Legal and market economy

Author: (USA) Malloy
Publisher:
Publish Date: 2006-01-01
Features: Malloy challenges traditional law and economics. In this book, Malloy 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 rather 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 symbolic liberation theory 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. These methodological differences are significant because they affect the essence of human existence. This distinction serves as both a challenge and an opportunity for traditional law and economics. On one hand, it challenges some fundamental assumptions of economic analysis of law; on the other hand, it creates opportunities for the development of social exchange jurisprudence.
Malloy conducts interdisciplinary research across three distinct fields: 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, Malloy 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 symbolic interpretation theory in market exchange processes demonstrates that this transformation 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 highly insufficient. Malloy hopes that this new framework provides a tool for understanding the world we live in and envisions a world of continuous development.