"[This book] argues that the traditional economic analysis of the law has significant flaws and has failed to answer certain critical questions satisfactorily. Why are good laws drafted but never implemented? When laws are unenforced, is it a failure of the law or the enforcers? And, most important, considering that laws are simply words on paper, why are they effective? Basu offers a provocative alternative to how the relationship between economics and real-world law enforcement should be understood. Basu summarizes standard, neoclassical law and economics before looking at the weaknesses underlying the discipline. Bringing modern game theory to bear, he develops a 'focal point' approach, modeling not just the self-interested actions of the citizens who must follow laws but also the functionaries of the state: the politicians, judges, and bureaucrats enforcing them. He demonstrates the connections between social norms and the law and shows how well conceived ideas can change and benefit human behavior. For example, bribe givers and takers will collude when they are treated equally under the law. And in food support programs, vouchers should be given directly to the poor to prevent shop owners from selling subsidized rations on the open market. Basu provides a new paradigm for the ways that law and economics interact: a framework applicable to both less developed countries and the developed world"--Jacket.

A leading economist offers a radically new approach to the economic analysis of the law In The Republic of Beliefs, Kaushik Basu, one of the world's leading economists, argues that the traditional economic analysis of the law has significant flaws and has failed to answer certain critical questions satisfactorily. Why are good laws drafted but never implemented? When laws are unenforced, is it a failure of the law or the enforcers? And, most important, considering that laws are simply words on paper, why are they effective? Basu offers a provocative alternative for how the relationship between economics and real-world law enforcement can be understood. Basu summarizes standard, neoclassical law and economics before looking at the weaknesses underlying the discipline. Bringing modern game theory to bear, he develops a "focal point" approach, modeling not just the self-interested actions of the citizens who must follow laws but also the functionaries of the state—the politicians, judges, and bureaucrats—enforcing them. He demonstrates the connections between social norms and the law and shows how well-conceived ideas can change and benefit human behavior. For example, bribe givers and takers will collude when they are treated equally under the law. And in food support programs, vouchers should be given directly to the poor to prevent shop owners from selling subsidized rations on the open market. Basu provides a new paradigm for the ways that law and economics interact—a framework applicable to both less-developed countries and the developed world. Highlighting the limits and capacities of law and economics, The Republic of Beliefs proposes a fresh way of thinking that will enable more effective laws and a fairer society.

How investor expectations move markets and the economy The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today’s most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people—and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today’s unpredictable financial waters.

During Reconstruction, former abolitionists in the North had a golden opportunity to pursue true racial justice and permanent reform in America. But after the sacrifice made by thousands of Union soldiers to arrive at this juncture, the moment soon slipped away, leaving many whites throughout the North and South more racist than before. Edward J. Blum takes a fresh look at the reasons for this failure in Reforging the White Republic, focusing on the vital role that religion played in reunifying northern and southern whites into a racially segregated society. A blend of history and social science, Reforging the White Republic offers a surprising perspective on the forces of religion as well as nationalism and imperialism at a critical point in American history.

The inspiring life and uncensored views of a veteran, patriot, former Congressman, conservative icon, and warrior for personal liberty… Over the course of the past few decades, Allen West has had many titles bestowed on him, among them Lt. Colonel, U.S. Representative, “Dad,” and Scourge of the Far Left. He rose from humble beginnings in Atlanta where his father instilled in him a code of conduct that would inform his life ever after. Throughout his years leading troops, raising a loving family, serving as Congressman in Florida’s 22nd district, and emerging as one of the most authentic voices in conservative politics, West has never compromised the core values on which he was raised: family, faith, tradition, service, honor, fiscal responsibility, courage, freedom. Today, these values are under attack as never before, and as the far Left intensifies its assaults, few have been as vigorous as West in pushing back. He refuses to let up, calling out an Obama administration that cares more about big government than following the Constitution, so-called black “leaders” who sell out their communities in exchange for pats on the head, and a segment of the media that sees vocal black conservatives as threats to be silenced. Now more than ever, the American republic needs a guardian: a principled, informed conservative who understands where we came from, who can trace the philosophical roots of our faith and freedom, and who has a plan to get America back on track. West isn’t afraid to speak truth to power, and in this book he’ll share the experiences that shaped him and the beliefs he would die to defend.

In the nineteenth and early twentieth centuries, Mexicans and Americans joined together to transform the U.S.-Mexico borderlands into a crossroads of modern economic development. This book reveals the forgotten story of their ambitious dreams and their ultimate failure to control this fugitive terrain. Focusing on a mining region that spilled across the Arizona-Sonora border, this book shows how entrepreneurs, corporations, and statesmen tried to domesticate nature and society within a transnational context. Efforts to tame a 'wild' frontier were stymied by labour struggles, social conflict, and revolution. Fugitive Landscapes explores the making and unmaking of the U.S.-Mexico border, telling how ordinary people resisted the domination of empires, nations, and corporations to shape transnational history on their own terms. By moving beyond traditional national narratives, it offers new lessons for our own border-crossing age.

Why do so many different people with widely dissimilar ideas and customs get along as Americans? In American Beliefs, John McElroy identifies and explains those essential ideas that promote the unity of a vast nation and a diversified people--because they have been shared and acted upon by generations of Americans. Tracing these beliefs historically from their origins in the earliest experiences of the American colonists, Mr. McElroy shows how they became continuing convictions that together form a pattern distinct from those of other peoples. Work, he argues, shaped the primary beliefs of Americans, for the task of the early settlers was first of all to survive in a new wilderness. He then goes on to discuss beliefs that grew from the experiences of immigrants, from life on the frontier, and from the ideas that Americans developed about religion and morality, politics, human nature, and the workings of society. It is not birthplace or skin color that makes a person an American, Mr. McElroy observes, but a common behavior based upon principles of freedom and equality, individuality and responsibility, improvement and practicality. American Beliefs is a book greatly needed, a powerful antidote to decades of historical and political writings that have concentrated on the differences among Americans.