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A Law and Economics Approach to Criminal Gangs (Routledge Revivals)
by Liza VertinskyFirst published in 1999. This book provides a law and economics approach towards criminal gangs which integrates the tools of economic modelling with criminal law in order to understand and address a contemporary law enforcement problem. The book draws upon ideas from economics, law and law enforcement to investigate the nature and organizational structure of criminal gangs. Law and economics are employed in varying combinations and at varying levels of specificity to generate insights into the organization and behaviour of criminal gangs. These insights are applied to evaluate alternative legal approaches and to inform the design of a new criminal law approach towards criminal gangs. Attention is focused on the organization of criminal street gangs, both because the growth and increasing sophistication of these gangs offer special challenges for law enforcement and because of the potential contributions which such an understanding could yield for economists who have traditionally focused on the organizational structure of legitimate enterprises.
Law and Economics for Civil Law Systems
by Ejan MackaayThis second edition of Law and Economics for Civil Law Systems substantially updates a unique volume that presents the core ideas of law and economics for audiences primarily familiar with civil law systems.Ejan Mackaay offers a comprehensive look at the essential points of economic reasoning, the Coase Theorem, and legal institutions such as property, extra-contractual civil liability and contracts. The book’s structure mirrors the way law is taught in civil law countries, with structured presentations, references to civil code articles paired with non-technical explanations, and limited reliance on graphs. Building on the success of the 2008 edition of the French-language textbook on law and economics from a civil law perspective, this second English-language version appears alongside the 2021 edition of the French-language book.This pioneering volume fills a critical gap in the literature of law and economics and will be an invaluable resource for academia, the judiciary, policy-makers, regulators and legal practitioners working in civil law systems.
Law and Economics in Europe: Foundations and Applications (Economic Analysis of Law in European Legal Scholarship #1)
by Klaus MathisThis anthology illustrates how law and economics is developing in Europe and what opportunities and problems – both in general and specific legal fields – are associated with this approach within the legal traditions of European countries. The first part illuminates the differences in the development and reception of the economic analysis of law in the American Common Law system and in the continental European Civil Law system. The second part focuses on the different ways of thinking of lawyers and economists, which clash in economic analysis of law. The third part is devoted to legal transplants, which often accompany the reception of law and economics from the United States. Finally, the fourth part focuses on the role economic analysis plays in the law of the European Union. This anthology with its 14 essays from young European legal scholars is an important milestone in establishing a European law and economics culture and tradition.
Law and Economics in Europe and the U.S.: The Legacy of Juergen Backhaus (The European Heritage in Economics and the Social Sciences #18)
by Alain Marciano Giovanni Battista RamelloThis volume traces the evolution of the field of law and economics from its European roots to its neoclassical “Chicagoan” period to its current identity as a more fluid, transatlantic discipline. Paying special attention to the work of German economist Juergen Backhaus, who was instrumental in the reintroduction of the European perspective to the field, this book analyzes this gradual shift in the law and economics debate and provides a state-of-the-art of the literature currently being produced by the field’s most active scholars. Beginning with a discussion of the history of the field and Backhaus’ role in its development, the volume provides a survey of issues central to the current debate such as legal processes in both Europe and the U.S., constitutional political economy, regulatory law, and the ongoing evolution of the European Union. The importance of this volume is two-fold, as it firmly grounds the discipline in history while establishing a future research agenda. This book will be of use to researchers studying law and economics as well as those interested in institutional analysis.
Law and Economics in India: Understanding and practice
by Bimal N. Patel Ranita Nagar Hiteshkumar ThakkarThis is one of the first volumes that uses economic tools to analyse and evaluate law and policy in India. Applying economic theories such as incentive analysis, cost–benefit studies, and game theory, the essays in the volume negotiate contentious issues in law including property, contracts, torts, nuclear liability regime, bankruptcy law, criminal law and procedure, constitutional law, administrative law, environmental law, and family law. A radical take on commercial and socio-legal issues in India, this book will greatly interest scholars and researchers of law, political economy, and public policy.
Law and Economics in India: Understanding and practice
by Bimal N. Patel Ranita Nagar Hiteshkumar ThakkarThis is one of the first volumes that uses economic tools to analyse and evaluate law and policy in India. Applying economic theories such as incentive analysis, cost–benefit studies, and game theory, the essays in the volume negotiate contentious issues in law including property, contracts, torts, nuclear liability regime, bankruptcy law, criminal law and procedure, constitutional law, administrative law, environmental law, and family law. A radical take on commercial and socio-legal issues in India, this book will greatly interest scholars and researchers of law, political economy, and public policy.
Law and Economics in Japanese Competition Policy
by Koki AraiThis book demonstrates how economics is used in cases of competition in Japan. Competition between firms is usually the most effective way of allocating economic resources and achieving consumer and producer welfare. At the same time, a balance must be struck; firms must not be over-regulated, but neither must they be completely free to create a monopoly or oligopoly. Therefore, the role of competition policy is to maintain a balance by using the collaborative economics of industrial organization. The book uses economic analysis to evaluate case studies on Japanese anti-monopoly law, the Act Concerning Prohibition of Private Monopolization and Maintenance of Fair Trade (AMA), and enforcement in e.g. cartel cases, private monopolization cases, and merger cases. The Japan Fair Trade Commission implements a competition policy, primarily through the enforcement of the AMA, which promotes ingenuity and innovation in business by guaranteeing and enhancing fair and free competition, thereby ensuring economic vitality and consumer benefit. This book is the first authoritative and compact work on competition policy in Japan, which has a more-than-70-year history and is based on solid legal principles. In addition, the book seeks to promote law enforcement based on economic analysis, and includes studies describing the enforcement mechanisms used. It provides comprehensive yet concise information on the structure of the AMA, recent cases, and economic analysis. It also explains the circumstances regarding recent cases and analyzes how the economic policy has been applied to actual cases.
Law and Economics of Article 102 TFEU
by Robert O'Donoghue QC Jorge Padilla“A reference book in this area of EU competition law and a must-have companion for academics, enforcers and practitioners alike, as well as EU and national judges.”Judge Nils Wahl, Court of Justice of the European Union This seminal text offers an authoritative and integrated treatment of the legal and economic principles that underpin the application of Article 102 TFEU to the behaviour of dominant firms. Traditional concerns of monopoly behaviour, such as predatory pricing, refusals to deal, excessive pricing, tying and bundling, discount practices and unlawful discrimination are treated in detail through a review of the applicable economic principles, the case law and decisional practice and more recent economic and legal writings. In addition, the major constituent elements of Article 102 TFEU, such as market definition, dominance, effect on trade and applicable remedies are considered at length. The third edition involves a net addition of over 250 pages, with a substantial new chapter on Abuses In Digital Platforms, an extensively revised chapter on standards, and virtually all chapters incorporating substantial revisions reflecting key cases such as Intel, MEO, Google Android, Google Shopping, AdSense, and Qualcomm.
Law and Economics of Article 102 TFEU
by Robert O'Donoghue QC Jorge Padilla“a reference book in this area of EU competition law and a must-have companion for academics, enforcers and practitioners alike, as well as EU and national judges.”Judge Nils Wahl, Court of Justice of the European UnionThis seminal text offers an authoritative and integrated treatment of the legal and economic principles that underpin the application of Article 102 TFEU to the behaviour of dominant firms. Traditional concerns of monopoly behaviour, such as predatory pricing, refusals to deal, excessive pricing, tying and bundling, discount practices and unlawful discrimination are treated in detail through a review of the applicable economic principles, the case law and decisional practice and more recent economic and legal writings. In addition, the major constituent elements of Article 102 TFEU, such as market definition, dominance, effect on trade and applicable remedies are considered at length. The third edition involves a net addition of over 250 pages, with a substantial new chapter on Abuses In Digital Platforms, an extensively revised chapter on standards, and virtually all chapters incorporating substantial revisions reflecting key cases such as Intel, MEO, Google Android, Google Shopping, AdSense, Qualcomm.
The Law and Economics of Class Actions (Research in Law and Economics #26)
by James Langenfeld"Legal and economic analyses overlap and interact in many areas. Recent U.S. Supreme Court and lower court decisions on class action lawsuits clearly focus on the critical role that economic analysis plays in determining the outcome of class actions. Wal-Mart Stores, Inc. v. Dukes and Comcast Corp. v. Behrend have made national headlines, raising the bar in class certification for showing common impact and preponderance through expert testimony. These decisions have turned on the adequacy of the analyses put forth by expert economists, finding the analyses of the plaintiffs' economists to be insufficient. The decisions will have significant implications for use of expert testifiers in class certification and in estimation of monetary damages, presenting challenges to both attorneys and economists in antitrust and other class actions. This book focuses on the changing landscape of class action law and its interaction with the economic analysis of key issues in class actions. Articles examine the elements of class action law from diverse viewpoints, featuring defendant and plaintiff perspectives, concerning domestic and international law, and written by lawyers and economists."
The Law and Economics of Enforcing European Consumer Law: A Comparative Analysis of Package Travel and Misleading Advertising (Markets and the Law)
by Franziska WeberIn the internet age, the need for effective consumer law enforcement has arguably never been greater. This timely book is a comparative law and economic analysis of the changing landscape of EU consumer law enforcement policy. EU member states are moving away from purely public or private law enforcement and now appear to be moving towards a more mixed approach, not least due to European legislation. This book reflects on the need for and creation of efficient enforcement designs. It examines the various economic factors according to which the efficiency of different enforcement mechanisms can be assessed. Hypothetical case scenarios within package travel and misleading advertising, dealing with substantial individual harm and trifling and widespread harm are used to illustrate various consumer law problems. Design suggestions on how to optimally mix enforcement mechanisms for these case scenarios are developed. The findings are then used as a benchmark to assess real life situations in countries with different enforcement traditions - the Netherlands, Sweden and England. The book is of value to both researchers and policy-makers working in the area of consumer protection.
The Law and Economics of Enforcing European Consumer Law: A Comparative Analysis of Package Travel and Misleading Advertising (Markets and the Law)
by Franziska WeberIn the internet age, the need for effective consumer law enforcement has arguably never been greater. This timely book is a comparative law and economic analysis of the changing landscape of EU consumer law enforcement policy. EU member states are moving away from purely public or private law enforcement and now appear to be moving towards a more mixed approach, not least due to European legislation. This book reflects on the need for and creation of efficient enforcement designs. It examines the various economic factors according to which the efficiency of different enforcement mechanisms can be assessed. Hypothetical case scenarios within package travel and misleading advertising, dealing with substantial individual harm and trifling and widespread harm are used to illustrate various consumer law problems. Design suggestions on how to optimally mix enforcement mechanisms for these case scenarios are developed. The findings are then used as a benchmark to assess real life situations in countries with different enforcement traditions - the Netherlands, Sweden and England. The book is of value to both researchers and policy-makers working in the area of consumer protection.
Law and Economics of International Climate Change Policy (Environment & Policy #30)
by R. SchwarzeInternational climate change policy can be broadly divided into two periods: A first period, where a broad consensus was reached to tackle the risk of global warming in a coordinated global effort, and a second period, where this consensus was finally framed into a concrete policy. The first period started at the "Earth Summit" of Rio de Janeiro in 1992, where the United Nations Framework Convention on Climate Change (UNFCCC) was opened for signature. The UNFCCC was subsequently signed and ratified by 174 countries, making it one of the most accepted international rd treaties ever. The second period was initiated at the 3 Conference of the Parties (COP3) to the UNFCCC in Kyoto in 1997, which produced the Kyoto Protocol (KP). Till now, eighty-four countries have signed the Kyoto Protocol, but only twelve ratified it. A major reason for this slow ratification is that most operational details of the Kyoto Protocol were not decided in Kyoto but deferred to following conferences. This deferral of the details, while probably appropriate to initially reach an agreement, is a major stepping stone for a speedy ratification of the protocol. National policy makers and their constituencies, who would ultimately bear the cost of Kyoto, are generally not prepared to ratify a treaty that could mean anything, from an unsustainable strict regime of international control of greenhouse gases (GHGs) to an "L-regime" ofloopholes, or from a pure market-based international carbon trading to a regime of huge international carbon tax funds.
The Law and Economics of International Trade Agreements
by Alan O. SykesFrom the pen of highly esteemed trade scholar Alan Sykes, this book presents a rigorous introduction to the law and economics of modern international trade agreements.With a bottom-up approach that requires neither a background in international trade law nor significant economics training, Sykes sets out to map and explain the complex dynamics of international trade agreements and institutions, synthesising legal analysis and cutting-edge economic research in order to present the reader with a sophisticated, holistic view of the field.Against the backdrop of the current impasse in both negotiation and dispute settlement at the World Trade Organisation, the book charts a clear path from the historical origins of trade law and the international system, to the current state of play, including unpacking the major areas of controversy. It exposits the economic theory of trade agreements, discusses the role of international trade law in domestic legal systems and analyzes the role of self-enforcement and formal dispute resolution mechanisms. It provides lucid and detailed analysis of the restrictions, exceptions, obligations and special measures that constitute the core building blocks of international trade rules, including the distinct features of international trade in services. With an international outlook, the book also addresses the role of China in the world trading system, looking at such issues as the credibility of market access commitments, China's industrial policies, “forced technology transfer” and currency manipulation.Providing an eloquent, thorough and technically astute overview of international trade agreements, this title will be invaluable to scholars and teachers of international trade across the disciplines of law, economics and political science.
Law and Economics of Justice: Efficiency, Reciprocity, Meritocracy (Economic Analysis of Law in European Legal Scholarship #17)
by Klaus Mathis Avishalom TorWhile previous volumes have examined specific issues and developments such as the coronavirus crisis or digital transformation from a law and economics perspective, the anniversary edition returns to the methodological and philosophical fundament of the discipline of law and economics. The present book aims to examine these foundations in general and, in particular, efficiency, reciprocity and meritocracy, and their relation to law and justice from an interdisciplinary perspective.Efficiency: Traditionally, the economic analysis of law has been guided by the goal of efficiency. Economists usually define efficiency as Pareto or Kaldor–Hicks efficiency. Any change that makes one member of society better off without anyone else being worse off is a Pareto improvement. A change is a Kaldor–Hicks improvement if the gainers value their gains more than the losers value their losses, with only hypothetical compensation required.Reciprocity: Economists have traditionally basedtheir models on the self-interest hypothesis of homo oeconomicus. In this model, an individual maximises his own utility without being altruistic or jealous. Behavioural economics challenges the self-interest hypothesis. In fact, many people deviate from purely self-interested behaviour. There are also signs that considerations of fairness and mutual benefit are important in bilateral negotiations and in the functioning of markets. Meritocracy: The concept of meritocracy refers to a system, organisation, or society in which people are selected and promoted to positions of success, power, and influence on the basis of their abilities and merits. This means that an individual is able to climb the social ladder through hard work. Moreover, meritocracy directs the most talented people into the most functionally important positions, thereby increasing a society's efficiency. However, the equalising function of meritocracy has been criticised. Rather than reducing inequality, meritocracy is seen as the cause of racial, economic and social inequality.
The Law and Economics of Marriage and Divorce (PDF)
by Edited by Antony W. Dnes Robert RowthornWhat sort of contract is marriage? What does it offer the parties? What are the difficulties of enforcement, and the result of failed effective enforcement? This book takes an economic approach to marriage and divorce, considering the key role of 'incentives' in family law: it highlights the possible adverse consequences emanating from faulty legal design, while demonstrating that good family law should provide incentives for consistent and honest behavior. Economists, specialists in the economic analysis of law, and academic lawyers discuss recent advances in specialist work on marriage, cohabitation, and divorce. Chapters are grouped around four topics: the contractual perspectives on marriage commitment; the regulatory framework surrounding divorce; bargaining and commitment issues relating to marriage and near-marriage arrangements; and finally empirical work, which focuses on the impact of more liberal divorce laws. This important new study will be of considerable interest to lawyers, policy-makers and economists concerned with family law.
Law and Economics of Personalized Medicine: Institutional Levers to Foster the Translation of Personalized Medicine (Gesundheitsmanagement und Gesundheitsökonomik)
by Karin BosshardThe book adds to the discussion about strategic approaches towards the translation of personalized medicine into clinical practice. It stresses the importance of non-science related, institutional barriers. A Law and Economics perspective is applied in order to examine the incentives induced by the barriers. An applied part identifies and evaluates policy levers to foster the translation of personalized medicine into Swiss clinical practice.
The Law and Economics of Privacy, Personal Data, Artificial Intelligence, and Incomplete Monitoring (Research in Law and Economics #30)
by Samuel Clark James Langenfeld Frank FaganThe Law and Economics of Privacy, Personal Data, Artificial Intelligence, and Incomplete Monitoring presents new findings and perspectives from leading international scholars on several emerging areas issues in legal and economic research. The collection contains new theoretical papers on privacy, the protection of personal data, the use of regulatory monitoring under legal standards versus rules, a study of the properties of market efficiency in securities fraud litigation, as well as an analysis of non-exclusionary price floors. It also contains an empirical paper on the relationship between uncertainty of patent approval of artificial intelligence applications and the Supreme Court’s decision in Alice Corp. v. CLS Bank International. Finally, the volume features a law-and-economics assessment of the Chinese financial system within the context of the trade-off between centralized control and rapid growth. This 30th volume of Research in Law and Economics showcases the cutting edge theoretical and empirical findings for researchers and professionals considering these complex issues intersecting law, technology, and economics.
The Law and Economics of Privacy, Personal Data, Artificial Intelligence, and Incomplete Monitoring (Research in Law and Economics #30)
by James Langenfeld, Frank Fagan and Samuel ClarkThe Law and Economics of Privacy, Personal Data, Artificial Intelligence, and Incomplete Monitoring presents new findings and perspectives from leading international scholars on several emerging areas issues in legal and economic research. The collection contains new theoretical papers on privacy, the protection of personal data, the use of regulatory monitoring under legal standards versus rules, a study of the properties of market efficiency in securities fraud litigation, as well as an analysis of non-exclusionary price floors. It also contains an empirical paper on the relationship between uncertainty of patent approval of artificial intelligence applications and the Supreme Court’s decision in Alice Corp. v. CLS Bank International. Finally, the volume features a law-and-economics assessment of the Chinese financial system within the context of the trade-off between centralized control and rapid growth. This 30th volume of Research in Law and Economics showcases the cutting edge theoretical and empirical findings for researchers and professionals considering these complex issues intersecting law, technology, and economics.
Law and Economics of Regulation (Economic Analysis of Law in European Legal Scholarship #11)
by Klaus Mathis Avishalom TorThis book explores current issues regarding the regulation of various economic sectors, theoretically and empirically, discussing both neoclassical and behavioural economics approaches to regulation. Regulation has become one of the main determinants of modern economies, and virtually every sector is subject to general laws and regulations as well as specific rules and standards. A traditional argument to justify regulatory interventions is the promotion of public interests. Fixing markets that lack competition, balancing information asymmetries, internalising externalities, mitigating systemic risks, and protecting consumers from irrational behaviour are frequently invoked to complement the invisible hand of the market with the visible hand of the state.However, regulations can lead to unintended consequences, and serve the interests of powerful private interest groups rather than the public interest and social welfare. In addition, new insights from behavioural economics question the traditional regulatory approaches, most prominently in attitudes towards consumers. Furthermore, digitalisation and technological innovation in general present new challenges in terms of both the type of regulation and the regulatory process.Part I of this book discusses various theoretical approaches to the economic analysis of regulations, while Part II looks at specific applications of the law and economics of regulation.
The Law and Economics of Takeovers: An Acquirer's Perspective (Contemporary Studies in Corporate Law)
by Athanasios KouloridasThis book studies takeovers from the acquirer's perspective. More precisely the book focuses on the legal and regulatory treatment of the risks faced by the acquiring company shareholders in takeovers. The identified risks are categorised into two main groups: first, risks generated by managerial choices and second, regulatory or external risks. The analysis considers the legal context but also draws on the economic literature, seeking to map the area under consideration and to suggest measures to improve the present position from both a law and economics perspective. More specifically, the book examines various methods of protecting the acquiring shareholders against value-decreasing or self-interested acquisitions, such as the class transaction rules, fiduciary duties, the acquiring directors' responsibilities under the Takeover Code, the court scheme procedure, the role of institutional shareholders and reward strategies, and methods of making the acquiring directors more exposed to the discipline of the market. The effects of the choice of the medium of payment are also covered. In addition, it covers the Code's position with regard to auction situations and seeks to identify ways of addressing the acquiring shareholders' interests in auctions, including auctions where buyout teams or white Knights are involved. Moreover it identifies situations where deviations from horizontal equality rules, which increase takeover premia, are or should be recognised. To that effect the Code's rules on mandatory bids, the determination of the price and the form of payment offered, partial offers and squeeze outs are considered. In addition, it covers the Code's position with regards to auction situations and seeks to identify ways of addressing the acquiring shareholders' interests in auctions, including auctions where buyout teams or White Knights are involved. Moreover it identifies situations where deviations from horizontal equality rules, which increase takeover premia, are or should be recognised. To that effect the Code's rules on mandatory bids, the determination of the price and the form of payment offered, partial offers and squeeze outs are considered. The analysis covers both hostile and friendly situations. In relation to hostile takeovers, the legal and regulatory framework of toehold strategies is analysed (Code's requirements, Disclosure Rules and Companies Act disclosure requirements etc). Market Abuse issues in relation to stake building are also highlighted. In relation to friendly takeovers the operation of lock-up agreements and break fees (Code's requirements, fiduciary law, financial assistance and other contract law concerns), is also explored. Finally, the Panel's position on adverse changes, pre-conditions and conditions which the offer can be subject to and the bidder's exposure to Material Adverse Change risk are assessed. The book discusses developments in the area under consideration including the Takeover Code regime after the implementation of the Takeover Directive and the Companies Act 2006.
Law and Economics of the Coronavirus Crisis (Economic Analysis of Law in European Legal Scholarship #13)
by Klaus Mathis Avishalom TorThe coronavirus pandemic struck unexpectedly, posing unprecedented challenges around the world. At the same time, this crisis also offers a unique opportunity for reflection, research, and insight regarding this and similar global and domestic crises. There is much to be learned from analysing the effects of the crisis. It provides a chance for a fresh scholarly examination of important aspects of legal regulation, policymaking, and more. This volume pursues these questions from a broad range of Law and Economics perspectives and is divided into two parts. The first part examines the immediate impact of and responses to the coronavirus crisis, while the second explores the future possibilities that scholarly analysis of this crisis can offer. As to the immediate impact and responses, questions of compliance with regulations and safety measures, nudging and decision-making with regard to the coronavirus crisis are examined from the perspective of behavioural economics. In addition, the short- and long-term effects of various emergency policy responses on contract law are studied. Current issues and challenges like the regulation of internet platforms, excessive pricing, the right to adequate food, risk and loss allocation, as well as remote learning and examinations, which have been impacted, brought about, complicated or aggravated by the coronavirus crisis, are analysed in depth. Lastly, future possibilities in the areas of data access rights, economic instability and the balance between political-economic interests and social interests, patenting, food labels and open data are illustrated.
Law and Economics of the Digital Transformation (Economic Analysis of Law in European Legal Scholarship #15)
by Klaus Mathis Avishalom TorThis book pursues the questions from a broad range of law and economics perspectives. Digital transformation leads to economic and social change, bringing with it both opportunities and risks. This raises questions of the extent to which existent legal frameworks are still sufficient and whether there is a need for new or additional regulation in the affected areas: new demands are made on the law and jurisprudence.
The Law and Economics of WTO Law: A Comparison with EU Competition Law's 'More Economic Approach' (Elgar International Economic Law series)
by Marios C. IacovidesThis insightful book proposes taking inspiration from EU competition law structures to inform and implement a more economic approach in WTO law. The book provides a detailed account of the two legal systems regarding likeness, harm, and remedies, in order to draw comparisons. Taking a unique approach in synthesizing law and economics with comparative law methods, it considers WTO law holistically to propose a legal transplant from EU competition law to WTO law.Drawing from EU competition law, the book generates comparative ideas that can improve the understanding of fundamental WTO concepts such as likeness, less favourable treatment, discrimination, trade harm, trade effects, and the level of permissible countermeasures. Based on this analysis, the author offers normative suggestions to improve the efficiency of WTO law through correct implementation of a more economic approach. As part of this approach, the author recommends an increased capacity for all key actors involved in WTO dispute settlement. Exploring key WTO concepts and employing law and economics benchmarks to make comparisons, this thought-provoking book will be of benefit to scholars and students of law and economics, global transnational law and WTO law in particular. It will also prove valuable for practitioners and policy makers involved in international trade law and dispute settlement.
Law and Employment: Lessons from Latin America and the Caribbean (National Bureau of Economic Research Conference Report)
by James J. Heckman Carmen PagesLaw and Employment analyzes the effects of regulation and deregulation on Latin American labor markets and presents empirically grounded studies of the costs of regulation. Numerous labor regulations that were introduced or reformed in Latin America in the past thirty years have had important economic consequences. Nobel Prize-winning economist James J. Heckman and Carmen Pagés document the behavior of firms attempting to stay in business and be competitive while facing the high costs of complying with these labor laws. They challenge the prevailing view that labor market regulations affect only the distribution of labor incomes and have little or no impact on efficiency or the performance of labor markets. Using new micro-evidence, this volume shows that labor regulations reduce labor market turnover rates and flexibility, promote inequality, and discriminate against marginal workers. Along with in-depth studies of Colombia, Peru, Brazil, Argentina, Chile, Uruguay, Jamaica, and Trinidad, Law and Employment provides comparative analysis of Latin American economies against a range of European countries and the United States. The book breaks new ground by quantifying not only the cost of regulation in Latin America, the Caribbean, and in the OECD, but also the broader impact of this regulation.