In March 1999, a small number of Californians discovered a new world called "Norrath", populated by an exotic but industrious people. Having just returned from a dangerous exploratory journey through this new world, I can report a number of interesting findings about its people and economy....

Maintenance consumption is an expense recovered in product prices, yet also a source of taste satisfaction which must be exhausted, rather than reinvested, from the capital affording it. This riddle is solved in the "duplication rules": the cost of maintenance consumption is recovered in pay and...

This paper presents a growth model in which property rights are insecure and costly to enforce. Losses of property provide the impetus to establish institutions which seek to enforce property rights. Institutions are shown to implement policies that enforce property rights. The model establishes...

Biotechnology promises to change the course of evolution. Rather than patiently waiting as natural selection channels the forces of biology into contouring the nature and character of the organisms that populate our world, biotechnology allows humans to directly manipulate the basis of life...

Does law itself evolve? It has been widely suggested that culturally transmitted behavioral information exhibits a Darwinian evolutionary dynamic. The argument is straightforward. Darwinian evolution has three basic elements: (i) replicative descent with (ii) variation, subject to (iii) a form...

The problem of commutative justice has been widely analysed by the contemporary doctrine of civil law. Simultaneously there is a profound debate about the meaning of commutative justice and equivalence in exchange within the sphere of moral philosophy. All these issues seem to concern the...

In the debate on strengthening the international financial architecture, which peaked in 2002 after a series of emerging market sovereign debt crises, the universal adoption of collective action clauses (CACs) was the most promising reform proposal. Academics and the official sector had been...

Empirical research on the determinants of corruption has made substantial progress over the last decade. To date, the consequences of different structures of the legal enforcement institutions have only played a marginal role. This contribution deals both with the determinants of corruption...

We develop a simple double marginalization model with complete information, in which an original manufacturer of a pharmaceutical product faces potential competition from parallel imports by a foreign exclusive distributor. The model suggests that parallel imports will never occur in the...