Property, Power and Politics

2020 ◽  
Author(s):  
Jean-Philippe Robé
Keyword(s):  
Property Rights ◽  
Economic Analysis ◽  
Power System ◽  
Legal System ◽  
Economic Activity ◽  
World Economy ◽  
Real Life ◽  
State System ◽  
Economic Analysis Of Law ◽  
Global Issues

The book applies legal concepts to economic analysis. It explains that modern economies require the existence of a specific legal system to operate. The analysis builds on the prior work of institutional economists such as Douglas North. It brings it forward by integrating what was missing: the legal component. Taking its distance from the economic analysis of law, it provides a legal analysis of economics. It is superior in this regard because real life economic actors must abide by legal rules. Their economic activity is dependent on the existence of rules making it possible, something present economic analyses neglect completely. Without States and the services they provide (protection services, a legal system, property rights, justice, roads, contract enforcement, and so on), economic activity cannot flourish. The book concentrates on the particular importance of property rights. They always played a key role in economic development. They now play a key role in the operation of a global economy because of the surge of multinationals built on the right of property concentrated via corporations. The role of corporate law in the reconfiguration of the power system from a State System to a World Power System is explained. The book is of interest for all social scientists interested in the operation of our present world economy in an era of globalization. It provides new insight on how to address global issues, in particular global climate change, which is a direct consequence of the spreading of a world economy over a divided State System.

Mechanisms of Global Governance: Economic Analysis

2013 ◽  
pp. 4-28 ◽  
Author(s):  
L. Grigoryev ◽  
A. Kurdin
Keyword(s):  
Property Rights ◽  
Economic Analysis ◽  
Global Governance ◽  
International Organizations ◽  
Economic Activity ◽  
Global Level ◽  
Narrow Sense ◽  
Key Characteristics ◽  
Global Problems

The coordination of economic activity at the global level is carried out through different mechanisms, which regulate activities of companies, states, international organizations. In spite of wide diversity of entrenched mechanisms of governance in different areas, they can be classified on the basis of key characteristics, including distribution of property rights, mechanisms of governance (in the narrow sense according to O. Williamson), mechanisms of expansion. This approach can contribute not only to classifying existing institutions but also to designing new ones. The modern aggravation of global problems may require rethinking mechanisms of global governance. The authors offer the universal framework for considering this problem and its possible solutions.

Distribution of Risk of Harm in Delictual Responsibility From the Standpoint of Economic Analysis of Law

2020 ◽  
Vol 27 (2) ◽  
pp. 119-130
Author(s):  
Maryna Velykanova
Keyword(s):  
Property Rights ◽  
Economic Analysis ◽  
Risk Sharing ◽  
Basis Property ◽  
Cost Effective ◽  
Well Being ◽  
Tort Law ◽  
Tort Liability ◽  
Economic Analysis Of Law ◽  
Systematic Analysis

Damage to property and (or) non-property rights of persons occurs quite often. The right to compensation for such damage is indisputable. However, civil doctrine ambiguously addresses the issue of risk sharing in tort obligations. Therefore, the purpose of this paper is to discuss approaches to the distribution of risk of harm in delictual responsibility and to determine their effectiveness from an economic and legal standpoint. The paper, based on economic and systematic analysis using dialectical, comparative, logical-dogmatic and other methods, including economics, describes the approaches to determining the purpose of tort law and its ability to ensure effective distribution of risk of harm. It has been proven that tort law can have direct regulatory consequences by restraining behaviour and sharing risks. It is concluded that the task of tort law is the optimal distribution of risk of harm between the perpetrator and the victim and to ensure the implementation of risky activities only if its social value justifies the risk. Based on the economic analysis of tort law, it has been substantiated that the distribution of the risk of damage in tort liability is carried out through the institutions of insurance and liability. Insurance is cost-effective when it comes to compensation for damage. However, only liability, in addition to the function of compensation, can also perform the function of preliminary prevention of harm. Therefore, the risk of causing harm in tort liability is mainly borne by the person who caused the damage. In obligations to compensate for damage caused by a source of increased danger, a person who on the appropriate legal basis (property rights, other property rights, contracts, leases, etc.) owns a vehicle, mechanism, other object, the use, storage or maintenance of which creates an increased danger, bears such risk even in the absence of guilt in causing harm. The grounds for imposing such risk on the victim are his intention or force majeure. It is this approach to the distribution of harm risk in tort liability that is fair and cost-effective and contributes to public well-being

scholarly journals General theory of legal design in law and economics framework of commercial contracting

2022 ◽  
pp. 205556362110616
Author(s):  
Katri Nousiainen
Keyword(s):  
Economic Theory ◽  
General Theory ◽  
Economic Analysis ◽  
Theoretical Foundation ◽  
Law And Economics ◽  
Real Life ◽  
Conventional Wisdom ◽  
Standard Theory ◽  
Microeconomic Theory ◽  
Economic Analysis Of Law

We need law and economics to do the scientific measurement necessary for legal design to be seen as on the stage of science. Law and economics—which is the application of economic theory, especially microeconomic theory, to the analysis and the practice of law--is a valid tool and approach to reflect on what should be empirically investigated in the practice of legal design. The neoclassical (mainstream) theoretical foundation of economic analysis of law is, however, at times far from reality as it often predicts uncooperative and even selfish behaviour. In real life people do cooperate, have empathy, emotions and even behave in an altruistic way. For those reasons, behavioural law and economics and conventional wisdom are needed to complement the teachings from standard theory in the field of commercial contracting.

scholarly journals IMPACTO DE LAS S.A.S. EN LA CONSTITUCIÓN DE SOCIEDADES EN COLOMBIA DESDE LA ÓPTICA DEL ANÁLISIS ECONÓMICO DEL DERECHO SOCIETARIO

2013 ◽  
Vol 8 (1) ◽  
Author(s):  
JULIO ENRIQUE CORTES RIVEROS
Keyword(s):  
Economic Analysis ◽  
Transaction Costs ◽  
Legal System ◽  
Corporate Law ◽  
Economic Analysis Of Law ◽  
Economic Interests ◽  
Sole Proprietorship ◽  
El Sistema ◽  
The Impact

<p><strong>RESUMEN</strong></p><p> </p><p>El presente texto está dedicado a examinar el contenido de la Ley 1258 de 2008, como resultado del análisis económico del derecho societario y el impacto en la Constitución de sociedades en Colombia.  Este análisis económico del derecho societario busca producir normas dispositivas que permitan reflejar los intereses económicos de los asociados, a partir de 3 premisas fundamentales: Los individuos son racionales, en el sentido en que maximizan su utilidad, tanto en situaciones de mercado como en situaciones de no mercado. Los individuos responden a los incentivos de precios en los mercados y a los incentivos legales, que se pueden asimilar a los precios en las situaciones de no mercado. El sistema jurídico y el impacto del derecho pueden y deben analizarse con base en el criterio de eficiencia.</p><p> </p><p><strong>PALABRAS CLAVES</strong></p><p> </p><p>Tipo societario, análisis económico del derecho, eficiencia, formalización, empresarial, incentivo legal, costos de transacción, empresa unipersonal, agencia.</p><p> </p><p><strong>IMPACT OF</strong><strong> S.A.S. IN THE CONSTITUTION OF COMPANIES FROM COLOMBIA OPTICS OF CORPORATE LAW ECONOMIC ANALYSIS</strong></p><p><br /> <strong>ABSTRACT</strong><br /> <br /> This paper is devoted to examining the contents of the 1258 Act of 2008, as a result of the economic analysis of corporate law and the impact on the formation of companies in Colombia. This economic analysis of corporate law seeks to produce operative provisions intended to convey the economic interests of the partners, from 3 premises: Individuals are rational, in the sense that they maximize their utility, both market situations and in situations of no market. Individuals respond to price incentives in markets and legal incentives, which can be assimilated to the prices in non-market situations. The legal system and the impact of law can and must be analyzed based on the criterion of efficiency.</p><p><br /> <strong>KEYWORDS: </strong>Type societal, economic analysis of law, efficiency, formalization, business, legal incentives, transaction costs, sole proprietorship, agency.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p><strong>IMPACTO DAS S.A.S.</strong><strong> NA CONSTITUIÇÃO DE EMPRESAS DA COLÔMBIA ÓTICA DE ANÁLISE ECONÔMICA LEGISLAÇÃO SOCIETÁRIA</strong></p><p><br /> <strong>RESUMO</strong><br /> <br /> Este artigo é dedicado a analisar o conteúdo da Lei 1.258 de 2008, como resultado da análise econômica do direito empresarial eo impacto sobre a formação de empresas na Colômbia. Esta análise econômica do direito empresarial visa produzir disposições operacionais destinadas a transmitir os interesses econômicos dos parceiros, a partir de três premissas: Indivíduos são racionais, no sentido de que eles maximizar a sua utilidade, as duas situações de mercado e em situações de há mercado. Os indivíduos respondem aos incentivos de preços nos mercados e incentivos legais, que possam ser equiparados aos preços em situações de não-mercado. O sistema jurídico eo impacto da lei pode e deve ser analisada com base no critério de eficiência.</p><p><br /> <strong>PALAVRAS-CHAVE:</strong> Digite societal análise econômica do direito, a eficiência, a formalização de negócios, incentivos legais, custos de transação, sociedade unipessoal, agência.</p>

Economic Models of Law

2017 ◽  
Author(s):  
Thomas J. Miceli
Keyword(s):  
Economic Theory ◽  
Economic Analysis ◽  
Economic Activity ◽  
Law And Economics ◽  
Economic Models ◽  
Actual Process ◽  
Economic Analysis Of Law ◽  
Legal Rules ◽  
Incentive Effects ◽  
The Relationship

This article discusses the use of economic models for understanding law. It begins by describing the nature of economic models in general, and then turns to the specific application of economic models to law. It distinguishes between ‘economic analysis of law’, which concerns the use of economic theory for describing the incentive effects of legal rules (positive analysis) and for prescribing better rules (normative analysis); and ‘law and economics’, which concerns the relationship between law and markets as alternative institutions for organizing economic activity. The article concludes with some comments on the actual process of building economic models of law.

scholarly journals Corrupção e compliance nas empresas públicas e sociedades de economia mista: racionalidade das disposições da Lei de Empresas Estatais (Lei nº 13.303/2016)

2018 ◽  
Vol 277 (1) ◽  
pp. 241
Author(s):  
Clóvis Alberto Bertolini de Pinho ◽  
Marcia Carla Pereira Ribeiro
Keyword(s):  
Corporate Governance ◽  
Economic Analysis ◽  
Legal System ◽  
Boards Of Directors ◽  
Audit Committees ◽  
Economic Analysis Of Law ◽  
External Audit ◽  
Public Companies ◽  
Mixed Economy ◽  
Brazilian State

<p>Corruption and compliance in state-owned companies: rationality of the Brazilian State Owned Companies Law (13.303/2016)</p><p> </p><p>A Lei nº 13.303/2016, Lei das Empresas Estatais, disciplinou diversos pontos lacunosos no direito brasileiro, nomeadamente a disciplina jurídica das sociedades de economia mista e empresas públicas. Um desses pontos é a obrigatoriedade da existência de políticas de compliance e governança corporativa para as empresas estatais, com a vedação expressa da possibilidade de acontecimentos de atos de corrupção (art. 9º, §1º, I, da Lei nº 13.303/2016). A previsão revela a particularidade com que vem sendo tratado o combate à corrupção no Brasil, principalmente no âmbito das empresas estatais. Por outro lado, a Lei nº 13.303/2016 inaugura exigências que até então eram praticadas no mercado privado e no exterior, como a constituição de Comitês de Auditoria Externos, ligados diretamente aos Conselhos de Administração das sociedades de economia mista e empresas públicas (desde que adotem o regime das sociedades anônimas). Adotando o método da análise econômica do direito, o presente artigo aborda como o fenômeno da corrupção pode afetar o funcionamento das empresas estatais brasileiras.</p><p> </p><p>The Brazilian Law Nº 13.303/2016 has disciplined a number of shortcomings about the State-Owned Companies in the Brazilian legal system, namely the legal discipline of mixed-capital companies and public companies. One of these points is the obligation that State-Owned Companies must have compliance and corporate governance policies, with the express prohibition of events involving acts of corruption (article 9, §1º, I, of Law 13303/2016). The Law Nº. 13.303/2016 reveals the particularity with which the fight against corruption in Brazil has been addressed. The Brazilian Law Nº. 13.303/2016 inaugurates requirements that had hitherto been practiced in the private and overseas markets, such as the constitution of External Audit Committees, directly linked to the Boards of Directors of mixed economy companies and public companies. Adopting the method of the economic analysis of law, this article shows how the phenomenon of corruption can affect the functioning of the Brazilian state-owned enterprises.</p>

scholarly journals Economic analysis of Intellectual Property: Thoughts on the Ecuadorian case

2020 ◽  
pp. 197-121
Author(s):  
Ángel Fabián Albán de Sá ◽  
Mary Mar Samaniego Alcívar
Keyword(s):  
Intellectual Property ◽  
Property Rights ◽  
Economic Analysis ◽  
Intellectual Property Rights ◽  
Legal System ◽  
Property Law ◽  
Intellectual Property Law ◽  
Social Incentives ◽  
Expected Benefits

The Economic Analysis of Intellectual Property Law allows us to understand better the importance of generating a legal system that protects intellectual property rights and generates more efficient social incentives and promote creation. Social incentives will allow creators to recover the costs incurred and obtain the expected benefits.

The economic analysis of rationality in the tradition of Harvey Leibenstein

2020 ◽  
pp. 21-38
Author(s):  
Ivan V. Rozmainsky ◽  
Yulia I. Pashentseva
Keyword(s):  
Economic Analysis ◽  
Real Life ◽  
Informal Institutions ◽  
External Information ◽  
Urban Residents ◽  
The Future ◽  
Information Constraints ◽  
High Degree ◽  
Market Capitalism

The paper is devoted to the economic analysis of rationality in the tradition of Harvey Leibenstein: the authors perceive rationality as “calculatedness” when making decisions, while the degree of this “calculatedness” is interpreted as a variable. Thus, this approach does not correspond to the generally accepted neoclassical interpretation of rationality, according to which rationality is both full and constant. The authors believe that such a neoclassical approach makes too stringent requirements for the abilities of people. In real life, people do not behave like calculating machines. The paper discusses various factors limiting the degree of rationality of individuals. One group of factors is associated with external information constraints such as the complexity and extensiveness of information, as well as the uncertainty of the future. Another group of factors is related to informal institutions. In particular, the paper states that the system of planned socialism contributes to less rationality than the system of market capitalism. Thus, in the post-socialist countries, including contemporary Russia, one should not expect a high degree of rationality of the behavior of economic entities. The paper mentions, in particular, the factors of rationality caused by informal institutions, such as the propensity to calculate, the propensity to be independent when making decisions and the propensity to set goals. The authors also believe that people who live on their own are usually more rational than people who share a common household with someone else. This assumption is verified econometrically based on data on young urban residents collected by the authors. It turned out that the behavior of people included in this database, in general, corresponds to what the authors believed.

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