Lawlessness and Economics: Alternative Modes of Governance

Lawlessness and Economics: Alternative Modes of Governance

by Avinash K. Dixit
     
 

"Avinash Dixit, a superb economist at the very peak of his profession, is one of the best-qualified economists in the world to write this book. With exceptional clarity he develops an elegant model of the scope of informal governance, one that will be indispensable for economists working in this area and for some political scientists as well."—James E.

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Overview

"Avinash Dixit, a superb economist at the very peak of his profession, is one of the best-qualified economists in the world to write this book. With exceptional clarity he develops an elegant model of the scope of informal governance, one that will be indispensable for economists working in this area and for some political scientists as well."—James E. Rauch, University of California, San Diego

"A major contribution to the field. Avinash Dixit provides an accessible and well-written overview of a sort not previously available in book form, integrating theoretical and empirical findings and developing new aspects of the issue."—Avner Greif, Stanford University

"This extremely well written book presents a lucid and comprehensive survey of a new field in economics, namely the study of exchange, contracts, and property rights enforcement in the absence of a benevolent state. Besides providing a clear picture of the existing literature, it raises interesting questions in a coherent framework—pointing to exciting new avenues of research."—Oriana Bandiera, London School of Economics

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Product Details

ISBN-13:
9780691130347
Publisher:
Princeton University Press
Publication date:
04/23/2007
Series:
Gorman Lectures in Economics Series
Edition description:
New Edition
Pages:
184
Product dimensions:
6.10(w) x 9.20(h) x 0.60(d)

Table of Contents

Preface vii

1. Economics With and Without the Law 1

1.1 The Need for Economic Governance 1

1.2 Economics Taking the Law for Granted 2

1.3 "Lawlessness and Economics "in Context 5

1.4 Law and Economics 9

1.5 Economics in the Shadow of the Law 10

1.6 Other Institutions of Economic Governance 12

1.7 Some Basic Analytical Apparatus 14

1.8 Approach of the Book 21

2. Private Ordering in the Shadow of the Law 25

2.1 Issues and Empirical Research 25

2.2 Bargaining When the Law is a Backstop 29

2.3 Relational and Formal Contracts 32

2.4 Arbitration and Information 40

2.5 Assessment and Prospects 48

2.6 Mathematical Appendix 50

3. Relation-Based Contract Enforcement 59

3.1 Issues and Empirical Research 59

3.2 Relation-Based and Rule-Based Governance 65

3.3 Limits of Relation-Based Governance 67

3.4 Related Theoretical Models 76

3.5 Assessment and Prospects 78

3.6 Mathematical Appendix 86

4. Profit-Motivated Contract Enforcement 97

4.1 Issues and Empirical Research 97

4.2 The Structure of the Model 101

4.3 Information Intermediaries 103

4.4 Enforcement Intermediaries 107

4.5 Assessment and Prospects 110

4.6 Mathematical Appendix 111

5. Private Protection of Property Rights 125

5.1 Issues and Empirical Research 125

5.2 Production and Protection under Anarchy 131

5.3 For-Profit Private Protection 133

5.4 A Predatory State and Its Citizens 138

5.5 Assessment and Prospects 143

5.6 Mathematical Appendix 144

6. Conclusion 149

6.1 Implications for Institutions and Policies 149

6.2 Implications for Future Research 153

References 155

Index 163

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