First, the rule of law is also – or even foremost – about people.   Douglas North, Nobelpreisträger der ökonomischen Theorie und überzeugter Liberaler, dachte viel über Institutionen nach. Institutionen sind die «Spielregeln» einer Gruppe: des Markts, der Gemeinschaft, der Gesellschaft oder des Staates. Spielregeln können entstehen und sich als Konvention etablieren – etwa, […]

  Harmonizing Chaos: The Role of Rule of Law in Fostering Spontaneous Order Vibhu Vikramaditya   ABSTRACT The Law and Economics Revolution in the latter half of the 20th Century, part of a broader pushback against the failures of general equilibrium economics and the planned economies based on it, has crucially underscored the importance of […]

Where does Friedrich Hayek fit in contract theory? Babatunde Valentine Onabajo   ABSTRACT This paper examines the views of the 20th century Austrian economist and political scientist Friedrich Hayek within the context of contract theory. Contract theory is the branch of economics that studies contracts, particularly their design and application. Contract theory falls within the […]

Rule of law: The universal unwritten constitution Martin van Staden ABSTRACT Constitutionalism – one of classical liberalism’s significant legacies in jurisprudence – is the idea that the state must be subject to law; in particular, that state power must be subject to legal limitation. Every written constitutional instrument in the world differs on the scope […]

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