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The Political Economy of Law

In: Handbook of Law and Economics

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  • McNollgast

Abstract

In the 1980s scholars began applying Positive Political Theory (PPT) to study public law. This chapter summarizes that body of research and its relationship to other schools of legal thought. Like Law and Economics, PPT of Law uses sequential game theory to examine how rules and procedures shape policy and evaluates these outcomes from the perspective of economic efficiency. Like the Legal Process School in traditional legal scholarship, PPT of Law focuses on how the structure and process of legislative, bureaucratic and judicial decision-making influences the law and evaluates these procedures using the principle of democratic legitimacy; however, rather than using procedural norms derived from moral and political philosophy to evaluate procedures, PPT of Law conceptualizes the decision-making procedures of government as rationally designed by elected officials to shape the policies arising from decisions by executive agencies, the courts, and future elected officials. After summarizing this theory, the essay turns to applications of this approach in administrative law and statutory interpretation.

Suggested Citation

  • McNollgast, 2007. "The Political Economy of Law," Handbook of Law and Economics, in: A. Mitchell Polinsky & Steven Shavell (ed.), Handbook of Law and Economics, edition 1, volume 2, chapter 22, pages 1651-1738, Elsevier.
    • Handle: RePEc:eee:lawchp:2-22
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    Citations

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    Cited by:

    1. David Hirshleifer, 2008. "Psychological Bias as a Driver of Financial Regulation," European Financial Management, European Financial Management Association, vol. 14(5), pages 856-874, November.
    2. Jorge Streb & Gustavo Torrens, 2013. "Making rules credible: divided government and political budget cycles," Public Choice, Springer, vol. 156(3), pages 703-722, September.
    3. Jorge M. Streb & Gustavo Torrens, 2011. "La economía política de la política fiscal," CEMA Working Papers: Serie Documentos de Trabajo. 455, Universidad del CEMA.
    4. Alejandro Saporiti & Jorge Streb, 2008. "Separation of powers and political budget cycles," Public Choice, Springer, vol. 137(1), pages 329-345, October.
    5. Jorge M. Streb & Gustavo Torrens, 2011. "Meaningful talk," CEMA Working Papers: Serie Documentos de Trabajo. 443, Universidad del CEMA, revised May 2017.
    6. Beck, T.H.L., 2010. "Legal Institutions and Economic Development," Other publications TiSEM 8aa07b48-ce55-4cf6-8754-7, Tilburg University, School of Economics and Management.

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