In well-functioning domestic legal systems, courts provide a mechanism through which commitments and obligations are enforced. A party that fails to honor its obligations can be hauled before a court and sanctioned through seizure of person or property. The international arena also has courts...

One-size-fits-all recommendations are common in many contexts, including those with a widespread heterogeneity. We propose a model that rationalizes this phenomenon. An expert recommends publicly to two agents whether to adopt a policy. The expert is privately informed about agents' payoffs from...

Weber famously described formally rational law as the highest form of modern law, where ‘definitely fixed legal concepts in the form of highly abstract rules are formulated and applied.' Formally rational law facilitated economic development by providing continuous, predictable, and efficient...

Banks and other financial institutions which were too-big-to-fail (TBTF) played a central role during the Global Financial Crisis of 2007-2009. The present article lays out how misguided policies enabled banks to grow both in size as well as in complexity and therefore acquire TBTF status,...

The book contains 17 chapters, written by analysts coming from many continents, which portray the state of the art in ecological economics thinking on sustainable development. The selection of methodological contributions, richly illustrated by empirical observations, highlights how a new...

The domestic politics of globalization are essentially as old as globalization itself. Trade and other international transactions affect a broad spectrum of individual economic interests. For example, relatively less-efficient domestic firms lose, and importers and consumers desiring goods...