Institutions: The Hidden Infrastructure of the Market Economy скачать в хорошем качестве

Institutions: The Hidden Infrastructure of the Market Economy

In this introduction to the "Institutions" unit of Law & Economics, Professor Dru Stevenson explains why healthy markets cannot function in a vacuum. While supply and demand are powerful forces, they rely on a complex ecosystem of institutions to enforce contracts, protect property rights, and lower transaction costs. Without these institutional foundations, markets often devolve into anarchy or totalitarianism. This lecture explores the vital economic roles played by various institutions, moving beyond the common misconception that "institutions" refers only to government agencies. Professor Stevenson categorizes these into three distinct sectors: • Government Institutions: How courts, police, the Federal Reserve, and even the Library of Congress provide the stability, safety, and information necessary for economic growth. • Private Sector Institutions: The role of the firm/corporation, trade associations, and unions in setting industry standards and building reputational capital. • Non-Profit & Civil Society: How universities, academic presses, museums, symphonies, and religious organizations (churches, synagogues, mosques) generate social capital, network effects, and trust that facilitate economic exchange. Key Concepts Covered: • Institutional Law and Economics • Transaction Costs and Market Failures • The economic function of the Judiciary • Signaling devices and credentialing in the labor market • The role of Think Tanks (Rand, Heritage, Brookings) in solving policy puzzles #LawAndEconomics #InstitutionalEconomics #LegalTheory #EconTwitter #DruStevenson 🎓 WATCH THE FULL COURSE (PLAYLISTS) Studying for an exam? Click below to access the complete video series for your course. 1. Professional Responsibility (Legal Ethics) Casebook Companion: ABA Model Rules of Professional Conduct ▶️ Watch the Full Course:    • Professional Responsibility: Complete Cour...   2. Administrative Law (AdLaw) Casebook Companion: Mashaw, Shane, et al. ▶️ Watch the Intro Module:    • Плейлист   3. Legislation & Regulation (Statutory Interpretation) Casebook Companion: Manning & Stephenson ▶️ Watch the Full Course:    • Professional Responsibility: Competence, D...   4. Law & Economics Seminar Topics: Torts, Contracts, Property, & Constitutional Design ▶️ Watch the Full Course:    • Law & Economics: Complete Seminar Course   ABOUT PROFESSOR STEVENSON I am a Law Professor at South Texas College of Law Houston (STCL). These videos are designed as digital "casebook companions" to help law students, bar exam candidates, and practitioners master complex legal doctrines. CONNECT & READ 🏛️ Faculty Profile: https://www.stcl.edu/profile/dru-stev... 📜 SSRN Research: https://papers.ssrn.com/sol3/cf_dev/A... 🔫 Gun Law Policy: https://firearmslaw.duke.edu/author/d...