Macroeconomic Analysis of Law versus Law and Macroeconomics

Journal of Law and Contemporary Problems Vol. 83, Forthcoming

20 Pages Posted: 31 Mar 2020

See all articles by Bruno Meyerhof Salama

Bruno Meyerhof Salama

University of California, Berkeley - School of Law; Fundação Getulio Vargas Law School at São Paulo

Date Written: February 14, 2020

Abstract

Efforts to conjoin the disciplines of law and macroeconomics raise two main challenges. The first is choosing the specific macroeconomic framework that is to be employed, since there are conflicting possibilities. This is an exercise in economic analysis of law because the difficulty lies in the realm of economics proper. I clarify the problem by examining literature that explores different macroeconomic viewpoints toward the law. The second challenge is reconciling government rule-breaking — a common practice in times of economic turmoil — with deference to the rule of law, which should be everlasting. This is an effort in law and economics, since the focus lies on the interplay between economics and law. I respond by developing the “elasticity” paradigm in law and macroeconomics, a compromise between ex ante concerns with improving the rules of the game and the recognition that the preservation of certain games may depend upon their occasional subversion.

Keywords: Law and Macroeconomics, Rule of Law, Rule-Breaking

JEL Classification: K0, K290, K400

Suggested Citation

Meyerhof Salama, Bruno, Macroeconomic Analysis of Law versus Law and Macroeconomics (February 14, 2020). Journal of Law and Contemporary Problems Vol. 83, Forthcoming, Available at SSRN: https://ssrn.com/abstract=3533428

Bruno Meyerhof Salama (Contact Author)

University of California, Berkeley - School of Law ( email )

2240 Piedmont Ave. Berkeley
Berkeley, CA 94720
United States

Fundação Getulio Vargas Law School at São Paulo ( email )

R. Rocha, 233, Bela Vista
São Paulo, 01330-000
Brazil

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