This article surveys recent work on the role of law in determining economic aggregates such as gross domestic product, unemployment, inflation, and productivity growth. We provide a brief overview of macroeconomics and discuss how legal interventions and institutional arrangements such as...

One of the principal determinants of an asset's return is its liquidity - the ease with which the asset can be bought and sold. Liquid assets yield a lower return than do otherwise comparable illiquid assets. This Article demonstrates that an income tax alters the tradeoff between asset...