The economic dynamics of law

the long version

"This book offers a theory of law and economics focused on change over time, aimed at avoiding systemic risks, and implemented through an analysis of law's economic incentives and how people respond to them"-- "Law influences the future, not the past. Legislative bodies may write laws in response to a past event, such as the recent financial crisis. But legislative bodies around the world can no longer prevent the crisis of 2008; they can only seek to prevent a different financial crisis from occurring in the future. A vigorous and appropriate response to the 9/11 attacks might conceivably prevent future terrorist attacks, which might or might not use airplanes, but by 9/12 keeping the World Trade Center from collapsing lay beyond human power. Attempts to address climate disruption cannot lower last year's temperature; they can only ameliorate future flooding, drought, disease, and ecosystem destruction"--