Cambridge University Press Law and Market Economy: Reinterpreting the Values of Law and Economics

This integrated study of law, economics and Peircian semiotics re-examines the relationship between law and market theory, and introduces the idea of law and market economy. Overcoming the traditional dichotomy between efficiency and justice, Malloy focuses on the relationship between creativity, entrepreneurism, and sustainable wealth formation. he shows how creativity and sustainable wealth formation have more to do with an ethic of social responsibility than with a concern for economic efficiency. In presenting his case, Malloy uses numerous examples as he reinterprets classic problems related to rational choice, the Coase Theorem, public choice, efficient breach, social contract theory, and wealth maximization, among others. Review 'Malloy develops a semiotic interpretation of work in law and economics that links exchange and creativity to ethical values. The result is a powerful new perspective on law and markets that brings to mind work from Hayek to Hurst. This book is an exceptionally important contribution to contemporary scholarship on the nature of Law.' John Brigham, University of Massachusetts, Amherst, and Member of the Board of Trustees of the Law and Society Association'In bringing the language and concerns of ethics, moral theory, and social responsibility back into the discipline of market theory and law, this book is timely and significant, and should be read by anyone who cares about more just and inclusive alternatives to present forms of social organization.' Sharon Hom, City University of New York'Providing the reader with a rich menu of humanistic values, economic analysis, and interpretation theory, this work will enliven debate and open new avenues of inquiry in an academic field on the verge of becoming arid by its current confining focus.' Denis Brion, Washington and Lee University'… it is clear that [Malloy's] concept of Law and Market Economy is rich with potential. As he develops his theory, he has the opportunity to work out a template for action in the processes of the law that can lead to a welfare-maximising society that would be a compelling alternative to the failed Welfare State of the immediate past, the Efficient State, instrumental to the economic elite, of Chicago School Law and Economics, and the Night-Watchman State, the hyper-competitive milieu of atomistic individuals of Libertarian Law and Economics.' International Journal for the Semiotics of Law Book Description Law, market theory and semiotics together provide a challenging new perspective on economic analysis of law.