In this Article, I offer a macroeconomic perspective on law that reshapes the microeconomic perspective that currently dominates law and economics. I argue that 1. The economy works one way in ordinary economic conditions, in which supply capacity determines output, and a different way in deep...

Cover -- Title Page -- Copyright -- Dedication -- Contents -- Introduction -- Part I. Law, Fiscal Policy, and Monetary Policy -- 1. Macroeconomics outside of a Liquidity Trap -- 2. Law and Fiscal Policy When Interest Rates Are Well above Zero -- 3. Law and Monetary Policy When Interest Rates Are...

Governments should embrace randomized trials to estimate the efficacy of different laws and regulations. Just as random assignment of treatments is the most powerful method of testing for the causal impact of pharmaceuticals, randomly assigning individuals or firms to different legal rules can...