Rule of Law Economics: The Cost of Guarantors Services and Enforcement Errors

Andrey Shastitko

Voprosy Ekonomiki, 2011, issue 3

Abstract: The article shows the importance of respecting the Rule of Law for organization of economic exchanges in terms of the New Institutional Economics (NIE). A brief overview of traditions in the study of the Rule of Law as a phenomenon is presented, including the approach to the study of this principle within the NIE. The costs of rights guarantying and redress as well as types I and II errors regarding rules enforcement are demonstrated. The illustration of types I and II errors problems within the context of the Rule of Law principle implementation in the area of Russian antimonopoly legislation is proposed.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2011:id:1221

DOI: 10.32609/0042-8736-2011-3-88-103

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