Simple rules for a more inclusive economy

Vlad Tarko

European Journal of Law and Economics, 2021, vol. 52, issue 2, No 3, 229-249

Abstract: Abstract This paper explores some of the reasons why capitalism experiences periodic crises of legitimacy and asks whether Richard Epstein’s “simple rules” heuristic can help. The current legitimacy problem is exacerbated by the fact that we are also in a low growth situation. This means that some policy instruments that could have been used to increase legitimacy may no longer be available. The “simple rules” heuristic can help as a guide to reforms that would simultaneously address the legitimacy problem, while avoiding making the growth problem worse.

Keywords: Legitimacy; Inequality; Economic disruption; Growth; Rule of law; Generality norm (search for similar items in EconPapers)
JEL-codes: D63 K10 K20 P16 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s10657-020-09674-2

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