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    Trends in Comparative Law and Economics
    Trends in Comparative Law and Economics
    Trends in Comparative Law and Economics
    Ebook141 pages1 hour

    Trends in Comparative Law and Economics

    By Nuno Garoupa

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    About this ebook

    The book is a short introduction to comparative law and economics, a growing field in the interaction between law, economics and comparative political science. It is a guide to economists, lawyers and political scientists looking for a brief overview. It includes both strands of the traditional literature, namely the role of legal families and microeconomic analysis of legal rules in a comparative perspective. The study of courts at the global level is complemented by comparative judicial politics.

    LanguageEnglish
    PublisherAnthem Press
    Release dateJun 14, 2022
    ISBN9781839985379
    Trends in Comparative Law and Economics

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      Book preview

      Trends in Comparative Law and Economics - Nuno Garoupa

      Trends in Comparative Law and Economics

      Trends in Comparative Law and Economics

      Nuno Garoupa

      Anthem Press

      An imprint of Wimbledon Publishing Company

      www.anthempress.com

      This edition first published in UK and USA 2022

      by ANTHEM PRESS

      75–76 Blackfriars Road, London SE1 8HA, UK

      or PO Box 9779, London SW19 7ZG, UK

      and

      244 Madison Ave #116, New York, NY 10016, USA

      Copyright © Nuno Garoupa 2022

      The author asserts the moral right to be identified as the author of this work.

      All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written permission of both the copyright owner and the above publisher of this book.

      British Library Cataloguing-in-Publication Data

      A catalogue record for this book is available from the British Library.

      Library of Congress Control Number: 2022932977

      ISBN-13: 978-1-83998-535-5 (Hbk)

      ISBN-10: 1-83998-535-6 (Hbk)

      This title is also available as an e-book.

      Contents

      Dedication

      1. Introduction

      2. Comparative Law and Economics

      a) Law and economics

      b) Empirical legal studies

      c) Behavioral law and economics

      d) Comparative economics

      e) Comparative law

      f) Comparative law and economics: Is it a field of study?

      3. Law and Economics of Legal Families

      a) Common-law and civil-law

      b) Convergence of legal systems

      c) Transplants

      d) Rule of law and development

      e) Public choice and lawmaking

      f) Infrastructure of the legal system

      4. The Legal Origins’ Theory

      a) Efficiency of the common law hypothesis

      b) Legal origins: LLSV

      c) Legal origins: Theory

      d) Legal origins: Critiques

      e) Legal origins: Importance in law and economics

      5. Comparative Private Law and Economics

      a) Property law and economics: Brief overview

      b) Property law and economics: Bona fide purchase

      c) Property law and economics: Titling

      d) Contract law and economics: Brief overview

      e) Tort law and economics: Brief overview

      f) Contract and tort law and economics: The principle of non-cumul

      g) Tort law and economics: The Good Samaritan principle

      h) Economics of civil procedure: Brief overview

      i) Economics of civil procedure: Cost-shifting rules

      j) Economics of civil procedure: Judicial interest rate

      k) Comparative business law and economics: Brief overview

      6. Comparative Administrative Law and Economics

      a) Models of administrative adjudication

      b) Specialized agencies

      c) Specialized courts

      d) State liability: Torts, contracts and procedure

      7. Comparative Judicial Politics

      a) Models of judicial behavior

      b) Dissent theory

      c) Strategic defection theory

      8. Lawyering

      a) Regulation of lawyering

      b) Deregulation policies

      9. Conclusions

      References

      Index

      To my two beloved daughters, Beatriz and Anna:

      there is no life worth living without knowledge!

      Chapter 1

      Introduction

      Comparative law and economics is a growing area of interest in the interaction between law and economics, comparative law, comparative economics and comparative political science. It includes both strands of the more traditional literature, namely the role of legal families from comparative law, and the microeconomic analysis of legal rules from conventional law and economics.

      Whether teaching a short seminar on comparative law and economics or including a few sessions on the subject in a semester-long course on comparative law, difficulties arise when one searches for a bibliography—this is true whether one is preparing a mandatory or suggested reading list for students. It is always a struggle to find a comprehensive and appropriate comparative law and economics reference list.

      One possible way to introduce the subject to students is to assemble a collection of seminal articles on appropriate topics. There are a few difficulties in introducing students to the subject in this way. First, due to the multidisciplinary nature of comparative law and economics, the language is often inconsistent across articles. Second, some articles are difficult for an audience not very familiar with formal mathematical models or advanced econometrics. Third, in subject matter, there is a widespread lack of harmony; there is even a lack of consistency in the acknowledgment of different authors, topics and approaches in comparative law and economics.

      The alternative approach is to look for a more comprehensive source that systematically provides an approachable overview of comparative law and economics. Mattei (1998) is still an excellent seminal reference, but this book largely predates the rise and dominance of the legal origins’ theory in the debate between and among scholars, policymakers and international organizations such as the World Bank. More recent readings include De Geest (2009) and Eisenberg and Ramello (2016). Both books present a wonderful collection of insightful and noteworthy articles in comparative law and economics, but they are neither organized nor intended as a short introduction to students and researchers. They do not serve as a comprehensive roadmap to a more provocative and ambitious syllabus.

      There are useful methodological overviews such as the ones provided by Caterina (2012) and Faust (2019). As a leading scholar in law and economics, Ogus offers plenty of comparative law examples in his excellent and engaging paperback (Ogus 2006). Another leading scholar in the field includes references to comparative law and economics in a more general introduction to comparative law (De Geest 2020). However, these materials are too succinct to satisfy the curious student, the dedicated scholar or the motivated reader.

      The current book can be seen as a comprehensive introduction, a helpful guide to additional reading in either comparative law or law and economics and a primer textbook for a short course or seminar in comparative law and economics. It should be understood as a quick reference in comparative law and economics as the field stands in recent times.

      The present book opens with a short introduction about methods in general in Chapter 2. It also reviews recent developments, namely empirical legal studies and behavioral law and economics.

      The standard discussion between common-law and civil-law legal families follows.¹ In Chapter 3, different institutions and mechanisms that play an important role in the economic analysis of legal systems are considered. This chapter reflects scholarship largely independent of the remarkable and influential legal origins’ theory. Chapter 4 brings the reader to the debate, to use the words of Michaels (2009), about the first wave of comparative law and economics—the famous legal origins’ theory.

      A large part of comparative law and economics is about applying microeconomic analysis of legal rules to assess differences and similarities, particularly from an efficiency standpoint. Chapter 5 provides for a general overview of private law and economics. For each relevant topic, the chapter includes a summary of the overall framework (particularly useful for those readers with less familiarity with conventional law and economics) followed by a comparative law application (bona fide purchase and titling in property law and economics; the principle of non-cumul in the interaction of contract and tort law and economics; the Good Samaritan principle in tort law and economics; and cost-shifting rules and judicial interest rate in the economics of civil procedure). Chapter 6 proposes a comprehensive view of comparative administrative law and economics to develop a more unified outlook of a growing area.

      Comparative judicial politics is usually not regarded as part of comparative law and economics. However, the comparative study of judicial behavior and courts cannot be ignored by those interested in understanding comparative law from an economic perspective. Therefore, Chapter 7 suggests a list of important insights in models of judicial behavior, dissent theory and strategic defection theory.

      If judges matter, so do lawyers. Lawyering is covered by Chapter 8, with an emphasis on economic explanations for varying regulations of the legal profession around the world. The book concludes with a short summary of possible research developments and challenges to comparative law and economics.

      The book aims for a large audience across both law and economics (and possibly wider afield such as political science or development studies). Therefore, all chapters are written in a nontechnical language (avoiding statistics, mathematical formulas, formal models, regression tables, etc.). In particular, the book assumes little previous knowledge of traditional law and economics, thus making the more economic-oriented contents accessible to legal scholars outside of conventional comparative law and economics (e.g., those interested in law and development, law and society or empirical

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