it. This article situates Calabresi’s book among other reflections on the future of the discipline, introduces and explains the reasons behind this Special issue and discuss the organization and content of it. -/- We emphasize (...) how Calabresi’s historical-conceptual standpoint allows him to isolate the stakes of different future developments around the question of how could further appreciation of legal institutions that defy the standard economic assumptions help the field develop theoretically. Overall, the contributors all shared Calabresi’s attempt to restore the balance between Law and Economics and the need to better account for the “whole unanalysed experience of human race”, often neglected by the Economic Analysis of Law approach. Most disagreements are about the ‘how’. In any case, the search for the Law and Economics ‘not (yet) taken’ or for other “Law and … ” approaches is always open to the Future. (shrink)

This chapter briefly reviews the present state of judgment aggregation theory and tentatively suggests a future direction for that theory. In the review, we start by emphasizing the difference between the doctrinal paradox and the discursive dilemma, two idealized examples which classically serve to motivate the theory, and then proceed to reconstruct it as a brand of logical theory, unlike in some other interpretations, using a single impossibility theorem as a key to its technical development. In the prospective part, having (...) mentioned existing applications to social choice theory and computer science, which we do not discuss here, we consider a potential application to law and economics. This would be based on a deeper exploration of the doctrinal paradox and its relevance to the functioning of collegiate courts. On this topic, legal theorists have provided empirical observations and theoretical hints that judgment aggregation theorists would be in a position to clarify and further elaborate. As a general message, the chapter means to suggest that the future of judgment aggregation theory lies with its applications rather than its internal theoretical development. (shrink)

Current challenges in medical practice, research, and administration demand physicians who are familiar with bioethics, health law, and health economics. Curriculum directors at American Association of Medical Colleges-affiliated medical schools were sent confidential surveys requesting the number of required hours of the above subjects and the years in which they were taught, as well as instructor names. The number of relevant publications since 1990 for each named instructor was assessed by a PubMed search.In sum, teaching in all three subjects (...) combined comprises less than two percent of the total hours in the American medical curriculum, and most instructors have not recently published articles in the fields they teach. This suggests that medical schools should reevaluate their curricula and instructors in bioethics, health law, and health economics. (shrink)

In this paper I argue that differences between the ‘new moral science’ of the seventeenth century and scholastic natural law theory originated primarily from the skeptical challenge the former had to face. Pufendorf’s project of a scientia practica universalis is the paramount expression of an anti-skeptical moral science, a ‘science’ that is both explanatory and normative, but also anti-dogmatic insofar as it tries to base its laws on those basic phenomena of human life which, supposedly, are immune to skeptical doubt. (...) The main scholastic legacy to the new moral science is the dichotomy between an ‘intellectualist’ and a ‘voluntarist’ view of natural law (or between lex immanens and lex imposita). Voluntarism lies at the basis of both theological views, such as Calvinism, and political views, such as those of Hobbes and Locke. The need to counterbalance the undesirable implications of extreme voluntarism may account for much of the developments in ethics and politics during the seventeenth and eighteenth centuries.Scottish natural jurisprudence, which tried to find a middle way between skepticism and extreme voluntarism, is less secular and more empirical than received wisdom admits. There emerged, as one of its ‘accidental’ outcomes, a systematic, self-contained and empirical economic theory from the search for an empirically based normative theory of social life. The basic assumption of such a theory, namely, the notion of societal laws as embedded in trans-individual mechanisms, derives from the voluntarist view of natural law as ‘imposed’ law.Later discussions of social issues in terms of ‘economic’ and ‘ethical’ reasons originated partly from a misreading ofthe Scottish natural jurisprudential framework of economic theory. Starting with this reconstruction, I try to shed some light on recent discussions about the role of ethics in economics. (shrink)

It started and ended in Chile! This might be the introductory sentence to an economic history of our times. After the 1973 military coup the “Chicago Boys”, a group of Chilean economists educated by Milton Friedman at University of Chicago, took control of Pinochet’s economic policy. A type of policy which later on entered government offices in the UK and the US together with Margaret Thatcher and Ronald Reagan. Today protesters on the streets of Santiago seeks to tear down the (...) core pillars of the paradigm installed by the Chicago boys. Looking at broader developments, the essential driver of change over the past four decades have however not been an economic one but rather a legal one. Or rather the essential change has been the economics discipline acting as an invasive species entering into the realm of law though the law and economics paradigm. (shrink)

Building on the system of reason provided for by the Greek philosopher and specifically Aristotle, St. Thomas Aquinas built a comprehensive system and theory of natural law which has lasted through the ages. The theory was further developed in the Middle Ages and in the Enlightenment Ages by many a prominent philosopher and economist and has been recognized in the Modern Age. The natural law-theory and system has been repeatedly applied to the spheres of economic thought and has produced many (...) lasting contributions such as private property rights and individual rights. In recent times with the collapses of the financial system and rapid globalization, there has been a renewed interest in the application of natural law theory to economics to counter a certain anthropology and distortion of values created by a modern economic system of selfpreservation deriving its insights from the philosophies of Thomas Hobbes and Niccolo Machiavelli. (shrink)

This paper points to some limitations of law and economics as both an explanative and a normative theory. In explaining law as the result of efficiency promoting decisions, law and economics theorists often dismiss the reasons actors in the legal system give for their behavior. Recognizing that sometimes actors may be unaware of why institutions evolve as they do, I argue that the case for dismissing reasons for action is weaker when those reasons make reference to rules of (...) practices that constitute the meaning of actions within those practices, or when they have otherwise been given well-considered defenses. In criticizing law and economics as a normative theory, I acknowledge that economic considerations are often important in deciding how to act in the personal sphere and how government should allocate its scarce resources. I argue that while the use of institutions to promote our ideals forces us to take their costs into account, it is a mistake to infer from this that the question of determining social policy is a purely economic problem, and that we should acknowledge the non-utilitarian moral ideals our law and practices promote. This is the basis of both an internal criticism--law and economics theorists have not sufficiently evaluated and weighed the value of fairness and other ideals in their utility calculations--and an external criticism-- these ideals are important in ways that can not be measured in utiles. (shrink)

This study constitutes an ethical analysis through the lens of distributive justice in the case of the Troubled Asset Relief Program (TARP), which was enacted in the midst of the Great Recession of 2007–2009. It begins by engaging with the visions of justice constructed by John Rawls and Robert Nozick, using their insights to locate the injustices of TARP according to their moral imaginations. However, this study argues that Rawls’ and Nozick’s theories of justice primarily envision the nature of law (...) as being restrictive of vice, not as instructors of virtue. Thus, it resources the legal philosophy of St. Thomas Aquinas to demonstrate how the positive pedagogy of law can enable a more just construction of economic rescue legislation, one that not only prevents future repetitions of economic vices and injustice, but is also formative for a society that prizes economic justice and virtues. In doing so, the study proposes two criteria for a more just consideration of economic rescue legislation that embraces law’s positive pedagogy. (shrink)

Purpose: Illicit financial flows are targeted by the United Nations’ (UN) Sustainable Development Goals (SDGs). However, these illicit flows are not entirely understood. Furthermore, they can benefit from economic norms, laws, and regulations that lack mechanisms to detect and penalize them. This paper investigates whether a recent test, the embezzler test, can be used to identify regulatory architectures that facilitate illicit financial flows and related financial crimes. -/- Design/methodology/approach: To develop a more advanced version of the embezzler test in terms (...) of definitions and practical implementation methodology. -/- Findings: In this test, the definition of embezzlement can be understood to be the occurrence of illicit financial flows crossing the boundaries of organizations and/or countries. This is a multi-stage test, which intentionally simulates illicit financial flows to observe how well equipped is the regulatory architecture to deal with other financial offences that are related with these flows, such as theft, money laundering, fraud, corruption, market manipulation, and tax evasion. -/- Originality: This is the first explicit test that has been presented to identify norms, laws, and regulations that facilitate illicit financial flows and related financial crimes. -/- Research implications: Future research can employ the version of this test to stress test a large range of economic norms, laws, and regulations. -/- Practical/Social implications: This test’s new version can assist achieve the UN SDGs’ illicit financial flow reduction target. Furthermore, it can be used to study both existing and proposed norms, laws, and regulation. (shrink)

This article outlines a new approach to the law of political economy as a form of transformative law, a new approach that combines a focus on the function of law with a concept of law encapsulating the triangular dialectics between the form-giving prestation of law, the material substance the law is oriented against, and the transcendence of legal forms—that is, the rendering of compatibility between forms. Transformative law thereby serves as an alternative to both law and economics and recently (...) emerging culturalist and neo-Marxist approaches. The timing of this publication is not coincidental. The era of neoliberalism—that is, of structural liberalism, which started in the 1970s and experienced its breakthrough in the 1980s and 1990s after the collapse of structural Marxism—is ending. This makes the question of what will succeed the neoliberal episteme pertinent. (shrink)

In this monograph, the authors summarized and supplemented the results of many scientific justifications and developments. Considerable attention is paid to the study of accounting and taxation issues in the context of modern management concepts and risks of martial law in Ukraine.

Legal awareness among women for their rights is an important issue these days. A girl child is least welcome although in India women were respected from the early ages. Even though there are growing instances of girls excelling in education, tradition, custom, and social practices place greater value on sons than on daughters, who are often viewed as an economic burden. This attitude of the society also stands in the way of the girl child being able to achieve her full (...) potential. A recent report on the girl child makes the following observations: “Girls are the world's most squandered gift. They are precious human beings with enormous potential, but across the world, they are generally the last to have their basic needs met and first to have their basic rights denied (NIOL, 2014). (shrink)

In this article, responding to assertions that the principle of double effect has no place in legal analysis, I explore the overlap between double effect and negligence analysis. In both, questions of culpability arise in situations where a person acts with no intent to cause harm but where reasonable foreseeability of unintended harm exists. Under both analyses, the determination of whether such conduct is permissible involves a reasonability test that balances that foreseeable harm against the good intended by the actor's (...) conduct. In both, absent a finding that the foreseeable harm is unreasonable in light of that intended good, no liability will be imposed upon the actor. Even conceding, however, such general similarity between double effect and negligence analysis - disagreement over the proper interpretation of the reasonability criterion at play in negligence poses an additional challenge for the attempt to correlate negligence with double effect. Economic efficiency interpretations of negligence, for example, purportedly based on the Learned Hand Formula and the RESTATEMENT (SECOND) OF THE LAW OF TORTS, propose that culpability depends upon a utilitarian balancing of good effects of conduct (utility) versus its harmful foreseeable consequences (magnitude of risk of injury). Based on such an interpretation of negligence, however, contrasts between actors' states of mind, and normative differences between kinds of goods and harms, ultimately fade into the background and become irrelevant as essential conditions for properly assessing liability. This article elaborates and defends the view that double effect analysis lies at the heart of negligence theory. Part I elucidates in more detail the principle of double effect and describes its prima facie operation in negligence analysis. Part II considers and rejects the economic efficiency interpretation that has been offered as a theory of negligence, overcoming the challenge that such an interpretation presents for the effort to locate double effect analysis in the law. Part III illustrates and confirms the overlap between double effect and negligence by consideration of a series of case applications. The Article proposes that the weighing of conflicting values in double effect analysis and negligence is not achieved - as proposed by law and economics theory with respect to negligence - by imposing a consequentialist-utilitarian reduction of all value to a single concept of good and eliminating the relevance of traditional state of mind distinctions between intention and foreseeability. Instead, each mode of analysis recognizes that distinct culpability determinations flow naturally and plausibly from an appreciation of the traditional legal distinctions made between various types of goods and harms, and upon whether such goods and harms come about as result of an actor's intention or mere foreseeability. Keywords: Double effect, negligence, intention, foreseeability, choice, law and economics, utilitarianism, consequentialism, weighing of values. (shrink)

The aim of the article. The aim of the article is to identify the components of social and economic systems life cycle. To achieve this aim, the article describes the traits and characteristics of the system, determines the features of social and economic systems functioning and is applied a systematic approach in the study of their life cycle. The results of the analysis. It is determined that the development of social and economic systems has signs of cyclicity and is explained (...) methodologically by the axiomatics, rules and laws. Understanding of circular patterns has been formed long ago and now is recorded by scientists monitoring the properties of natural and artificial environment of human activity. During the study, it was found out that in scientific literature there is no unified description of the life cycle elements of social and economic systems at personal, micro, meso, macro and global levels. The paper investigates the cyclical patterns in multilevel social and economic systems for a human, employee, family, product, company, city, industry, elite, macroeconomic indicators, humanity, global processes, global economic system and the Universe. It is noted that at grass-roots administrative levels of the global environment of a human life activity system, a thesis about the cyclicity of development and the stages of the life cycle is considered by a wide circle of scientists and is doubtless. On hierarchically higher management levels of the global environment of human activity system, the scientists noticed the similar patterns of the cyclical nature. Problematic and discussion questions about cyclic development of social and economic systems are identified: the uncertainty of the driving force source of repeated changes; the vague distinction between systemic (internal) and off-system (external) influence on development; the lack of a unified description of development nature at different managerial levels; the use of different descriptive terms for the same constituent elements of repeated changes (period, stage, phase, wave, cycle); the uncertainty of the number of repeated changes constituent elements; the absence of an identification mechanism of the exact time of changes in the constituent elements of repeated changes; the surface description of out-of-system period of the subjects activity («before-system» period of creation and «after-system» period of liquidation); attaching more importance to primary and less importance to ultimate component elements of the repeated changes; the lack of reliable mechanism for predicting and forecasting the dynamics of constituent components of repeated changes. It is noted that all social and economic systems are developed within repeated changes and they have the same attributes of cyclicity: the fluctuation of indicators is marked that characterize the condition of the subject; the presence of system (from creation to liquidation) and out-of-system (creation – «design» and liquidation – «disposal») periods are noted; the subjects are created by the actions of other subjects (that is, subjects do not arise «out of nowhere», but are the result of actions of other subjects – «constructors»); after cessation of subjects functioning, their resources are used by other subjects (that is, the subjects do not disappear «nowhere», and they are transformed into the resources of other subjects – «recovery»); a unidirectional life cycle from «birth» to «death» is observed in the subjects; the subjects do not have to undergo the whole life cycle (each time might be the last); the subjects display similar changes of the indicators during their activity; ascending, peak and descending fluctuations of indicators are observed in the subjects; minor fluctuations occur in the constituent elements; the subjects have individual nature of indicator fluctuations and duration of activity. Conclusions and directions of further researches. The scientific novelty of the study is identification structure of life cycle of social and economic system with definitions of: common («before-system state», «growth», «stabilization», «reduction», «after-system state») and specific («creation», «slow growth», «rapid growth», «growth stabilization», «short stabilization», «rapid reduction», «slow reduction», «liquidation») constituent elements of repeated changes; marginal borders of indicators; dynamics of constituent elements of life cycle; key points of changing nature of the indicators dynamics. Identification of the life cycle of social and economic systems characterizes potentially possible limits of their activity in time and provides the possibility of further research of aspects of the cyclical development for methodological basis formation and the development of applied measures of systemic development in the areas of marketing and management innovations. (shrink)

Legal theorists seek to persuade other jurists of certain theories: Textualism or purposivism; formalism or realism; natural law theory or positivism; prison reform or abolition; universal or particular human rights? Despite voluminous literature about these debates, tremendous uncertainty remains about which views experts endorse. This Article presents the first-ever empirical study of American law professors about legal theory questions. A novel dataset of over six hundred law professors reveals expert consensus and dissensus about dozens of longstanding legal theory debates. -/- (...) Law professors also debate questions about the nature of the legal academy. Descriptively, which subjects (e.g. constitutional law) and methods (e.g. law & economics) are most central within the legal academy today? And prescriptively, should today’s legal academy prioritize additional areas (e.g. legislation) or methods (e.g. critical race theory)? There is great interest in these questions but no empirical dataset of experts’ views; this results in uncertainty about which views experts endorse. This Article’s empirical study also clarifies these questions, documenting law professors’ evaluation of over one-hundred areas of law. -/- The legal theory and legal academy findings support implications for legal scholarship, education, and practice. Clearly, debates about law and the legal academy’s evolution should not be settled by a survey. Nevertheless, insofar as law professors are experts about these issues, it is instructive to discover and carefully examine what views those experts hold, so as to help determine which views are most likely to be true and how the legal academy ought to develop. (shrink)

In this work, touched on some social issues whatever the result, and a raising awareness was aimed by some new technological upgrades for the vital infrastructures of states, social order and economic plans. The main aim is one world order which has no king and accepts nations as local governance as a requirement of hierarchical order. It is completely based on economic benefits of all nations as there is no alternative to establish a healthy economic order as economic management is (...) directly related with laws. As the important is a law exists or not, or is just or not for justice, also it encourages to develop organic laws in state institutions as it recognizes any state institution as autonomous. No state has this constitution. This work is only an offer. (shrink)

The debate between natural law and positivist law has been received much attention. Ronald Dworkin exposes the limitation of positivist law through the argument of hard cases. This argument is furthered strengthened when we apply the interpretation of Martin Luther King Jr and the voluntarist natural law tradition, and Lon Fuller’s ‘procedural view’ and the application of the ‘principles of legality’.

As a response to the COVID-19 crisis, governments have turned to various discretionary measures such as cash transfers to consumers and businesses with mixed results. Universal Basic Income (UBI) is back on the agenda as well. One of the main advantages of UBI, as scholars like F.A. Hayek, Milton Friedman, and James M. Buchanan have argued, is that it does not depend upon competent and benevolent government discretion—which is often in short supply—but upon pre-established rules. This paper argues that the (...) UBI scheme holds tentative promise from the point of view of improving the institutional crisis preparedness of a complex socioeconomic order. The pre-established rules of UBI buttress the rule of law framework that improves the ability of economic agents to spontaneously coordinate their actions in times of crisis characterized by radical uncertainty, disequilibrium shocks, and institutional instability. Furthermore, UBI combines the distribution of fungible resources with the delegation of independent decision-making power to millions of crisis-struck individuals and communities. Compared to discretionary tax-and-transfer schemes, the rules of UBI therefore appear more compatible with the polycentric discovery of novel solutions from the bottom-up. In times of crisis, UBI may be relied upon as one cornerstone of what I shall call the permanent crisis management framework. Having such a permanent scheme may minimize - although it does not altogether eliminate - the need for discretionary transfers, targeted intervention, and technocratic management in times of crisis. However, this theoretical model of UBI as a facilitator of polycentric crisis preparedness faces several practical challenges that need to be addressed in further research. (shrink)

The regulation of the interfaces of private and public interests is a central and recurrent issue of modern law. The centrality of the distinction and the manifold conceptual and practical problems associated with it has moreover been exacerbated over the past fifty years through the dominance of the twin-episteme of law constituted by law and economics and human rights law. Against this background, an alternative approach to and concept of law, transformative law, is briefly introduced. An approach which implies (...) replacing the notions of private and public interests with the concepts of legally constituted public power and societal power. In order to analyse the potential and limits of transformative law, five legal phenomena, central to the other contributions to this special issue, are analysed: public interest litigation; legal mobilisation in the preliminary ruling procedure; bankruptcy proceedings; third-party litigation and the Meta Oversight Board. (shrink)

This introduction explains the reasons behind this Special issue and discuss the organization and content of it. The difficulty of a genuine dialogue and understanding between economics, law and humanities, seems to be due not only to the fragmentation of reflections on man, but to a real ‘conflict of anthropologies’. What kind of conceptions of man and human values are presupposed by and / or privileged by economics, law, economic approaches to law and social sciences? How and when (...) do these conceptions come into conflict within and between disciplines? How do these conceptions of man and his values influence the conceptions of economics, law and institutions, and vice versa, how do these last conceptions influence the former? What are the normative, regulatory and practical implications of assuming an anthropological and / or axiological perspective instead of another? This Special issue aims at exploring the possibility of finding a common ground for discussion between economics, law and humanities, through the analysis and comparison of both the conceptions of man, human action and values assumed by economics, law and humanities, and their normative implications. The contributions to this Special issue and its organization are outlined at the end of this introduction. (shrink)

On September 7, 2008 the executive administration of American President George W. Bush announced that his government would take over the giant mortgage finance companies Fannie Mae and Freddie Mac, costing the citizens $200 billion. One week later, the 160 year-old American investment bank Lehman Brothers filed for the largest bankruptcy in U.S. history. What would soon be known worldwide as “the financial crisis” had begun. In response to that crisis, less than a month later, on October 3, 2008, the (...) United States Congress passed the Emergency Economic Stabilization Act of 2008, which established the Troubled Asset Relief Program and authorized the use of $700 billion in taxpayer funds to bail out the banking and finance industry. As a result, the U.S. Treasury reports that the total bailout gave Bank of America $45 billion, Citigroup Bank $45 billion, AIG Bank $40 billion, J. P Morgan $25 billion, Wells Fargo $25 billion, General Motors $10.4 billion, Goldman Sachs $10 billion, Morgan Stanley $10 billion, GMAC $5 billion, and Chrysler corporation, a mere $4 billion. This response to a perceived crisis was not limited to the United States. On October 12, 2008—in one day alone—the United Kingdom coughed up the equivalent of €679 billion in bank relief. And in Germany, Der Spiegel reported on December 23, 2008 “The German government whipped its €480 billion bank bailout package through parliament in record time.". (shrink)

This article examines the principle of wealth maximization, as developed by Richard Posner, seeking to dispel misunderstandings, address criticisms, and contextualize its role in legal and political philosophy. The paper first delineates the distinction between the concepts of experienced utility and decision utility, elucidating how the latter is fundamental to the principle of wealth maximization. Next, the authors engage with criticisms of wealth maximization, including issues relating to basic needs, individual rights, and distributive justice. The paper contends that these aspects (...) of ‘justice’ can be understood as emergent properties of efficiency. The article then presents affirmative arguments for wealth maximization by connecting it to social contract theory and demonstrating its consistency with the tenets of liberal democracy. By analyzing the concept from both Hobbesian and Rawlsian perspectives, the paper illustrates the merits of the wealth maximization principle in relation to social contract theory. In conclusion, the article argues that wealth maximization serves as a robust and justifiable framework for legal and philosophical analysis, ultimately offering a better fit with the principles of liberal democracy than competing normative theories. (shrink)

I will argue here that Einaudi's thought reveals an awareness that the question of freedom has to do with two inter-related problems: the relation of individuals or communities with their respective limits and the question of going beyond these limits. Limits are to be understood here in the meaning of the foundation or conditions of possibility both of institutions (economic, political and juridical) and of thought and human action.

Social scientists have paid insufficient attention to the role of law in constituting the economic institutions of capitalism. Part of this neglect emanates from inadequate conceptions of the nature of law itself. Spontaneous conceptions of law and property rights that downplay the role of the state are criticized here, because they typically assume relatively small numbers of agents and underplay the complexity and uncertainty in developed capitalist systems. In developed capitalist economies, law is sustained through interaction between private agents, courts (...) and the legislative apparatus. Law is also a key institution for overcoming contracting uncertainties. It is furthermore a part of the power structure of society, and a major means by which power is exercised. This argument is illustrated by considering institutions such as property and the firm. Complex systems of law have played a crucial role in capitalist development and are also vital for developing economies. (shrink)

This work describes a seminal framework of law by one of the founders of the field of law and economics, Judge Guido Calabresi. It broadens what is known as the framework of law among legal scholars, and posits a calabresi theorem which is developed and explained, in part, in comparison to the coase theorem. The framework provides policymakers a tool for creating balanced policies.

Economic sanctions are envisaged as a sort of punishment, based on what should be an institutional decision not unlike a court ruling. Hence, the conditions for their lifting should be clearly stated and once those are met sanctions should be lifted. But this is generally not what happens, and perhaps is precluded by the very nature of international sanctioning. Sanctions clearly have political, economic, military and strategic consequences, but the question raised here is whether sanctions can also have moral justification. (...) Illustrated by the example of international sanctions against Yugoslavia, the authors show how the process of escalating demands on a target country, inherent to the very process of sanctioning, can lead ultimately even to overt aggression. As a result of this logic of escalation, economic sanctions cannot be articulated properly in any law-like system. Economic sanctions have much more in common with war than legal punishment, and in fact represent a form of siege. As such, they cannot be ended simply on the basis of their initial rationale, for the very process of sanctions implementation opens up possibilities for setting new goals and a continuous redefinition of the goal that sanctions are seen to have. (shrink)

The paper is a comparative study of the methodologies of Malthus and Ricardo. Its claims are: (i) economic laws almost always admit of exceptions for Malthus; for Ricardo even contingent predictions allow no exception apart from random temporary variations; (ii) both rely on the prestigious Newtonian paradigm, while interpreting it according to two distinct methodological traditions (the one deriving from MacLaurin, the other from Priestley); (iii) the choice of stressing what happens during intervals or in permanent states leads to opposing (...) definitions of the main problem of economic science in so far as equilibrium is always already given for Ricardo and is never given for Malthus; (iv) their use of the ambiguous notion of "tendency" leaves unclear for both the degree of predictive power with which theories are endowed; (v) what both share is the idea of a natural order and this idea is the source of both shortcomings and endless disagreement. -/- . (shrink)

This paper intends to articulate the jurisdictional issue of the Court of International Trade(CIT), particularly dealing with a legal dispute of the Anti-dumping law. While the international trade grows to be marshaled by a new institutional arrangement of WTO dispute settlement system, the role of CIT correspondingly plays a great deal of effect on this area of laws. It is considered that both arbitrating institutions have to drive a reasonable rule over the trade issues. This is particularly so in various (...) viewpoints. The law of USA has influenced significantly over WTO, and its take is fairly greater than other WTO members in economic terms. Under this background, I attempt to probe an attitude of CIT in dealing with jurisdictional issues including the extent of judicial activism and theoretical ground for resolving those issues while providing a comparative articulation to the general doctrine of administrative law. I also point out the significance as well as characteristics of jurisdictional issue in terms of the U. S. legal system, which, I hope, can provide a little guidance to the current Korean jurisprudence. Lastly, I stress the need for judicial reform within Korea as well as more affluent provision of legal counselling, which I think vital to accommodate a rapid development of trade environment. (shrink)

This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifi cally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfi lms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this (...) publication does not imply, even in the absence of a specifi c statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. (shrink)

Leuridan (2011) questions whether mechanisms can really replace laws at the heart of our thinking about science. In doing so, he enters a long-standing discussion about the relationship between the mech-anistic structures evident in the theories of contemporary biology and the laws of nature privileged especially in traditional empiricist traditions of the philosophy of science (see e.g. Wimsatt 1974; Bechtel and Abrahamsen 2005; Bogen 2005; Darden 2006; Glennan 1996; MDC 2000; Schaffner 1993; Tabery 2003; Weber 2005). In our view, Leuridan (...) misconstrues this discussion. His weak positive claim that mechanistic sciences appeal to generalizations is true but uninteresting. His stronger claim, that all causal claims require laws, is unsupported by his arguments. Though we proceed by criticizing Leuridan’s arguments, our greater purpose is to embellish his arguments in order to show how thinking about mechanisms enriches and transforms old philosophical debates about laws in biology and provides new insights into how generalizations afford prediction, explanation and control. (shrink)

ChatGPT – a large language model – recently passed the U.S. bar exam. The startling rise and power of generative artificial intelligence (AI) systems such as ChatGPT lead us to consider whether and how more specialized systems could be used to overcome existing barriers to the legal system. Such systems could be employed in either of the two major stages of the pursuit of justice: preliminary information gathering and formal engagement with the state’s legal institutions and professionals. We focus on (...) the former and argue that developing and deploying publicly funded AI legal advisors can reduce economic and shame-based cultural barriers to the information-gathering stage of pursuing justice. (shrink)

Laws of nature seem to take two forms. Fundamental physics discovers laws that hold without exception, ‘strict laws’, as they are sometimes called; even if some laws of fundamental physics are irreducibly probabilistic, the probabilistic relation is thought not to waver. In the nonfundamental, or special, sciences, matters differ. Laws of such sciences as psychology and economics hold only ceteris paribus – that is, when other things are equal. Sometimes events accord with these ceteris paribus laws (c.p. laws, hereafter), (...) but sometimes the laws are not manifest, as if they have somehow been placed in abeyance: the regular relation indicative of natural law can fail in circumstances where an analogous outcome would effectively refute the assertion of strict law. Many authors have questioned the supposed distinction between strict laws and c.p. laws. The brief against it comprises various considerations: from the complaint that c.p. clauses are void of meaning to the claim that, although understood well enough, they should appear in all law-statements. These two concerns, among others, are addressed in due course, but first, I venture a positive proposal. I contend that there is an important contrast between strict laws and c.p. laws, one that rests on an independent distinction between combinatorial and noncombinatorial nomic principles.2 Instantiations of certain properties, e.g., mass and charge, nomically produce individual forces, or more generally, causal influences,3 in accordance with noncombinatorial.. (shrink)

Many business transactions and employment contracts are wrongfully exploitative despite being consensual and beneficial to both parties, compared with a nontransaction baseline. This form of exploitation can present governments with a dilemma. Legally permitting exploitation may send the message that the public condones it. In some economic conditions, coercively enforced antiexploitation law may harm the people it is intended to help. Under these conditions, a way out of the dilemma is to enact laws with provisions that lack coercive enforcement. Noncoercive (...) law would convey the state’s condemnation of wrongful exploitation without risking the harmful effects of coercively enforced law. It would also give firms and their agents a way of explaining nonexploitative pricing decisions to investors, and it may help give precise content to the moral duty to set prices and wages fairly. Governments should thus consider noncoercive law a viable component of their responses to exploitation. (shrink)

The law of political economy is a contentious ideological field characterised by antagonistic relations between scholarly positions which tend to be either affirmative or critical of capitalism. Going beyond this schism, two particular features appear as central to the law of political economy: the first one is the way it epistemologically seeks to handle the distinction between holism and differentiation, i.e., the extent to which it sees society as a singular whole which is larger than its parts, or, rather, as (...) a mere collection of parts. Different types of legal and political economy scholarship have given different types of answers to this question. The second feature of the law of political economy is the way in which it conceives of the relation between hierarchical and spontaneous dimensions of society, i.e., between firms and the market, or between public institutions and public opinion. The two distinctions can, however, be overcome through a third-way, emphasising the strategic role of law in mediating between holism and differentiation and hierarchy and spontaneity. This is demonstrated through a historical re-construction of the evolution of corporatist, neo-corporatist, and governance-based institutional set-ups of political economy. (shrink)

Some sharing economy firms have adopted a strategy of “regulatory entrepreneurship,” openly violating regulations with the aim of rendering them dead letters. This article argues that in a democracy, regulatory entrepreneurship is a presumptively unethical business strategy. In all but the most corrupt political environments, businesses that seek to change their regulatory environment should do so through the democratic political process, and they should do so without using illegal business practices to build a political constituency. To show this, the article (...) defends a qualified moral obligation for businesspeople to obey the law even in societies that fall short of ideal democracy and that are rife with economic injustice. Owners and managers of successful businesses have strong moral reasons to obey laws concerning resource allocation. Such laws include not only property law, but also tax laws, environmental regulations, and other laws that regulate businesses in competitive markets. The moral reasons to obey such laws apply even to laws that business leaders think unfair or inefficient, provided that the laws in question have reasonable, good faith defenders. (shrink)

We first survey the Catholic social justice tradition, the foundation on which Caritas in Veritate builds. Then we discuss Benedict’s addition of love to the philosophical virtues (as applied to economics), and how radical a change that makes to an ethical perspective on economics. We emphasise the reality of the interpersonal aspects of present-day economic exchanges, using insights from two disciplines that have recognized that reality, human resources and marketing. Personal encounter really is a major factor in economic (...) exchanges in professional services, such as law and medicine. Finally, we examine the prospects for an economics of gratuitousness at a level higher than the individual, that is, for businesses devoted to social ends more than profit. -/- . (shrink)

We know that technological developments will affect economic development which will have an impact on the level of public consumption. Law Diminishing Marginal Utility cause boredom which will comprehensively reduce one's purchasing power and interest in the commodities on the market. Capitalism and its development always try to encourage people's consumption continuously to the maximum point. Hedonism and consumerism cause financial imbalances which are a real threat to our society today. Law Diminishing Marginal Utility and followed by the application of (...) Economic Materialism Asymmetry to reduce unnecessary or philosophically form a normative framework so as not to get trapped in a destructive hedonistic cycle. These measurements are not carried out quantitatively or in a stricter context, this is intended to make it easier for the public to apply theoretical concepts from analysis to create a balance of consumption which has implications for alleviating poverty. (shrink)

This book can be useful for college seniors or graduate students who have studied law to some extent. It also can inspire law professors, business people, Members of the National Assembly, administrative officials, in addition to all intellectuals who suffer from whipping or beating due to an incomprehensible legal structure and mandates relevant with their routine desk work. -/- Chapter 1 of this book examines the essence of existing constitution and international law theories directed to the nature of state power, (...) market and civil democracy in a rapidly developing international society in the age of globalization. Most of discussions had been expended to introduce and survey a new legal perception and its logic of reasoning as a law indebted to the concept of world law theory. Chapter 2 studies the core contents of international law according to the chapter on international law and international relations of the United States. It was spelled out to comply with the explanations and comments incorpated within the 4th edition of the Restatement of the United States. -/- Chapter 3 refers to the legal system characterized as a public law and concerning a regulatory measure over the world market by states. An idealistic class of citizens, who emerged for a capitalist hegemony, generally have a status of sovereign, which came into being as owed to their revolution. However, it is also true that the citizens as an individual or laity are required to obey the regulations of state in the market. The interstate commerce clause of the United States Constitution is generally viewed as being shunned with an intention that state governments' measures to regulate the market should not hinder the prosperity of US market at the federal level. WTO laws known to be the most important international trade law, in fact, have a structure similar to the interstate commerce clause of United States Constitution. In this point of view, scholars gave a name to WTO as the world economic constitutional system. In the same vein, WTO member countries should not hinder the prosperity of a single world market as if the Clause requires pursuing that of a single federal market. Chapter 4 summarizes the core of legal norms, which is purported to study the jurisprudence of global market in coverage of fundamental principles espousing the freedom of contract, laws of sales, contract, documentary letter of credit, basic rule on the agencies of civil law. Therefore, we will be exposed to the laws of United Nations convention on the sales contract (CISG), the United Nations contract law, popularly cllled Principles as well as short introductions for the agency laws and cases relating the civil dispute of documentary L/Cs. -/- I am unfeigned to confess that this book is neither thorough nor complete in terms of the craftsmanship of necessary exhaustiveness. So its contents may insufficiently cover issues or discussions as contrary to the author's purpose. However, I have exerted utmostly to include and cover as much as possible what I think is necessary for readers to grasp new theories and basic principles. I plan to add necessary revisions and supplements as opportunities arise. As a scholar, I always feel cautious and sorry about publishing books. However, the development of global market, civil democracy, and the universal legal system related to them is certainly Darwinistic and an evolutionary joy that can be duly sensed in the field of law. I dare to recommend that readers can enjoy. (shrink)

How should international law’s role in determining international distributive outcomes, economic and otherwise, affect how we think about its legitimate authority? Domestic institutions’ legitimate authority in respect of distribution derives in large part from their concurrent roles in enabling security and coordination. Internationally, by contrast, functional disaggregation means that distribution must be legitimised in its own right. I begin by distinguishing the phenomenon of Distributive International Law, on which my argument focuses. I next introduce a number of wide instrumental accounts (...) of legitimate authority, including Rawls’ Natural Duty account, Buchanan’s metacoordination view, and Williams’ political realism, showing how each understands legitimacy as an institution-level characteristic, allowing an institution’s success in one area to support its legitimacy in another where it may be less successful. This poses the question of how we distinguish amongst distinct institutions, which I answer by reference to the causal and constitutive (in)dependence amongst activities. This approach explains why distributive legitimacy does not arise as a separate question domestically: we cannot distinguish the state’s security and coordination activities from its distributive activities, so if the former are legitimate then so, ipso facto, are the latter. Internationally, by contrast, these mutual dependencies are limited, requiring that the legitimacy of distribution be established independently of other roles that international law plays. (shrink)

This paper shows that implicit assumptions about the numeraire good in the Kaldor-Hicks efficiency-equity analysis involve a "same-yardstick" fallacy (a fallacy pointed out by Paul Samuelson in another context). These results have negative implications for cost-benefit analysis, the wealth-maximization approach to law and economics, and other parts of applied welfare economics--as well as for the whole vision of economics based on the "production and distribution of social wealth.".

Notwithstanding International Economic Law’s (IEL’s) inevitable distributional effects, IEL scholarship has had limited engagement with theoretical work on global distributive justice and fairness. In part this reflects the failure of global justice theorists to derive principles that can be readily applied to the concrete problems of IEL. This article bridges this gap, drawing on existing coercion-based accounts of global justice in political theory to propose a novel account of global distributive justice that both resolves problems within the existing theoretical literature (...) and can be directly applied to both explain and critique concrete issues in IEL, including in particular WTO law. By complementing existing coercion-based accounts with a more nuanced typology of international coercion, it distinguishes two morally salient classes of economically relevant measures: External Trade Measures (ETMs), which pursue their goals specifically through the regulation of international economic activity; and Domestic Economic Measures (DEMs), which do not. The distinctive intentional relationship between ETMs and the outsiders they affect means such measures require more stringent justification, in terms of global equality or other goals those outsiders themselves share; whereas DEMs can be justified under the principle of self-determination. Non-Product Related Production Processes and Methods (NPRPPMs) provide a case study to show how this framework can illuminate recurring problems in IEL. (shrink)

A review of Katharina Pistor's *The Code of Capital: How the Law Creates Wealth and Inequality* (2019, Princeton University Press).

At the core of republican thought, on Philip Pettit’s account, lies the conception of freedom as non-domination, as opposed to freedom as noninterference in the liberal sense. I revisit the distinction between liberal and republican freedom and argue that republican freedom incorporates a particular rule-of-law requirement, whereas liberal freedom does not. Liberals may also endorse such a requirement, but not as part of their conception of freedom itself. I offer a formal analysis of this rule-of-law requirement and compare liberal and (...) republican freedom on its basis. While I agree with Pettit that republican freedom has broader implications than liberal freedom, I conclude that we face a trade-off between two dimensions of freedom (scope and robustness) and that it is harder for republicans to solve that trade-off than it is for liberals. Key Words: freedom • republicanism • liberalism • noninterference • non-domination • rule of law • robustness • liberal paradox. (shrink)

The legal progression in China is portrayed negatively by western scholars who often argue that the state institutions in China are subordinate to the control of Chinese Communist Party’s leadership which makes these institutions politically insignificant. We consider that the legal progression in China has an instrumental role in achieving “Harmonious Socialist Society.” The purpose of this thesis is to provide an analytical literature review of scholastic work to explain the legality of rule of law in China and to elaborate (...) the outcomes of China’s recent legal developments. This paper has two main subjects. First, it examines the nature of law and rule of law in China through the prism of different legal theories. Secondly, by arguing from different political theories, it explains the necessity of customized legal system in China for establishing a Harmonious Socialist Society. By giving different examples from contemporary China, this thesis argues that the legality of the rule of law in China ought to be understood in the context of China’s economic and social progression rather than the western legal scholarship. China’s economic progress demands a customized legal system. In our thesis, we claim that the regular upgradation of laws and introduction of constitutional amendments in China, should be recognized as important achievement which is required for the institutional innovation. Legal progression in China during last decade perfectly fit into the framework of “Socialism with Chinese Characteristics” and is very crucial for building a harmonious socialist society. It is vivid from China’s economic growth and developed international relations. Finally, this paper suggests that the Chinese legal progression can be taken as successful example of legal experimentalism. (shrink)

A review of Ch.M.A. Clark, Economic Theory and Natural Philosophy. The Search for the Natural Laws of the Economy. The key point of my critical appraisal is lack of univocal definition of nature, natural law and natural philosophy.

Reasoning by default is a relevant aspect of everyday life that has traditionally attracted the attention of many fields of research, from psychology to the philosophy of logic, from economics to artificial intelligence. Also in the field of law, default reasoning is widely used by lawyers, judges and other legal decision-makers. In this paper, a philosopher of language (Carlo Penco) and a philosopher of law (Damiano Canale) attempt to explore some uses of default reasoning that are scarcely considered by (...) legal theory. In particular, the dialogue dwells on the notion of literal meaning, witness testimony, and the problem of disagreement among experts in legal proceedings. The paper is intended as a sort of brain storming useful to identify new lines of research straddling philosophy of law, cognitive psychology and philosophy of language. (shrink)

The results of the authors’ research in a scientific monograph are devoted to solving the problems of forming and improving new concepts and strategies for managing economic systems, and mechanisms for their implementation in the context of modern world challenges to society on the basis of models of managing economic entities. An important component of the scientific monograph is the formation of modern strategies for increasing the competitiveness of economic systems, improving corporate structures, innovative restructuring of enterprises, ensuring environmental safety, (...) approaches to implementing a supply chain logistics management system, making effective decisions in the forecasting system, developing e-commerce, implementation of information technologies in project financing, controlling, education system, etc. The research results presented in the scientific monograph reflect the theoretical and practical aspects of the implementation of organizational-economic mechanisms for managing economic systems in the context of modern world challenges, conditions of constantly changing market conditions and instability of markets for goods and services, preservation and optimization of the resource potential of economic entities, the introduction of modern innovative technologies and digitalization of economic activities. (shrink)

The process of decision making is predictable and irrational according to Daniel Ariely and other economic behaviorists, historians, and philosophers such as Daniel Kahneman or Yuval Noah Harari. Decisions made anteriorly can be, but don’t have to be, present in the actions of a person. Stories and shared belief in myths, especially those that arise from a system of human norms and values and are based on a belief in a “supernatural” order (religion) are important. Because of this, mass cooperation (...) amongst strangers is possible. (shrink)

At this juncture, the relevance of the human right to science is undeniable. The right, for a long time, has been a subject matter of deliberation under Article 15 of the International Covenant on Economic, Social and Cultural Rights, 1966 (ICESCR). Most of these deliberations emphasised the need for a concise meaning and scope of the right to science. In the year 2020, the Committee on Economic, Social and Cultural Rights (CESCR) under the ICESCR made two interventions with the objective (...) of defining, advancing and mainstreaming the right to science. The two interventions include General Comment No. 25 on Science and Economic, Social and Cultural Rights, and the Statement on the Coronavirus Disease (COVID-19) Pandemic and Economic, Social and Cultural Rights. This paper concerns the above mentioned statements of the CESCR, in particular, the interpretations and standards being advanced by the Committee. (shrink)