Evolution of Law: Dynamic Regulation in a New Institutional Economics Framework
Festschrift in Honor of Christian Kirchner, 2013, Forthcoming
19 Pages Posted: 20 May 2013
Date Written: 2013
The literature on New Institutional Economics (NIE) evaluates the relationship between public and private rulemaking in the evolution of law. This paper introduces the concept of dynamic regulation as an optimization process for the learning experience in the NIE framework. Dynamic regulation describes intra- and inter-jurisdictional feedback effects between different public rulemakers and between private and public rulemakers. Dynamic elements in the rulemaking process may increase the availability of relevant information for rulemaking and may improve institutional design.
Keywords: new institutional economic, evolution of law, dynamic regulation, rulemaking
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