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The Dynamic Quality Of Law: The Role Of Judicial Incentives And Legal Human Capital In The Adaptation Of Law, Gillian K. Hadfield
The Dynamic Quality Of Law: The Role Of Judicial Incentives And Legal Human Capital In The Adaptation Of Law, Gillian K. Hadfield
Gillian K Hadfield
Much of the existing literature investigating the relationship between legal regimes and economic growth focuses on the agency problem of aligning judicial incentives with social welfare. In this paper I look instead at the factors that influence the quality of law when judges have incentives to promote social welfare but they have limited knowledge about the environment in which law is to be applied. The key insight is that the capacity for a legal regime to generate value-enhancing legal adaptation to local and changing conditions depends on its capacity to generate and implement adequate expertise about the environment in which …
The Levers Of Legal Design: Institutional Determinants Of The Quality Of Law, Gillian K. Hadfield
The Levers Of Legal Design: Institutional Determinants Of The Quality Of Law, Gillian K. Hadfield
Gillian K Hadfield
In the past decade a comparative law and economics literature has emerged that is largely organized around an effort to explain differences in country economic performance in terms of differences between common law and civil code systems. Assumptions about differences between common law and civil code regimes and the correspondence between legal regimes and judicial behavior are, however, still only weakly based in real institutional features of modern legal systems. In this paper, I examine the institutional determinants of the quality of law developed by a legal regime, drawing on a model from Hadfield (2006) which identifies five key parameters …