In this paper, Richard A Epstein, Professor of Law at the
University of Chicago, explains how there are substantial gains to
be made from countries getting 'easy' policy decisions correct.
Societies collapse and become impoverished when they do not accept
the basic principles of freedom to contract and competition. Even
in the developed world these principles have not been accepted in
key areas such as agricultural and labour markets. Significant
welfare gains could be achieved from liberalisation in both areas.
Epstein explains how liberal economists, politicians and civil
servants often spend much time discussing 'difficult' cases. While
these issues may be important to particular groups in society, the
implications of getting 'difficult' cases wrong is not serious.
Thus policy-makers and their advisers, Epstein says, would do well
to concentrate on the 'easy' cases. In his study, Professor Epstein
uses evidence and analysis derived from the disciplines of both law
and economics. Professor Geoffrey E Wood provides a commentary that
elucidates Epstein's argument and shows how it can be further
applied to policy issues relevant to the UK.
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