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The Law Market$
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Larry E. Ribstein and Erin O'Hara

Print publication date: 2009

Print ISBN-13: 9780195312898

Published to Oxford Scholarship Online: May 2009

DOI: 10.1093/acprof:oso/9780195312898.001.0001

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Policy Arguments

Policy Arguments

(p.19) 2 Policy Arguments
The Law Market

Erin A. O'Hara (Contributor Webpage)

Larry E. Ribstein (Contributor Webpage)

Oxford University Press

As background for explaining the costs and benefits of the law market, this chapter uses public choice theory to explain the political dynamic that causes states sometimes to adopt inferior laws. This chapter also explains why party choice of law can help to economize on the costs of those laws and reminds the reader that unbridled party choice can, in certain circumstances, impose harmful effects on society, making limits appropriate. In some cases, limits to party choice are necessary in order to prevent other harmful influences on the lawmaking process.

Keywords:   law market, public choice, choice of law, politics

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