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Law and Development
This book draws on the analytical framework of New Institutional Economics (NIE) to critically examine the role which law and the legal system play in economic development. Analytical concepts from NIE are used to assess policies which have been supported by multilateral development organisations including securing private property rights, reform of the legal system and financial development. The importance of culture in shaping the legal environment, which in turn influences financial sector development, is also assessed using Oliver Williamson’s ‘levels of social analysis’ framework.
The Theory of the Firm
Firms are a ubiquitous feature of the economic landscape, with much of the activity undertaken within an economy taking place within their boundaries. Given the size of the contribution made by firms to economic activity, employment and growth, having a theoretical understanding of the nature and structure of firms is crucial for understanding how an economy functions. The Theory of the Firm firstly offers a brief overview of the past, consisting of a concise discussion of the classical view of production, followed by an outline of the development of the neoclassical - or ‘textbook’ - approach to firm level production. Secondly, the ‘present’ of the theory of the firm is discussed in...
Lawyers, Markets and Regulation
The question of how we can best regulate the all-important markets for legal services is rarely investigated with the benefit of good empirical evidence about what's wrong and what works. The challenge of doing empirical work in this area is steep, given a lack of data and the complexity of comparing across very different jurisdictions and legal environments. In this much-needed contribution, Frank Stephen usefully brings together a set of empirical studies and an overview of the recent regulatory reforms that have been pursued in the UK and other European jurisdictions in the past two decades. The result will help policymakers make further progress in the increasingly urgent effort to estab...
Governing the Firm
Table of contents
Foundations of Organisational Economics
Foundations of Organisational Economics: Histories and Theories of the Firm and Production delves into a range of key topics to do with the history of the mainstream approach to the theory of production and the theory of the firm. This includes the frameworks used to analyse production, the division of labour and its application to the firm and the development of the neoclassical model of production. The first topic explored is the change from a normative approach to a largely positive approach to the analysis of the theory of production, which occurred around the seventeenth century. The next topic is an examination of the relationship (or the lack of a relationship) between the division of...
The Enclosure of Knowledge
The rise of agrarian capitalism in Britain is usually told as a story about markets, land and wages. The Enclosure of Knowledge reveals that it was also about books, knowledge and expertise. It argues that during the early modern period, farming books were a key tool in the appropriation of the traditional art of husbandry possessed by farm workers of all kinds. It challenges the dominant narrative of an agricultural 'enlightenment', in which books merely spread useful knowledge, by showing how codified knowledge was used to assert greater managerial control over land and labour. The proliferation of printed books helped divide mental and manual labour to facilitate emerging social divisions between labourers, managers and landowners. The cumulative effect was the slow enclosure of customary knowledge. By synthesising diverse theoretical insights, this study opens up a new social history of agricultural knowledge and reinvigorates long-term histories of knowledge under capitalism.
Economics of the Law
This textbook demonstrates how economic tools can be used to examine the question of how and why legal norms can effectively guide human action, situating the study of both private and public law within the framework of institutional economics
Isocracy
In the twentieth century there were two great political and social paradigms, the liberal-democratic and the libertarian (in its various socialist, anarchist, and communist delineations). The central idea of the first approach is isonomy: the exclusion of any discrimination on the basis that legal rights are afforded equally to all people. The central idea of the second approach is rather to acknowledge and address a broader spectrum of known inequalities. Such an approach, Bellanca argues, allows the pursuit of pluralism as well as a more realistic and complex view of what equality is. Here he analyzes the main economic and political institutions of an isocratic society, and in so doing, ef...
Codetermination
Traditional firm structures are currently undergoing drastic change. The changes that the traditional firm is currently undergoing will permit active involvement of labor at all levels of the firm's decision-making process, offer workers substantial job security, protect workers' firm specific investment against excessive losses, guarantee workers at least market rates of return on their human capital and will allow labor a major role in shaping the firm's work rules and the production environment. These changes pose an enormous challenge to practitioners and policy-makers alike. The difficulties of appropriately modeling the new codetermined firms are also formidable. The present collection of papers furnishes building blocks for a better analysis of complex firm structures. The present effort is designed to be a workbook, a point of departure on which new research and teaching is to be built, and a work of reference on what has already been accomplished.
