This book offers a dynamic theory of law and economics focused on change over time, aimed at avoiding significant systemic risks (like financial crises and climate disruption) and implemented through a systematic analysis of law's economic incentives and how people actually respond to them. This theory offers a new vision of law as fundamentally a macro-level enterprise establishing normative commitments and a framework for numerous private transactions, rather than as an analogue to a market transaction. It explains how neoclassical law and economics sparked decades of deregulation culminating in the 2008 financial collapse. It then shows how economic dynamic theory helps scholars and policymakers make wise choices about how to avoid future catastrophes while keeping open a robust set of economic opportunities, with individual chapters addressing the law and economics of financial regulation, contract, property, intellectual property, antitrust, national security and climate disruption.

Reveals how the U.S. Supreme Court's presidentialism threatens our democracy and what to do about it. Donald Trump's presidency made many Americans wonder whether our system of checks and balances would prove robust enough to withstand an onslaught from a despotic chief executive. In The Specter of Dictatorship, David Driesen analyzes the chief executive's role in the democratic decline of Hungary, Poland, and Turkey and argues that an insufficiently constrained presidency is one of the most important systemic threats to democracy. Driesen urges the U.S. to learn from the mistakes of these failing democracies. Their experiences suggest, Driesen shows, that the Court must eschew its reliance on and expansion of the "unitary executive theory" recently endorsed by the Court and apply a less deferential approach to presidential authority, invoked to protect national security and combat emergencies, than it has in recent years. Ultimately, Driesen argues that concern about loss of democracy should play a major role in the Court's jurisprudence, because loss of democracy can prove irreversible. As autocracy spreads throughout the world, maintaining our democracy has become an urgent matter.

Reveals how the U.S. Supreme Court's presidentialism threatens our democracy and what to do about it. Donald Trump's presidency made many Americans wonder whether our system of checks and balances would prove robust enough to withstand an onslaught from a despotic chief executive. In The Specter of Dictatorship, David Driesen analyzes the chief executive's role in the democratic decline of Hungary, Poland, and Turkey and argues that an insufficiently constrained presidency is one of the most important systemic threats to democracy. Driesen urges the U.S. to learn from the mistakes of these failing democracies. Their experiences suggest, Driesen shows, that the Court must eschew its reliance on and expansion of the "unitary executive theory" recently endorsed by the Court and apply a less deferential approach to presidential authority, invoked to protect national security and combat emergencies, than it has in recent years. Ultimately, Driesen argues that concern about loss of democracy should play a major role in the Court's jurisprudence, because loss of democracy can prove irreversible. As autocracy spreads throughout the world, maintaining our democracy has become an urgent matter.

This book offers a dynamic theory of law and economics focused on change over time, aimed at avoiding significant systemic risks (like financial crises and climate disruption), and implemented through a systematic analysis of law's economic incentives and how people actually respond to them. This theory offers a new vision of law as fundamentally a macro-level enterprise establishing normative commitments and a framework for numerous private transactions, rather than as an analogue to a market transaction. It explains how neoclassical law and economics sparked decades of deregulation culminating in the 2008 financial collapse. It then shows how economic dynamic theory helps scholars and policymakers make wise choices about how to avoid future catastrophes while keeping open a robust set of economic opportunities, with individual chapters addressing the law and economics of financial regulation, contract, property, intellectual property, antitrust, national security, and climate disruption.

This book offers a vision for the third generation of environmental law designed to enhance its ability to protect our environment. The book presents two core proposals, an Environmental Legacy Act to preserve a defined environmental legacy for future generations and an Environmental Competition Statute to spark movement to new clean technologies. The first proposal would require, for the first time, that the federal government define an environmental legacy that it must preserve for future generations. The second would establish a market competition to maximize environmental protection. The balance of the book provides complimentary proposals and analysis. The first generation of environmental law sought broad protection of health and the environment in a fairly fragmented way. The second sought to enhance environmental law s efficiency through cost-benefit analysis and market mechanisms. These proposals seek to create a broader, more creative approach to solving environmental problems.

This book offers a vision for the third generation of environmental law designed to enhance its ability to protect our environment. The book presents two core proposals, an Environmental Legacy Act to preserve a defined environmental legacy for future generations and an Environmental Competition Statute to spark movement to new clean technologies. The first proposal would require, for the first time, that the federal government define an environmental legacy that it must preserve for future generations. The second would establish a market competition to maximize environmental protection. The balance of the book provides complimentary proposals and analysis. The first generation of environmental law sought broad protection of health and the environment in a fairly fragmented way. The second sought to enhance environmental law s efficiency through cost-benefit analysis and market mechanisms. These proposals seek to create a broader, more creative approach to solving environmental problems.