Rule of Law Economics: The Cost of Guarantors Services and Enforcement Errors
The article shows the importance of respecting the Rule of Law for organization of economic exchanges in terms of the New Institutional Economics (NIE). A brief overview of traditions in the study of the Rule of Law as a phenomenon is presented, including the approach to the study of this principle within the NIE. The costs of rights guarantying and redress as well as types I and II errors regarding rules enforcement are demonstrated. The illustration of types I and II errors problems within the context of the Rule of Law principle implementation in the area of Russian antimonopoly legislation is proposed.
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