The Five Prisms of Law and Economics Analysis
The framework for IRLE's analyses of regulatory law & economics
Overview
IRLE co-founder Ray Gifford defines and describes the IRLE’s five prisms.
Prism One: Neoclassical Economics
IRLE co-director Lynne Kiesling provides an overview of neoclassical economics and its role in regulatory theory and practice.
Prism Two: Innovation & Dynamism
IRLE co-founder Ray Gifford discusses how economic models of innovation & dynamism, such as Joseph Schumpeter’s model of economic growth through innovation, complement the more static models of neoclassical economics.
Prism Three: Institutional & Organizational Economics
Part I
Georgetown law professor and economist Howard Shelanski introduces institutional & organizational economics and defines its basic concepts.
Part II
Howard Shelanski describes how institutional & organizational economics yields insights on the governance of economic relationships.
Part III
Howard Shelanski discusses the implications of institutional & organizational economics for regulation.
Prism Four: Public Choice Economics
IRLE co-director Lynne Kiesling introduces public choice economics, which uses economic theory to analyze decisions and outcomes in collective action and political contexts.
Prism Five: The Innovator's Dilemma
IRLE co-director Doug Sicker describes the analytical framework focusing on technology (particularly digital communications technologies) and the disruptive effects of technological change, and discusses the implications of the innovator’s dilemma for regulation.