Using common law principles in regulatory schemes (with a note on victimology)

Article Abstract:

The virtues of the common law, including flexibility, decentralization and market-orientation, should be applied to improve the regulatory system through measures such as economic incentives and informational strategies for risk control. The regulatory system is needed to supplement the common law because of inadequacies in the common law such as lack of information, externalities and lack of democracy. However, the regulatory system faces problems because of its centralized command and control model, problems with setting of priorities and matching the problem to the regulatory solution. The rhetoric of victimization is not very useful in this situation.

Interpretation and construction, Political aspects, Delegated legislation, Common law

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Risks and wrongs

Article Abstract:

'Rational choice liberalism' is developed in the forthcoming book 'Risks and Wrongs' as an alternative to the paradigm based on the ideal of the perfectly competitive market. In this view, cooperation is prior to competition, but markets are important in enabling interaction among individuals with different values. Markets are local cooperation problems, in which law helps to reduce uncertainty. Risk among non-strangers is allocated through contract law, whereas risk among strangers is allocated by tort law. Tort law implements corrective justice requiring repair of wrongful losses by responsible parties.

Risk (Economics), Criticism and interpretation, Risks and Wrongs (Book)

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Law, economics, and the power of the state

Article Abstract:

The underlying definitions of the terms law and economics should be considered when discussing the subject of the rule of law in the discipline of law and economics. Law designates the power of social control held by the state which in turn is ideally checked by law. Laws of economics can help to identify human behavior and clarify boundaries of state control.

Power (Social sciences), Political power

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