Reconstructing Law and Economics

In his latest book, The Republic of ­Beliefs: A New Approach to Law and Economics, Kaushik Basu—an eminent economic theorist, public intellectual, and prolific author—explores the complex relationship between law and economics. The title of the book is a reference to how beliefs, expectations, and actions of individuals play a central role in ensuring compliance and non-compliance with laws, and whether rule of law prevails in a republic. In democratic ­societies, in general, and post-truth societies in particular, it is not the power of the state but the beliefs of ordinary people going about their daily lives that is at the core of the republic. At a time when there is renewed interest in examining the foundations of a just society and role of the state in enforcing laws, and how laws can be amended to improve compliance as well as impacts, this book is a timely and important contribution.

Fault Lines in Law and Economics