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Growth: The Measure of Law and Economics by Robert Cooter Bilkent University, Faculty of Law, Ankara, Turkey, 25-26

Growth: The Measure of Law and Economics by Robert Cooter Bilkent University, Faculty of Law, Ankara, Turkey, 25-26 October, 2014. Two Enterprises. Legal Causes. Legal Content. Say what the law requires of people. Say what the law is. Interpret laws. Restate the law.

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Growth: The Measure of Law and Economics by Robert Cooter Bilkent University, Faculty of Law, Ankara, Turkey, 25-26

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  1. Growth: The Measure of Law and EconomicsbyRobert Cooter Bilkent University, Faculty of Law, Ankara, Turkey, 25-26 October, 2014

  2. Two Enterprises Legal Causes Legal Content • Say what the law requires of people. • Say what the law is. • Interpret laws. • Restate the law. • Offer legal reasons. • Determine the law’s correct categories. • Prove the effects of laws. • Find the empirical consequences of laws. • Model responses to laws. • Find what caused officials to make or repeal a law.

  3. content enterprise Pyramid of Law and Economics cause enterprise

  4. Year of Publication of Some Seminal Law and Economics Books and Articles (some titles abbreviated) • General • 1960. Coase. “Social Cost.” • 1967. Demsetz. “Property Rights”. • 1968. Becker. "Crime and Punishment”. • Textbooks • 1972. Posner. Economic Analysis of Law. • 1987. Cooter & Ulen. Law and Economics. • 1989. Polinsky. Intro to Law and Economics. • Torts • 1970. Calabresi. Cost of Accidents. • 1973. Brown. “Economic Theory of Liability”. • 1987. Shavell. Econ Anlys of Accident Law. • 1987. Landes & Posner. Econ Strctr of Tort Law. • Corporations • 1937.Coase. “The Nature of the Firm. • 1965. Manne. “Market for Corporate Control. 1972.Alchian & Demsetz. “Information & Organization” • 1975. Williamson. Markets & Hierarchies • 1976. Jensen & Meckling. “Agency & Ownership.”

  5. Major Law and Economics Associations By Date of First Meeting

  6. AALS (American Association of Law School) Professors Teaching Law and Economics

  7. AALS Professors Teaching Law and Economics and Law School’s Ranking

  8. Law Professors Teaching L&E Compared to All Law Professors 2.0% 2.4%

  9. Compound growth • 2% =>7 times, • 5% => 130 times • 10% =>14,000 times

  10. Liberalization Experience • Positive • China • India • Central European countries joining EU • Negative or Mixed • Central European countries not joining EU • Africa • Latin America (except Chile)

  11. Examples of Double Trust Dilemma • Boston bank • EndNote • SAP

  12. Figure 2.1. Double Trust Dilemma Ideas Innovator Investor Capital

  13. Figure 2.3. Finance in Silicon Valley Relational Private Public

  14. Figure 2.4. Finance and Development Relational Relational + Private Relational + Private + Public

  15. Figure 2. Life Cycle of a Successful Venture

  16. “Legalize Freedom” The Prescription for Growth (Property, Contract, Business Law) + Liberalization => Growth--Property Principle for Innovation: The creators of wealth should keep much of it.--Contract Principle for Coordination: The law should enable people to commit to doing what they say. --Organizational Principle for Liberty: People can freely enter most lines of business and choose their firm’s organization from a legal menu.

  17. Legal Infrastructure: Three Principles of Law for Growth • Property Principle for Innovation: The creators of wealth should keep much of it. • Contract Principle for Coordination: The law should enable people to commit to doing what they say. • Organizational Principle for Liberty: People can freely enter most lines of business and choose their firm’s organization from a legal menu.

  18. END of SLIDE SHOW

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