IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

The Market: What Lies Beneath

Listed author(s):
  • Mercuro Nicholas

    (Michigan State University)

Registered author(s):

    The chapter sets forth a conceptual model of a comparative institutional approach to law and economics that can help make the meaningful alternatives known to society. The driving force behind such an approach is the need to come to grips with the interrelations between legal and economic processes. Consistent with the thrust of old and new institutional economics, institutional structure cannot merely be assumed away or taken as given; rather, institutions must be the subject of study involving a comparison of the effects of institutional alternatives on our environment, natural resources, and use of land. The chapter includes a discussion of the i) constitutional, ii) institutional, and iii) economic-impact stages of choice, focusing on four different means of social control (together with their respective property rights regimes) that serve to allocate societys scarce resources, namely the market sector (private property rights), the public sector (status rights), the communal sector (communal rights), and the openaccess resource sector (no property rights). Environmental, natural resource, and land-use examples are included in the analysis of each stage of choice in exploring the consequences of fashioning remedies within the market sector, the public sector, the communal sector, or leaving resources in the open-access resource sector. It presents a perspective that avoids the rhetorical policy stance of government versus the market by showing that economic performance is driven by i) law, ii) technology and iii) social norms. In this, the state stands as an essential complement to the market sector, the public sector, and the communal sector and not a substitute for them; each exists through the active role of government not by government forbearance.Ce chapitre présente un modèle conceptuel dune approche institutionnelle comparative en analyse économique du droit, aidant à faire connaître dautres alternatives à la société. Cette approche permettra dapprofondir, les interrelations entre les processus économiques et juridiques. Selon les principes de lancienne et de la nouvelle économie institutionnelle, la structure des institutions ne peut pas être supposée donnée ou absente de lanalyse. Plutôt, les institutions doivent être lobjet détude, et lon doit sattacher à comparer les effets des différentes alternatives sur lenvironnement, les ressources naturelles et lutilisation de la terre. Ce chapitre contient une discussion des étapes de choix constitutionnels, institutionnels et des impacts économiques. Il se concentre sur quatre moyens différents de contrôle social (en liaison avec leur régime respectif de droit de propriété), qui servent à allouer des ressources rares de la société, notamment le marché (droit de propriété privé), le secteur public (droit légiféré), le secteur de communautés (droit des communautés), le secteur des ressources daccès libre (absence de droit de propriété). Les exemples environnementaux, ceux des ressources naturelles, et de lutilisation des terres sont considérés dans lanalyse de chacune des étapes de choix, en analysant les conséquences de la confection de remèdes au sein respectivement, du secteur de marché, du secteur public, du secteur des communautés, ou lorsque lon laisse libre les ressources du secteur daccès libre. Il fournit une perspective qui évite les positions rhétoriques de politiques Etat versus marché en montrant que la performance économique est liée au droit, à la technologie et aux normes sociales. Dans cette perspective, lEtat est considéré comme un complément essentiel du marché, du secteur public, du secteur communal et non comme un substitut; chacun de ces secteurs existe à travers le rôle actif de lEtat.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: For access to full text, subscription to the journal or payment for the individual article is required.

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Article provided by De Gruyter in its journal Journal des Economistes et des Etudes Humaines.

    Volume (Year): 14 (2004)
    Issue (Month): 2 (December)
    Pages: 1-17

    in new window

    Handle: RePEc:bpj:jeehcn:v:14:y:2004:i:2:n:2
    Contact details of provider: Web page:

    Order Information: Web:

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:bpj:jeehcn:v:14:y:2004:i:2:n:2. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Golla)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.