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This book is a major stocktaking of law and economics in the context of developing and emerging economies, and in the light of the dramatic changes in the global economy that we have witnessed in recent years. The rise of artificial intelligence, digital technology, and mega platforms that collect data and facilitate trade is changing the landscape of economics. Rapid globalization has created new challenges for law and regulation, since increasingly contentious cases arise which span multiple countries and several legal jurisdictions. All these changes are giving rise to new problems in developing countries where many people lead precarious lives anyway, healthcare is minimal, and corruption widespread. Alongside these global developments, the discipline of law and economics is also undergoing profound changes, making us re-think some of the founding assumptions of the subject

With contributions from past and present collaborators, this book celebrates the contributions of Kaushik Basu to development economics. It reflects on the issues of rent control, child labour, labour laws, harrassment, shared prosperity, and gender empowerment in the broader context of interactions between markets, governments, and institutions.

AbstractThis paper offers a novel explanation for extortion, which is the practice of demanding payments from compliant agents by law‐enforcement officers. Namely, that extortion occurs due to the officer's incompetence, where the competence level is endogenous. Because competence improves enforcement, extortion affects deterrence directly by weakening agents' incentive to be compliant and indirectly by affecting officers' incentives to become competent. Accordingly, the harmful effects of extortion on deterrence depend on whether the competent or incompetent officer extorts. We show that extortion by incompetent officers is the lesser of the two evils, compared to bribery.

This paper uses a donor-provider-agent framework to study the role of provider incentives for the delivery of developmental goods like aid, credit, or technology transfer to the poor. The paper considers a situation where credible communication by the provider is the key to successful delivery. The study shows that the use of high-powered incentives can lead to breakdown of communication between providers and agents, leading to undesirable outcomes. The paper studies the interplay between incentives and communication in the presence of typical and motivated providers and finds that in certain situations incentivization leads to worse outcomes.

"Corruption, commonly defined as the misuse of public office for private gains, is multifaceted, multidimensional, and ubiquitous. This edited collection, featuring contributions from leading scholars in the field of corruption, goes beyond the standard enforcement framework wherein individuals only compare the expected costs and benefits of a corrupt act. These chapters explore the political-cultural contexts, legal and regulatory process, and above all moral and psychological factors in attempts to understand and explain corruption. The book explores a broad canvas where gender, technology, culture, institutional structures influence attitudes towards corruption. Design and implementation of anti-corruption strategies benefit from suitable identification of these factors contributing to the prevalence and persistence of corruption. Combining theoretical, and empirical studies with evidence from experiments as well as case studies, the book provides crucial state-of -the art in corruption research in a highly accessible manner. This book serves as a vital reference to students and scholars in economics, politics and development studies. Additionally, policy makers and development practitioners can use the insights from this book in successful design and implementation of anti-corruption policies"--

"Corruption, commonly defined as the misuse of public office for private gains, is multifaceted, multidimensional, and ubiquitous. This edited collection, featuring contributions from leading scholars in the field of corruption, goes beyond the standard enforcement framework wherein individuals only compare the expected costs and benefits of a corrupt act. These chapters explore the political-cultural contexts, legal and regulatory process, and above all moral and psychological factors in attempts to understand and explain corruption. The book explores a broad canvas where gender, technology, culture, institutional structures influence attitudes towards corruption. Design and implementation of anti-corruption strategies benefit from suitable identification of these factors contributing to the prevalence and persistence of corruption. Combining theoretical, and empirical studies with evidence from experiments as well as case studies, the book provides crucial state-of -the art in corruption research in a highly accessible manner. This book serves as a vital reference to students and scholars in economics, politics and development studies. Additionally, policy makers and development practitioners can use the insights from this book in successful design and implementation of anti-corruption policies"--

This paper presents a theoretical model to show how distributional concerns can engender social conflict. We have a two‐period model that highlights the crucial role of future inequality. Equality of assets and income in the current period does not stop conflict from arising the anticipated future inequality is significant. Further we find that the impact of inequality on conflict is not straightforward. Societies with low levels of inequality show no conflict; groups engage in conflict only when inequality exceeds a certain threshold level. Additionally the model shows that the link between inequality and conflict may be non‐monotonic.

There is a growing interest on dynamic and broader concepts of deprivation such as vulnerability, which takes in to account the destitution of individuals from future shocks. We use the framework of decision making under uncertainty to arrive at a new measure of vulnerability to poverty. We highlight the importance of current standard of living to better capture the notion of vulnerability. In conceptualizing the new class of measures of vulnerability we thus move beyond the standard expected poverty measures that is commonly found in the literature. We also axiomatically characterize the new class of measure and discuss some of it's properties.