Law and the Market Economy: A Reinterpretation of the Value of Law and Economics

Author: Robin Paul Molloy (USA), Qian Hongdao, Zhu Sumei
Publisher:
Publish Date: 2006-01-01
Features: Molloy challenges traditional law and economics. In this book, Molloy argues that the connection between law and market theory is dynamic. It is both certain and uncertain; both self-interested and socially oriented. It is not merely an object of study or a set of simple institutions, but a connection based on human exchange practices, thus involving a continuous process of meaning and value formation. He explores these meanings and values through a method that transcends the scope of traditional law and economics, naming his new approach "Law and Market Economy."
The "Law and Market Economy Theory" employs a theory of symbolic liberation to reveal the dynamic process of creativity and sustainable wealth formation, whereas traditional law and economics focuses on static efficiency analysis and the calculation of textual concepts. The significance of this methodological distinction lies in its impact on the essence of human existence. This distinction presents both a challenge and an opportunity to traditional law and economics. On one hand, it challenges some fundamental assumptions of economic analysis in law; on the other hand, it creates opportunities for the development of social exchange jurisprudence. Molloy conducts interdisciplinary research across the fields of law, economics, and semiotics.
The object of semiotics is the exchange process. Semiotics not only allows us to focus on efficiency but, more importantly, it enables us to examine the social meaning that arises when efficiency is used as a standard for evaluating social policy. In contrast to conventional thinking, Molloy proposes the idea that the true conflict lies between efficiency and creativity. This paradigm shift disrupts the traditional debates in law and economics and legal theory. The application of semiotic interpretation theory in market exchange processes demonstrates that this shift is fundamental to understanding wealth formation.
In many ways, this book represents a new beginning in understanding the relationship between law and market theory. It offers the hypothesis that prevailing methods of understanding the connection between law and market economy are severely insufficient. Molloy hopes that this new framework provides a tool for understanding the world we live in and envisions a continuously evolving world.