This paper explores the idea that adopting a law is like investing in a productive asset. Investment involves incurring a present cost in the expectation of future benefits. Legal systems can be regarded as making investment decisions when incurring present lawmaking costs that will generate...

This paper addresses the merits of using the parallel exchange rate as a guide to setting the official exchange rate. Ideally, policymakers would set the exchange rate at the level that would balance trade and sustainable capital flows--that level is referred to as the equilibrium exchange rate....

Restrictions on foreign trade all too often harm the very people they aim to protect: American consumers and producers. Trade restrictions limit the choices of what Americans can buy; they also drive up the prices of everything from clothing and groceries to the materials manufacturers use to...

There has been considerable dissatisfaction expressed by both free trade proponents and environment activists with respect to the WTO's exercise of authority on the impact of environmental measures on international trade. The Article first sets out a analytical framework, based on public choice...

This paper addresses the merits of using the parallel exchange rate as a guide to setting the official exchange rate. Ideally, policymakers would set the exchange rate at the level that would balance trade and sustainable capital flows--that level is referred to as the equilibrium exchange rate....

Starving a nation of resources has a long history in foreign policy, from ancient sieges of cities to modern economic sanctions. Sanctions can take the form of a unilateral or multilateral trade embargo, or targeted trade and financial sanctions by a coordinated group of countries that cut off...

This thorough and detailed book provides a comprehensive analysis of the various ways in which laws and rules are produced and lays the foundations for a systematic understanding of lawmaking as a production process.