Law And Economics (Economics)

Some of Law and Economics’ basic claims have come to be criticized as a result of empirical findings that question their viability. Particularly, the premise that agents consistently act rationally and with their self-interest in mind seems problematic. What the consequences of the criticism mean for Law and Economics’ tenability depends largely on the questions whether (1) some elements are unassailable to the alternative’s objections and (2) the alternative is a systematic whole. It is argued that Law and Economics may be salvaged, if it is minimized and its ambitions are tempered. This means focusing on the stable, a priori, elements inherent to it.

The novel coronavirus (Covid-19) pandemic has resulted in the disruption of activities in major centres of global production, with adverse portents for contractual obligations across global supply chains. The global pervasiveness and dynamic propagation of the risks arising from contractual failures provides an opportunity to reconsider the nature and impact of mechanisms for excusing failure to perform contractual obligations under adverse circumstances (Excuse). Such mechanisms include those found in the general law (for example, frustration in common law and analogous doctrines in civil law traditions) and contractual clauses (for example, Force Majeure and hardship clauses). Establishing extant rights and obligations under current contracts may provide only limited illumination on how parties will address these failures. Principles in economics of contract (e.g. incomplete contract and transaction cost theories) and the commercial reality of global supply chains both suggest tha...

Using objective measures of investor protections in 170 countries, I establish that the level of investor protection matters for cross-country differences in GDP growth: countries with stronger protections tend to grow faster than those with poor investor protections.

This Palgrave Pivot is the first book in the field of Law & Economics looking at the relationship between economics and law in legal reasoning. The book constitutes a reference point for the economic analysis of legal institutions, as legal reasoning remains the dimension of legal systems least explored by economists.

Despite their differences, economics and legal reasoning interact in many interesting ways. This book offers a fast track to these interactions. Both supporters and critics of Law & Economics will be exposed to a yet-to-be-developed area of interaction between the disciplines.
This book will be of interest to economists, legal scholars, and Law and Economics specialists, and can be used as teaching material in courses on Law & Economics and legal reasoning as well.

‘Law and economics’ studies are considered to have given to legal doctrine and argumentation a powerful analytical apparatus, which helped to detail the empirical consequences of legislative and judicial decisions. The main body of thinking of an economic analysis of law has been the new institutional economics, and by its side a rising approach in economic thought. This chapter tests the hypothesis that social systems theory can provide an alternative approach to the interface between law and the economy. This approach is aimed at providing social systems theory with a conceptual framework able to detail the variety of institutions in the interface between the legal and economic systems, and to map and investigate the distinct legal modes of social ordering (within and beyond national law) and some of the flaws in the functioning of contemporary economy, such as problems of hyper-reflexivity (financialisation).

This chapter considers the relationship between the U.S. federal income tax system and innovation, using the sharing economy as a focal point for analysis. It makes two main points. First, the tax system is currently a questionable tool for encouraging innovation. Regulators are understandably concerned that taxpayers will use tax incentive provisions in unanticipated ways, and thus are inclined to tightly limit such provisions’ scope. This reduces incentive provisions’ net benefit to taxpayers, and can even cause such provisions to miss their marks entirely. Moreover, small and new companies are key drivers of innovation, and evidence suggests that they are relatively unresponsive to tax incentives.

Second, innovation can help improve the tax system. To fix a problem, one must first identify it; innovation provides opportunities to see where tax law is achieving its goals and where it is falling short. The sharing economy experience suggests some strengths, such as the tax system’s definition of income, as well as weaknesses, such as the dividing line between independent contractors and employees.

As experience in the development of the economy of different countries shows, risk is an integral factor in a market economy. The rapid development of science and technology, the emergence of new technologies, their implementation into production, the increase in the number of innovative projects give rise to new types of risks, which, in turn, complicate social relations. The lack of a unified approach to the scientifically justified definition of risk, its features, classification criteria, as well as the lack of a conceptual and categorical component necessitates the further study of risk in law, which is reflected in the qualitative legal regulation of the relations of participants. The subjects of the research are the economic and legal aspects of innovative activity risks. Accordingly, the purpose of the article is a study of the nature of risk, the main classification features, defining the role and place of legal risks, identifying the main approaches to risk management of innovative projects. To achieve this goal, we have used the following research methods: analysis and generalization of theoretical sources and scientific literature; abstract-logical method in the process of theoretical generalizations and formation of conclusions; general scientific methods of analysis and synthesis. In the result of the research conducted it is determined that the risk of an innovative project is a set of risks that combine the elements associated with a particular innovative project, that is, for each specific project and the entity that develops, implements and manages the project will be its own set of risks. A prerequisite for business decision-making is the skills and ability to manage risk, which is to determine its acceptable limits, taking into account the potential negative consequences, which, among other things, will minimize the impact of the risk factor on the planned economic outcome of the introduction of innovation. A crucial factor in ensuring the success of the innovative risk management process is interaction at all stages, in particular during the identification, analysis, evaluation, control, monitoring of risks. Engaging and understanding the risk management process and its need for all project participants ensures the effectiveness of structural and organizational risk management measures. Effective risk management requires commitment, as well as the conscious behavior of each person. The motivation and interaction of the parties involved in the project ultimately determine the quality of the work and therefore the success of the project.

The paper investigates comparatively the fundamental separation into criminal and administrative sanctions respectively the enforcement mechanisms of the Swiss Financial Market Regulation and the Swiss Competition and the Antitrust Laws with regard to their economic and legal legitimacy and impact. The author tries to ascertain, whether it is possible to economically justify the existing intra- and intersectoral differences of the sanction systems in the two juridical branches. In a first step, the systematically important criminal and administrative sanctions of the Swiss Financial Market Legislation and the Swiss Competition and Antitrust Laws are outlined. Detailed comments are omitted, except to the point as they serve to illustrate the issues on stake and are necessary for the economic analysis. In a second step, all the sanctions are categorized based on legal and economic parameters. Subsequently, the incentives deployed through the sanctions are examined on the individual level from a behavioural and from a classical economical perspective. Thereby it is determined that administrative sanctions apply to a broader spectrum of and are fundamentally able to account for the individual cases in a better manner as criminal sanctions. In addition, it is inferred that monetary sanctions without a maximum amount should be implemented against natural persons as well. Additionally, it is stated that sanctions, which apply a reputational mechanism, should be taken into account and considered to a greater extend in the future. In a fourth step, it is tried to institutional economically asses the effect of the two types of sanction seen as external institutions from the perspective of the State. It can be shown that the purpose and the regulatory objectives of the Swiss Financial Market Regulation and the Competition and Antitrust Laws can be implemented more efficiently through the institution of an administrative sanction. However, the separation into administrative and criminal sanctions can be upheld as efficient. This finding cannot be justified through traditional legal arguments, rather through the conclusion that the standard economic model is better suited as the behavioural economical model to explain the behaviour of moral persons and that the optimal level and fixture of sanctions stated from a Rational Choice point of view apply and correspond to administrative sanctions more accurately as to criminal sanctions. With regard to natural persons no such final conclusion can be made. Finally, additional fields of research are assessed and several medium-term and long-term recommendations are outlined.

This paper discusses a few meta-theoretical questions about Behavioural Law and Economics (BLE) in order to better understand both its popularity and the criticisms it has received. It argues that BLE provides a litmus test to reveal dividing lines, manifest latent tensions, and polarises debates between various camps or traditions in both positive and normative (law and) economics, thus making epistemic and methodological commitments of economists more visible. These dividing lines include the methodological character of rationality assumptions, naturalistic and mentalist views of human behaviour, and the normative force and relevance of individual preferences, autonomy and objective metrics of welfare.

Esta labor personal de investigación, cuyo resultado ha sido publicado en el final de 2017 por la editorial Atelier (colección «Derecho Global»), tenía por objetivo contribuir al progreso real del conocimiento en España mediante un vigoroso y original estudio del análisis económico del derecho (AED). La investigación española, aún poco desarrollada en ese campo, suele abordar el tema bajo la perspectiva del derecho interno. Por esta razón, se ha optado, mediante la utilización rigurosa de la metodología propia del derecho, salir del campo de conocimiento público para adentrar de forma innovadora y científica en el debate actual de su extensión a la esfera de las relaciones internacionales y del derecho internacional. Después de abordar las principales escuelas de pensamiento, los campos abarcados, las diferentes perspectivas, su influencia metodológica en los sistemas de «civil law» y «common law» y el teorema de Coase, se tiende un original e innovador puente hacia las relaciones internacionales, la teoría de los juegos y sus diferentes entramados matemáticos y estratégicos, la teoría de las señales, el modelo económico sobre el comercio internacional de Brander-Spencer y el principio de Pareto. Los logros científicos alcanzados señalan que la intensa y constante interconexión entre el derecho y la economía en el campo de las relaciones internacionales es propicio al AED, pero su dificultad técnica, conceptual y metodológica tiende a frenar la producción de estudios que podrían ser útiles para mejor comprender y orientar las decisiones estatales en el complejo ámbito de las posibilidades ofrecidas en diferentes escenarios internacionales. Otro problema destacado es la habitual falta de coincidencia entre la eficiencia económica y ciertos resultados socialmente deseables como la equidad y el bienestar.

This paper investigates optimal tax policy with uncertainty in private and public consumption. Tax policy affects volatility through two channels; spreading risk between public and private consumption and hedging idiosyncratic tax source risk. This paper develops an excessive risk index to quantify the amount of unnecessary risk governments accept. For US state governments, I find the cost of inefficient risk is roughly 40% of their expected tax revenues. This cost is mostly due to states being overdependent on a given tax source, e.g., income or sales taxes. In 2014, 36 states are found to be overdependent in either the income or sales tax.

Abstract
Distress assets of Non-Performing Loans (NPL) are part of life of Financial Institutions (FIs). The case is not different with Nigeria as NPLs account for one of the major ills facing the Nigeria FIs. The Nigeria financial system underwent major structural challenges leading up to the 2009 crisis and beyond. The need to act quickly and the shortfalls of existing resolution tools led to the creation of the Asset Management Corporation of Nigeria (AMCON). AMCON was established pursuant to the AMCON Act in July, 2010 as a key stabilizing and revitalizing tool to reviving the financial system. Recently, there have been doubts as to the continued effectiveness of AMCON as a banking resolution vehicle and the need for an overhaul of the AMCON Act to bring it strictly within the ambit of a Special Purpose Vehicle (SPV). In recognition of the challenges of AMCON and the growing rate of NPLs within the banking sector, the need for other resolution and risk management tools that will help financial institutions in Nigeria deal with their NPLs become pertinent. This paper looks at securitization as a form of structural financing which transfers identifiable assets of FIs into tradable securities that can be sold in the capital market. This process is capable of replenishing banks of the funds to execute other projects. Inseparably linked to this finance structure is the SPV which pays for the asset sold by the FIs through the issuance of debt securities to investors in the capital market. This paper concludes that AMCON as presently constituted is not a securitization SPV. It suggests a bank based model of asset management, one of which is securitization which allows banks to create their own SPV to deal with toxic assets. To achieve this, this paper advocates for a well-structured legal framework on securitization in Nigeria. It further advocates for more private Asset Management Companies who are better able to securitize NPLs of these FIs.

At a time when neoliberalism has become an accepted term in public debate to refer to the current state of modern societies and their political economies, Kean Birch critically analyses the conflicting theories that shape our understanding of ‘neoliberalism’.

With an ever-expanding variety of perspectives on the concept of neoliberalism, it is increasingly difficult to identify any commonalities. This book explores how different people understand neoliberalism, and the contradictions in thinking of neoliberalism as a market-based ethic, project, or order. Detailing the intellectual history of ‘neoliberal’ thought, the variety of critical approaches and the many analytical ambiguities, Kean Birch presents a new way to conceptualize contemporary political economy and offers potential avenues for future research through a judicious exploration of ‘neoliberal’ practices, processes, and institutions.

This work will be an essential resource for undergraduate and postgraduate students, scholars, and researchers to critically assess the concept of neoliberalism across many disciplines. The book will also serve as a general introduction to a wider audience interested in the term ‘neoliberalism’, its potential pitfalls, and its contested future.

The novel coronavirus (Covid-19) pandemic has resulted in the disruption of activities in major centres of global production, with adverse portents for contractual obligations across global supply chains. The global pervasiveness and dynamic propagation of the risks arising from contractual failures provides an opportunity to reconsider the nature and impact of mechanisms for excusing failure to perform contractual obligations under adverse circumstances (Excuse). Such mechanisms include those found in the general law (for example, frustration in common law and analogous doctrines in civil law traditions) and contractual clauses (for example, Force Majeure and hardship clauses). Establishing extant rights and obligations under current contracts may provide only limited illumination on how parties will address these failures. Principles in economics of contract (e.g. incomplete contract and transaction cost theories) and the commercial reality of global supply chains both suggest that parties tend to lean towards contract-and relationship-saving adjustments, rather than strict enforcement of rights. Therefore, this article analyses the doctrinal and contractual regimes of Excuse with a view to assessing their respective scopes for transaction and relationship saving. It also highlights the peculiar nature of supply chain relationships wherein exchange partners enter into a sequence of dyadic relationships aimed at delivering a good or service to the end user. The tension between that operational logic and the legal principle of privity of contract makes these relationships – undergirded as they are by what we call “operationally-linked (but) legally separate” (O.L.L.S.) contracts – peculiarly vulnerable to mismatches in their Excuse regimes.

Mismatches occur where failure to perform a determinant contract is more easily or much earlier excusable than in a dependent contract within the same chain operation. This may, in turn, exacerbate risks of supply chain disruptions in a pandemic scenario. The article designs a framework by which the doctrine-contract complex in the regimes may be used to test the dynamic scenarios of a global pandemic for the purpose of scanning for such mismatches. This framework will be useful in both post-event circumstances, as parties embark on relationship-saving negotiations, and in designing ex ante risk management measures. Through the understanding of the peculiarity of supply chain relationships and the O.L.L.S. contracts, this article also proposes to open up new directions in which the insights therefrom might be useful. An example suggested and prefatorily explored in this article is in the “governance beyond privity” conundrum in the context of supply chain disruption. Another is its potential contribution to the emerging multifactorial approach to determining frustration of contract in some common law courts.

Urban designers and urban planners should never uncritically rely on policy prescriptions purportedly derived from neoclassical economic theory concerning their respective disciplines or specialized praxis.  Although neoclassical economists often claim their advice is based on such supposedly objective, universal, scientific concepts as “Pareto efficiency” and “rationality,” nothing could be further from the truth. Both the theoretical foundation of neoclassical economics as well as its practical policy implications are not objective nor universal nor scientific, but, instead, constitute little more than convoluted expressions of a mathematized libertarian ideology that attempts to conceal its highly subjective nature and myriad value judgments beneath a mind-numbing cascade of complicated equations that define toy models with virtually no connection to reality other than the exhortation that they somehow offer policymakers a guide for optimizing the social outcome of economic activity by promoting the relentless pursuit of individual self-interest as if the entire process were guided by an “invisible hand.”

Neoclassical economists have simply framed the problem incorrectly based on an a priori ideological paradigm in which planning is disconnected from and antithetical to market forces, but this is deeply mistaken. It is not a question of planning or the market. This is a false dichotomy. Government intervention, regulation and planning actually define the market. Planning and the market will always coexist in a mixed economy. The real question is how we define the market through government policy and which social resources we allow to be allocated on the basis of price (i.e., ability to pay) and which we decide to allocate on the basis of alternative values (e.g., fundamental human need or justice).  This presentation presentation explores the foregoing thesis under the following four major headings:

(1) Is Neoclassical Economics Relevant to Urban Design?
(2) The Arrow-Debreu Model and the Theory of Second Best
(3) Utility and Pareto Efficiency for Urban Planners
(4) A “New Science of the City” or New Moral Vision?

This is an excerpt from my book Freedom of Contract and Paternalism Prospects and Limits of an Economic Approach (New York: Palgrave Macmillan 2012) x + 194 pp. [Perspectives from Social Economics], ISBN 978-0-230-34029-9

Please follow the link to the publisher's website

ABSTRAK

Nisrina Atikah Hasdar , Tinjauan Yuridis Hak Ekslusif Merek Pierre Cardin Terhadap Pelaksanaan UU No. 15 Tahun 2001 Tentang Merek Dan TRIPS Agreement (Studi Kasus Putusan No.557K/Pdt.Sus-hki/2015) yang dibimbing oleh Winner Sitorus dan Nurfaidah Said.
Suatu merek mirip atau similar terkait dengan konsep seperti pada salah satu doktrinal yang menyebut “a likelihood of confusion”. Faktor yang paling penting bahwa pemakaian merek yang memiliki “persamaan pada pokoknya” menimbulkan semacam persamaan yang membingungkan (a likelihood confusion) dan menganggu ketertiban umum. Berdasarkan uraian diatas, sengketa merek kasus putusan Nomor 557K/Pdt.Sus-HKI/2015 sehingga  isu hukum penelitian ini adalah kedudukan perlindungan hukum pada merek terkenal terhadap pendaftaran merek yang memiliki persamaan pada pokoknya atau keseluruhan pada jenis kelas yang sama.

Tujuan Penelitian ini adalah untuk mengetahui perlindungan terhadap merek terkenal merek dagang dan LOGO PIERRE CARDIN ditinjau dari perangkat normatif yaitu Undang-undang Nomor 15 tahun 2001 dan TRIPs Agreement serta konsekuensi yuridis Putusan Mahkamah Agung Nomor 557K/Pdt.Sus-HKI/205 terhadap merek terkenal di Indonesia. Metode yang digunakan dalam penelitian ini adalah penelitian normatif dengan pendekatan peraturan perundang-undangan  dan konseptual. Penelitian ini menggunakan bahan hukum primer dan bahan hukum sekunder. Kemudian bahan hukum tersebut dianalasis secara kualitatif dan disajikan secara preskripsi.
Hasil penelitian menunjukkan bahwa: 1) Penetapan putusan pengadilan oleh majelis hakim telah sesuai dengan perundang-undangan yang berlaku yaitu UU Merek No.15 Tahun 2001 tetapi aspek TRIPS Agreement  tapi belum diperhatikan seutuhnya, aspek keadilan dan kesejahteraan yang seharusnya mempertimbangan dampak ekonomi dan moril kerugian oleh pemakai atau pemilik nama terkenal tersebut.; 2) Konsekuensi yuridis dari putusan No.557K/Pdt.Sus-hki/2015 adalah merek terkenal yang masuk ke Indonesia haruslah mengikuti dengan peraturan perundang-undangan nasional Indonesia, meskipun secara subtantif telah terdaftar di beberapa negara dan mendapatkan keterkenalan merek secara global.

Kata Kunci :HKI,  Merek Terkenal, Pierre Cardin

This Article draws upon law and behavioral economics to analyze the transition to remote work brought about by the COVID-19 pandemic. While widely celebrated, this transition, which indeed has many promising aspects, is far more complex than public discourse would suggest. This Article is articulated around two overarching, structural issues which both arise from and are exemplified by the increasing adoption of remote work policies. Its first section depicts the move to remote work as an example and catalyst of the more broadly increasing precarity of work. It proposes solutions which could alleviate this increasing precarity. Its second section focusses on the intrinsically heterogeneous impact of the COVID-19 pandemic and these remote work policies and proposes solutions which could alleviate the disproportionate impact of these policies on certain groups.

Indonesia's exports in 2012-2015 experienced a downward trend, mainly influenced by the decline in export value of oil and gas sector. Therefore, the government is making efforts to encourage the increase of exports from the non-oil and gas sector by providing fiscal facilities in the form of export ease for import (KITE) for the import of raw materials and auxiliary materials. This study aims to provide empirical evidence related to the relationship between KITE facility value, KITE policy change, import value, and currency exchange value to KITE export value. This research uses the quantitative method of associative, multiple regression data analysis technique using secondary time series data of 45 companies that have obtained KITE facility from DJBC from January 2013 until October 2016. Research result indicates that KITE facility and exchange rate give positive and significant influence to export value of KITE, while import value gives negative and significant influence to KITE export value. In addition, KITE policy issued in 2013 has the positive but not significant effect to an export value of KITE.

Keywords: KITE facility, KITE export, and KITE policy.

ABSTRAK:

      Ekspor Indonesia tahun 2012-2015 mengalami tren penurunan terutama dipengaruhi oleh menurunnya nilai ekspor sektor migas. Oleh karena itu pemerintah melakukan upaya mendorong peningkatan ekspor dari sektor non-migas dengan memberikan fasilitas fiskal berupa kemudahan ekspor untuk tujuan impor (KITE) untuk impor bahan baku dan bahan penolong. Penelitian ini bertujuan untuk memberikan bukti empiris terkait hubungan antara nilai fasilitas KITE, perubahan kebijakan KITE, nilai impor, dan nilai kurs mata uang terhadap nilai ekspor KITE. Penelitian ini menggunakan metode kuantitatif asosiatif, teknik analisis data regresi berganda dengan menggunakan data sekunder time series 45 perusahaan yang telah memperoleh fasilitas KITE dari DJBC mulai Januari 2013 sampai dengan Oktober 2016. Hasil penelitian membuktikan bahwa fasilitas KITE dan nilai kurs memberikan pengaruh positif dan signifikan terhadap nilai ekspor KITE, sedangkan nilai impor memberikan pengaruh negatif dan signifikan terhadap nilai ekspor KITE, sementara kebijakan KITE yang dikeluarkan pada tahun 2013 berpengaruh positif tapi tidak signifikan terhadap nilai ekspor KITE.

Kata kunci: fasilitas KITE, Nilai Impor, kebijakan KITE, nilai ekspor KITE

Rozvoj fungujúcej spoločnosti si vyžaduje dodržiavanie zákonov ako stanovených pravidiel hry. Ak sú vnímané ako spravodlivé a prospešné, pomáhajú k upevneniu presvedčenia, že čestný život sa oplatí. Pokiaľ toto presvedčenie neexistuje, účinky akýchkoľvek prospešných zákonov musia byť oslabené, pretože chýba vôľa k ich rešpektovaniu. Len tak sa môže stať, že obyvatelia vynakladajú veľkú časť energie na hľadanie stále nových spôsobov na to, ako by sa zákony dali obísť. Vedie ich k tomu nedôvera k zákonom a ich tvorcom spolu s vidinou vlastného rýchleho prospechu. Efektívne súdnictvo hrá kľúčovú úlohu v dodržiavaní zákonov, čím v zásadnej miere prispieva k pozitívnemu vnímaniu spravodlivosti. Vymáhateľnosť práva je považovaná za jeden z hlavných predpokladov fungujúceho hospodárstva. Počas transformačného obdobia bolo na Slovensku uskutočnených viacero dôležitých reforiem súdnictva s cieľom zefektívnenia súdneho manažmentu, zvýšenia transparentnosti a nastolenia podmienok férovej súťaže. V oblasti kvality súdnictva však stále ešte existujú rezervy. Cieľom predkladanej štúdie je poskytnúť hlbší pohľad na fungovanie súdnictva, ako aj navrhnúť vhodné riešenia na jeho ďalšie zlepšovanie. Vo svojich argumentáciách sa budeme opierať prevažne o merateľné faktory. Sme si však vedomí i toho, že nie všetky aspekty kvality súdnictva možno zmerať. Radi by sme sa touto cestou poďakovali všetkým, ktorí s nami počas prípravy a následnej realizácie spolupracovali na tejto štúdií. V rámci nich by sme radi vyzdvihli predovšetkým veľkú ústretovosť a veľmi cennú pomoc zo strany pani Mgr. Zuzany Piovarčiovej zo sekcie rozvoja, ekonomiky a správy a pána Ing. Milana Ivana, generálneho riaditeľa tejto sekcie. V neposlednom rade patrí naša vďaka aj pani ministerke doc. JUDr. Lucii Žitňanskej, PhD. za iniciatívu smerujúcu k vypracovaniu tejto štúdie ako podkladu pre ďalšie kroky, rozhodnutia a opatrenia smerujúce k zlepšeniu stavu súdnictva na Slovensku.

Theme and Purpose: The centrality of law for the study of political economy was widely recognized at the time of the emergence of the political economy discipline in the 18th century as well as throughout the 19th century. From the outset law was considered an essential component of political economy studies because social phenomena such as capital, labor and power gain their form and basic characteristics from their status as legal institutions. Since then the economic discipline has however increasingly detached itself from neighboring disciplines leaving political economy to economic sociology and political science at the same time as these disciplines increasingly has underplayed the centrality of law in relation to their assessment of political economy institutions. On this background, the conference aims in general terms to reinvigorate the focus on law and reassessing the role of law in political economy contexts. More specifically it aims to increase our theoretical understanding of the function law fulfills between economy and politics and to historically assess the evolution of law and legal thinking in relation to the issue of how law contributes to the stabilization of economic and political processes at the local, national and transnational level of world society.

Resumo:
Este artigo pretende indicar como a visão convencional da análise econômica do direito – aquela que enfatiza a eficiência como valor e critério explicativo das decisões jurídicas – é apenas uma das vertentes abertas pela abordagem econômica neoinstitucionalista ao direito. Além de retomar as bases conceituais da análise econômica do direito na nova economia institucional, o texto procura indicar abordagens contemporâneas que se integram a esse corpo teórico, como o estudo das alternativas institucionais (arenas decisórias alternativas onde se tomam decisões econômicas) e dos incentivos comportamentais modelizáveis a partir de diferentes arquiteturas de escolha. Um amplo espectro de ferramentas teóricas se abre à comparação e ao desenho de instituições na interface entre direito e economia.
Palavras-chave: Análise econômica do direito. Direito e economia. Instituições. Economia comportamental.
Abstract:
This paper intends to point out how the conventional view of the economic analysis of law – the one that emphasizes efficiency as a value and explanatory criterion of legal decisions – is only one of the strands opened by the neo-institutionalist economic approach to law. In addition to recasting the conceptual bases of the economic analysis of law in the new institutional economics, the text seeks to indicate contemporary approaches that are integrated within this theoretical body, such as the study of institutional alternatives (alternative decision-making arenas where economic choices are made) and of behavioral incentives modelizable by different choice architectures. A broad spectrum of theoretical tools opens up for the comparison and design of institutions at the interface between law and the economy.

ABSTRAK
Kasus penimbunan BBM bersubsidi di Pulau Sumba tidak pernah menemui titik terang dalam penindakannya bahkan sejak bertahun tahun lalu. Penimbunan ini sering dikaitkan dengan keberadaan pengecer illegal yang marak di Pulau Sumba. Terdapat beberapa indikasi pendukung hadirnya fenomena penimbunan BBM pada pengecer di Pulau Sumba diantaranya yaitu faktor peluang, yang mengkaitkan antara permintaan oleh pelaku usaha dalam hal ini pengecer disatu sisi, mudahnya mendapatkan BBM di SPBU sehingga memudahkan pengecer untuk menjualnya kembali dengan harga berlipat ganda dan modus-modus lain, serta peran oknum aparat sebagai pengamanan yang sangat kurang. Faktor berikutnyaadalah lemahnya pengawasan oleh pemerintah dan aparat berwenang di lapangan serta rendahnya sanksi hukum dalam memberikan efek jera bagi pelaku yang tertangkap. Penelitian ini dilakukan dengan metode normatif kualitatif dengan cara menganalisis dua peraturan perundangan terkait yaitu Undang-Undang Minyak dan Gas Bumi, dan Undang-Undang Monopoli dan Persaingan Usaha Tidak Sehat.
Kata kunci: Penimbunan BBM, Pulau Sumba, Undang-Undang Minyak dan Gas Bumi, Undang-Undang Monopoli dan Persaingan Usaha Tidak Sehat.

ABSTRACT
The case of subsidized fuel stockpiling on Sumba Island has never met a bright spot in its crackdown even since many years ago. This stockpiling is often associated with the presence of illegal retailers who are rampant on Sumba Island. There are several indications supporting the phenomenon of fuel stockpiling at retailers on Sumba Island, for example, the opportunity factor, which is related between the demand by businesses in this case retailers on the one hand, the ease of obtaining fuel at gas stations, making it easier for retailers to resell it at multiple prices and other modes, as well as the role of officials as security is very lacking. The next factor is the lack of oversight by the government and authorities in the field as well as the low legal sanctions in providing a deterrent effect for the perpetrators is caught. This research was conducted by qualitative normative method by analyzing two related laws, namely the Law of Oil and Gas, and the  Law of Monopoly and Unfair Business Competition.
Keywords: Fuel Stockpiling, Sumba Island, Law of Oil and Gas, Law of Monopoly and Unfair Business Competition

Este trabajo se enmarca dentro de una tradición que ha mostrado una profunda preocupación por el entendimiento de los problemas catalácticos vinculados al estudio de la preservación del medio ambiente. El autor puede ser catalogado aparentemente de «ambientalista» en el sentido de que le interesa que dichos recursos sean preservados, pero se aparta radicalmente de lo que han sido las propuestas tradicionales de influencia pigouviana. Está convencido de que los mercados, en un contexto de derechos de propiedad bien definidos, contribuirán a lograr el objetivo de solucionar los problemas ambientales en mejor forma que otras alternativas, como la in- tervención estatal a través de un Ministerio o de una normativa ineficiente e ineficaz. Critica además la concepción intervencionista de «fallo» del mercado y considera que la explicación la podemos encontrar en derechos de propiedad mal definidos, o en costos de transacción excesivamente elevados como consecuencia de regulaciones gubernamentales o legislaciones mal concebidas, es decir en fallos de la administración y del Estado.

Coase always expressed dissatisfaction with neo-classical economics and advocated for a new approach. Rather than using toy mathematical models built from unrealistic, idealized assumptions, Coase preferred to study real-world contexts, including actual legal cases. He demonstrated the utility of his approach in “The Problem of Social Cost”. Yet almost all of Coase’s contemporaries completely ignored Coase’s call for a new approach and his sustained use of legal cases to illustrate his arguments and to situate his analysis in reality. In this paper, we show that the profession interpreted Coase's seminal article exactly the opposite of what he had intended, and reduced his analytical contributions to a toy model of the exact sort he was criticizing. This ironic history of the most cited article both in law and in economics helps us understand the development of ideas within both fields and how disciplinary blinders shape intellectual progress.

We examine the intersection of patents and antitrust where a patent holder uses the monopoly power it possesses in the market for a patented product to exclude competitors in an adjacent market and attempt to monopolize or monopolize the adjacent market. The present scheme for awarding patents cannot judge when the issuance of a patent will lead to the appropriate balance between innovation and economic efficiency. Where a patent holder’s invention uses an interface with adjacent products, the patent holder may be tempted to extend its patent monopoly into adjacent markets that depend upon the interface with the patented invention. Economic theory suggests that it is inappropriate to immunize a patent holder from antitrust liability when it attempts to extend its patent monopoly into adjacent markets because it could decrease consumer surplus. Courts have expressed their reluctance to scrutinize a patent holder’s innovations and design changes because of the potential benefits of the innovations and their reluctance to second-guess the marketplace. However, applying traditional antitrust principles, courts have found that monopolists could be liable for unlawfully extending their monopoly positions into adjacent markets in the areas of computer peripherals and software applications; aftermarkets for replacement parts, service and maintenance of durable goods; design changes to medical devices; and changes in drug formulas. While the patent laws provide a spur to innovation by granting limited monopoly rights, the antitrust laws curb the excessive reach of these monopoly rights by acting as a check on excessive expansion of the scope of the patent grant. Courts are the only participants in the legal process that have the competence to ensure that patents do not cause economic stagnation and harm by permitting a patent holder to extend its monopoly into an adjacent market. Consequently, courts should be willing to apply antitrust principles to cases involving the monopolization of interfaces through design changes.

Since its origin, ecotourism development has been at the centre of controversial and heated debates within the environmental and scientific society. On one hand, it has been considered as a model of responsible and sustainable tourism with the capacity to guarantee the conservation of the current biodiversity level and cultural identity, to educate the tourists about preservation and to improve the economic activity and the standard of living of the populations affected. On the other hand, it has been criticized for actually being a mere instrument in the hands of capitalist and western firms to commercially exploit the natural resources available in the less developed countries. Thus, are the ecotourism projects more likely to be profitable and successful in territories where the common resources are controlled by the state or managed by private firms? Considered the most frequent and spontaneous solution noticed in the ordinary daily life of the emerging countries, meaning natural resources owned communally by local institutions, does ecotourism impede or reinforce this management function of coordinating and controlling? The empirical researches conducted in literature tried to answer to some of the above-mentioned questions and offered the opportunity for a Law and Economics assessment of the problem related to the common-pool resources. | Samà, Danilo (2011), The relationship between common management and ecotourism regulation: tragedy or triumph of the commons? A Law & Economics answer, Journal of Advanced Research in Law and Economics, ASERS, Vol. 2, N. 1, pp. 78-81.

In this paper, we characterize adversarial decision-making as a choice between competing interpretations of evidence ("models") constructed by interested parties. We show that if a court cannot perfectly determine which party's model is more likely to have generated the evidence, then adversaries face a tradeoff: a model further away from the most likely interpretation has a lower probability of winning, but also a higher payoff following a win. We characterize equilibrium, in which both adversaries construct optimal models, and use the characterization to compare adversarial decision-making to an inquisitorial benchmark. We find that adversarial decisions are biased, and the bias favors the party with the less likely, and more extreme, interpretation of the evidence. Court bias disappears as the court is better able to distinguish between the likelihoods of the competing models, or as the amount of evidence grows.

Abstract
Argentina is debating the reform of its copyright act, dating back to 1933, focusing on its opportunity, merit, convenience, and scope. The lack of economic understanding on the part of the actors has led to an unsatisfactory exchange of views and to the radicalization of positions.
In this article, without intending to exhaust the theory of the Economic Analysis of the Law, I propose a series of topics which the Argentine legislator should take into account in making the reform efficient, effective, as well as maximizing society’s total welfare.
The topics include the raison d'être of the regulation of public goods; monopoly’s deadweight loss; measures to reduce transaction costs; the duration of copyright, orphan works and the tragedy of the anticommons; the optimal scope for exceptions and limitation;, the regulation of collecting societies; and the onerous public domain in force in Argentina.

Resumen
Actualmente en Argentina se debate la reforma de la ley 11.723 de derecho de autor(que data de 1933), es decir, su oportunidad, mérito, conveniencia y alcance. La falta de entendimiento de conceptos económicos por parte de los actores ha llevado a un infructífero intercambio de opiniones y a la radicalización de las posiciones.
En este artículo, sin pretender agotar la teoría del Análisis Económico del Derecho, propongo una serie de temas que debiera tomar en cuenta el legislador argentino para que la eventual reforma sea eficiente, eficaz y justa a la vez, maximizando el bienestar agregado de la sociedad.
Son objeto de análisis el origen de la regulación de los bienes públicos, la pérdida neta de bienestar (consecuencia del monopolio), las medidas tendientes a disminuir costos de transacción, la duración del derecho de autor, las obras huérfanas y la tragedia de los anticomunes, el alcance óptimo de excepciones y limitaciones, la regulación de las sociedades de gestión colectiva y el dominio público oneroso vigente en Argentina.

Recommended Citation
Marzetti, Maximiliano (2017) "Análisis Económico del Derecho y reforma del Derecho de Autor: Aporte para un debate ecuánime," The Latin American and Iberian Journal of Law and Economics: Vol. 3 : Iss. 1 , Article 5.
Available at: http://laijle.alacde.org/journal/vol3/iss1/5

Where do we start when thinking about law and social transformation and how do we articulate and address resistance to the reproduction of the concentration of power, wealth, authority, and prestige in the world?
Contemporary legal argument still too often relies on theories and on conceptual thinking. Alternatives are presented as anti-neoliberal, anti-capitalist, anti-efficiency, anti-free-movement, anti-imperialism, anti-autonomy, anti-economics, and anti-law. I critique the Third World legal scholarship for its lack of an adequate picture of subordination and for misrepresenting power and the center-periphery relationship. Economic theories or capitalism are mere signifiers for the (hierarchical) reality that needs to be constantly constructed and reconstructed. I further argue that democratic theory is unable to adequately address social change and that both constitutional theory and critical legal thought often misrepresent power relationships. 
Reliance on false distinctions is too often a part of scholarly endeavour. David Kennedy, for example, relies on Karl Polanyi's distinction between politics and economics, a typical example of conceptualism of contemporary legal thought that distinguishes between protectionist and autonomy claims or theories. Rather than pursuing one or the other type of claim, the question should rather be whose protectionist and whose autonomy claim we are pursuing. Law is often understood as the problem, and political capacity and contestation as the solution to social problems. David Kennedy’s project of expertise, mistakenly perceives political incapacity as the central problem of global governance. I argue that his work  does not adequately address structural subordination, and misrepresents power, ideology, center-periphery relationship and governance. It also frequently restates the public-private distinction. The problem of today’s globalized society is not “economic interests,” nor is the central problem the lack of the political. Nor can critique be the goal of our work, as David Kennedy suggests. Instead of a pursuit of “the political” or challenging “the economic,” instead of resisting particular claims or theories, we need to resist unjust—hierarchical—reality.
How do we construct and reconstruct reality? I argue that law and governance should be understood as a plethora of hierarchies, as a constant hierarchical struggle. There are three elements of the legal structure: hierarchies (constituted by injury and recognition), ideology, and tools. Injury and recognition are the lowest common denominator of the legal structure and of global governance. Social change should be understood as a reversal of the existing global hierarchical structure. Center-periphery relationship is a macro relationship of micro hierarchies. Tools need to be constructed that reflect and resist the injuries we have not yet unearthed or those we simply disregard, such as a doctrine of goods dumping on the internal market that I am proposing.

While it is early to mourn the euro, it would be unwise to ignore the magnitude and significance of the changes now taking place in the Eurozone. No doubt, the economic and financial problems in the Eurozone are serious and plentiful. The area is in the midst of multiple, frequently overlapping and mutually reinforcing crises. First, a fiscal crisis is centred
in Greece but visible across the southern Eurozone and Ireland. Governments in Greece and Italy have been replaced in the space of a week because they were unable to guarantee the
rapid implementation of economic reforms. Second, a competitiveness crisis is manifest in large and persistent pre-crisis current-account deficits in the Eurozone periphery and even larger intra-Eurozone current-account imbalances. Italy has accepted IMF and EU monitoring of reforms including deep liberalisation measures that had so far seemed out of reach, notably on labour legislation. Third, a banking crisis was first evident in Ireland but is now spreading throughout the Eurozone via accelerating concerns over sovereign solvencies. Spain, Ireland, Portugal and Greece are undertaking fiscal and structural adjustment measures – in Ireland, these are already paying off in terms of economic performance and credibility. However, one of the fascinating aspects of the European debt crisis has been the resilience of the euro, suggesting
these fears are overblown. The euro is still a reserve currency, oblivious to the chaos ravaging European economies. As the Euro zone debt crisis enters a new uncertain year, the
question about whether the euro can survive rises. This paper argues that the European crisis is political, and even largely presentational. The paper shows that the Euro can survive as the policymakers in the Eurozone still have various tools to use. These tools include creating exit rules, implementing new stabilisation rules and instruments, adopting new fiscal policy, introducing conditional Eurobonds, using inflation differentials and providing more independence to the European Central Bank.

Aplicamos un sistema de propiedad intelectual nacido en los albores de la revolución industrial a una sociedad del conocimiento global. Un régimen de escasez artificial choca contra la abundancia digital. Es hora de reequilibrar el balance perdido entre medios y fines, a la altura de los tiempos digitales que corren.