The Cash Value of CourtsExpressO (2007)
AbstractThere is strong theoretical and historical reason to believe that judicial systems are an important determinant of economic wellbeing. Numerous empirical studies have now found that a measure typically called “rule of law” is associated with economic growth and other variables of interest. I conclude that the best broad “rule of law” scale is that of the World Bank Governance Matters and the best available scale for the judiciary alone is the World Economic Forum’s judicial independence metric. My analysis also shows that both these scales have a remarkably large effect on economic growth, limiting corruption, and constraining the size of a nation’s underground economy, just as predicted by the institutional economic theory.
Publication DateAugust, 2007
Citation InformationFrank B Cross. "The Cash Value of Courts" ExpressO (2007)
Available at: http://works.bepress.com/frank_cross/1/