The New Institutional Economics has established itself as widely accepted extension to the standard neoclassical paradigm. Here, institutions are defined as commonly known rules that structure recurring interaction situations and the corresponding sanctioning mechanism. For-mal institutions...

Should laws be made in courts or in parliaments? Orlin Yalnazov proposes a new approach to the problem. He conceptualizes law as an information product, and law-making as an exercise in production. Law-making has inputs and outputs, and technology is used to transform one into the other. Law...