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96 Cornell L. Rev. 967 (2010-2011)
Law and Neoclassical Economic Development in Theory and Practice: Toward an Institutionalist Critique of Institutionalism

handle is hein.journals/clqv96 and id is 977 raw text is: ESSAY LAW AND NEOCLASSICAL ECONOMIC DEVELOPMENT IN THEORY AND PRACTICE: TOWARD AN INSTITUTIONALIST CRITIQUE OF INSTITUTIONALISM Chantal Thomast INTRODUCTION ................................................. 968 I. CONSTRUCTION......................................... 973 A. The Theorists ............................... 973 1. The Theoretical Transition in Law and Development Discourse from Modernization to Neoclassicism ....... 973 2. The Rise of Neoclassical Economics in Law and Development .............................. 977 3. The New Institutional Economics (NIE) ............. 979 4. The New Political Economy (NPE) ................. 983 5. The Moderate Institutionalists .................... 985 6. Conclusion ...................................... 990 B. The Practitioners ................................... 991 II. CRITIQUE ............................................... 1002 A. Theoretical Critique: Internal Incoherence ......... 1002 1. Rule of Law ..................................... 1002 2. Property Rights...................................1005 3. Conclusion ...................................... 1007 B. Practical Critique: Empirical Flaws .................. 1008 1. Causality Problems ............................... 1008 2. Program Design Issues ............................ 1016 3. Conclusion ...................................... 1018 III. TowARD AN INSTITUTIONALIST ANALYSIS OF INSTITUTIONALISM ....................................... 1018 A. Imperfect Information.............................. 1020 t Professor of Law, Cornell Law School. Comments welcome at: ct343@cornell.edu. My sincere thanks to Hanoch Dagan and Jeff Rachlinski, co-convenors of the symposium on the Future of Legal Theory where this paper was originally presented. Thanks also to Greg Alexander, Yishai Blank, Ted Eisenberg, Ron Harris, Yoram Margalioth, Jens Ohlin, Stewart Schwab, Hila Shamir, and all the other participants in the symposium for helpful comments and support. Errors are mine alone. Finally, I am grateful to the Institute for Advanced Study, where I was in residence during the Spring of 2011 while I completed this Essay. 967

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