Kaushik Basu: The republic of beliefs: A new approach to law and economics

Princeton University Press, Princeton, 2018, ISBN: 9780691190563
  • Ram SinghEmail author
Book Review

The law and economics and its conundrums

The emergence of the discipline of ‘Law and Economics’ (L.and.E) has been one of the most important intellectual developments in the field of law and the subject of economics. According to Cass Sunstein, an eminent legal scholar, L and E has revolutionised legal thinking. The discipline has had major impact on how developed economies have dealt with paramount economic issues like anti-trust, contracts, environment, property, land acquisition, regulation of banking and other financial entities, labour laws, road and health safety, among others. At the same time, the discipline has not been able to satisfactorily address several conundrums. Why are some laws followed by people, but others are not? Why are laws observed less frequently in some societies than others? Why is corruption more prevalent in some countries and not in others? These questions have spawned a huge theoretical and empirical literature by legal scholars and economists, but...



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Copyright information

© Editorial Office, Indian Economic Review 2019

Authors and Affiliations

  1. 1.Delhi School of EconomicsUniversity of DelhiNew DelhiIndia

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