This article develops two points. First, insurance against the risk of legal change is largely unavailable, primarily because of the correlated nature of the losses that legal change generates. Second, given the absence of insurance against legal change, it is generally desirable for legal...

After years of looming power shortages, Ontario faces instead a periodic problem of excess electricity supply at the same time that new generation capacity is being added. Since Ontario government agencies that purchase power have long-term, fixed-price contracts with many electricity...

Ontario’s Green Energy and Green Economy Act subsidizes producers of renewable electricity by paying them far more for their output than the prevailing market price of electricity. Wind power receives a fixed electricity price of 13.5 cents per kilowatt-hour, and solar receives even larger...

Legal simplification may improve the quality of institutions in industrialised countries that developed over-complex legal systems. In theory, this type of regulatory reform promotes economic efficiency, leading to higher levels of productivity and output. In this paper we use a Panel...

The proposals of the Commission to review the Constitution of Romania were subject to the analysis of experts from the European Commission for Democracy through Law (the Venice Commission), who expressed their opinion in a report adopted at the 98th plenary session of the European body. The...

The US government has announced an initiative to promote the "rule of law" in the People’s Republic of China. However, though China has also endorsed building the "rule of law" as a goal, the American and Chinese views of what "rule of law" entails differ substantially. In the US government,...

The development of a country depends on the legal system of that country. Romanian aconomy haw knoweded, as many states, different ideologies and govemental methods, the segnificant difference beetween then being the degree of state interventionism in the economy. To obtain a free market, we...

El objeto de este trabajo son los fallos económicos más polémicos de la Corte Constitucional colombiana. Primero, se presenta un marco teórico que tiene como base un modelo del Estado que concibe su actividad como la provisión de bienes públicos y meritorios. Segundo, se ofrece un...

This article explores the implicit rationality of the sentences of Colombia’s Constitutional Court in cases related to the wages of public servants, housing, value added taxes, workers’ rights and the central bank. It emphasizes the legal system established by the Constitution of 1991 and...