Legal and Market Economy (Reinterpretation of the Value of Law and Economics)

Author: [US] Malloy, written by, Qian Hongdao, Zhu Sumei, translated
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 a connection based on human exchange practices, and therefore it involves 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, while traditional law and economics focuses on static efficiency analysis and textual conceptual calculations. These methodological differences are significant because they affect the essence of human existence. This distinction poses both a challenge and an opportunity to traditional law and economics. On one hand, it challenges some fundamental assumptions of economic analysis of law, and on the other, it creates opportunities for the development of social exchange jurisprudence. Malloy conducts interdisciplinary research across three different 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 focus on the social meaning that arises when efficiency is used as a standard for evaluating social policy. In contrast to traditional 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 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 the prevailing methods of understanding the relationship between law and market economy are highly insufficient. Malloy's hope is that this new framework provides a different tool for understanding the world we live in and envisions a continuously developing world.