This book is a major stocktaking of law and economics in the context of developing and emerging economies, and in the light of the dramatic changes in the global economy that we have witnessed in recent years. The rise of artificial intelligence, digital technology, and mega platforms that collect data and facilitate trade is changing the landscape of economics. Rapid globalization has created new challenges for law and regulation, since increasingly contentious cases arise which span multiple countries and several legal jurisdictions.
All these changes are giving rise to new problems in developing countries where many people lead precarious lives anyway, healthcare is minimal, and corruption widespread. Alongside these global developments, the discipline of law and economics is also undergoing profound changes, making us re-think some of the founding assumptions of the subject.
Author(s): Kaushik Basu, Ajit Mishra
Publisher: Palgrave Macmillan
Year: 2023
Language: English
Pages: 291
City: Cham
Acknowledgments
Contents
Notes on Contributors
List of Figures
List of Tables
1 Introduction
2 Property of the Social Media Data
1 Introduction
2 Rationales of the Legal Framework for Big Data and Their Inadequacies
2.1 Legal Framework for Big Data
2.2 Should the Subjects of Information Have Property Right on “Their Data”?
2.2.1 The Labour Theory of Property Cannot Legitimate Property of Data
2.2.2 Data Protection Is Important But Has Limited Scope
3 Economics of Big Data
4 Public Policy Objectives
5 Legal Framework for Big Data
5.1 Can Antitrust Law Open Markets?
5.2 A Data Commons, How Far Can It Go?
5.3 Intellectual Property for Processed Datasets—The Legal Status of Algorithms
5.4 Can Data Protection of the Subjects of Information Be Achieved by Contract Law?
5.5 Transferring Personal Data for Money
6 Conclusion
Discussion
Discussion References
3 “A Giant Glob of Oily Ambiguity”: On the Use of the Concept of Power in Economics
1 Introduction
2 Unpacking the Concept of Power in Economics
2.1 What is Power?
2.2 Where Does Power Come from?
2.3 Why Should Economists Care About Power?
3 Applying the Concept of Power in Economics
3.1 The Household Sphere
3.2 The Societal Sphere
3.3 The Market Sphere
3.4 The Political Sphere
4 Turning the Lens Inward
4.1 Power Within Economics
4.2 The Power of Economists
5 Conclusion
References
Discussion
Discussion References
4 Temptation and Crime
1 Introduction
2 The Moral Psychology of Choice
3 Model
3.1 Policy Analysis
4 Applications
4.1 Morality Laws and Victimless Crimes
4.2 Neighborhood Choice
4.3 Snitching and Crime
5 Conclusion
References
Discussion
Discussion References
5 Moral Costs of Corruption: A Review of the Literature
1 Introduction
2 Framework
2.1 Benchmark Case
3 The Determinants of Intrinsic Honesty: Norms
3.1 How Prescriptive Norms Affect Levels of Intrinsic Honesty
3.2 How Descriptive Norms Affect the Level of Intrinsic Honesty
3.3 Prescriptive vs Descriptive Norms
4 The Role of Explicit vs Intrinsic Motivations
4.1 Selection on Ability and Honesty: Trade-Offs?
4.2 Penalties and Corruption
5 Policy Interventions Using Non-monetary Incentives
6 Relative Impacts of Monetary vs Non-monetary Incentives
7 Conclusion
References
Discussion
Disccusion References
6 Reason-Giving and Rent-Seeking
1 Introduction
2 Institutional Domain and Data
2.1 Reason-Giving and Rent-Seeking in Public Institutions
2.2 Institutional Domain: Public Reasoning and Rent-Seeking
2.3 Data and Summary Statistics
2.3.1 Data
2.3.2 Summary Statistics
3 Empirical Application
4 Conclusions
References
Discussion
Audience
Cost of Reason-Giving
Discussion References
7 Pandemic Preparedness and Response: Advancing Research, Development, and Ethical Distribution of New Treatments and Vaccines
1 Introduction
2 Adequate Pandemic Preparedness and Response
3 What Good Pandemic Preparedness and Response Requires
4 How a New Pandemic Accord Can Advance Equitable Research, Development, and Distribution of Essential Health Technologies
5 Objections and Replies
6 Conclusion
References
Discussion
The Issue
Discussion References
8 Law and Industrial Policy in the Age of (De)Globalization: The Perspective of IP Protection
1 Introduction: Conventional View of Courts & New Challenges in Globalization
2 Theoretical Predictions: How Does Globalization Relate to Rule of Law?
2.1 The Conventional View: The Theory of Globalization Promoting Rule of Law
2.2 The Alternative View: The Theory of Globalization Induced Instrumentalization of Courts
3 How Do Courts in Different Countries Rule Differently in SEP Cases?
3.1 A Tale of Two Courts: FRAND Royalty Rates for SEPs
3.2 Influence of Industrial Policy on Law? Parallel Litigation and Other Development
4 Is There Judicial Prejudice Against Foreign Firms in China?
4.1 The Research Design: Do Chinese Courts Treat Foreign Firms Differently?
4.2 Explaining the Pattern of Better Outcomes for Foreign Plaintiffs in Chinese Courts
4.3 Additional Patterns in Foreign Plaintiffs’ Better Outcomes
4.4 A More Subtle Explanation for Foreign Plaintiffs’ Better Outcomes?
5 Discussion: Law, Industrial Policy, and the Gradualist Approach to Reforms in the Age of (De)Globalization
References
Discussion
Discussion References
9 Neither Crime Nor (Much) Punishment: India’s Cartel Penalty Practices
1 Introduction
2 Optimal Cartel Fines: Theory and Empirical Literature
3 Cartel Sanctions: A Comparative Analysis
4 An Overview of India’s Cartel Enforcement Regime
4.1 Cartel Penalty Provisions and Practices in India
4.2 Methodology of Cartel Sanctions
5 Quantitative Assessment of Cartel Penalties
6 Conclusions
References
Discussion
Discussion References
10 Legal Challenges for Corporations in the 21st Century
Open Discussion
Index
