The Evolution of Common Law

@article{Gennaioli2007TheEO,
  title={The Evolution of Common Law},
  author={Nicola Gennaioli and A. Shleifer},
  journal={Journal of Political Economy},
  year={2007},
  volume={115},
  pages={43-68}
}
  • Nicola Gennaioli, A. Shleifer
  • Published 2007
  • Economics
  • Journal of Political Economy
  • We present a model of lawmaking by appellate courts in which judges influenced by policy preferences can distinguish precedents at some cost. We find a cost and a benefit of diversity of judicial views. Policy-motivated judges distort the law away from efficiency, but diversity of judicial views also fosters legal evolution and increases the law's precision. We call our central finding the Cardozo theorem: even when judges are motivated by personal agendas, legal evolution is, on average… CONTINUE READING

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