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Law and Economic
Development
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer
Nature Switzerland AG 2023
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Acknowledgments
v
Contents
1 Introduction 1
Kaushik Basu and Ajit Mishra
2 Property of the Social Media Data 13
Hans-Bernd Schäfer and Ram Singh
1 Introduction 13
2 Rationales of the Legal Framework for Big Data
and Their Inadequacies 15
3 Economics of Big Data 21
4 Public Policy Objectives 27
5 Legal Framework for Big Data 30
6 Conclusion 41
Discussion (Ajit Mishra) 43
Discussion References 45
3 “A Giant Glob of Oily Ambiguity”: On the Use
of the Concept of Power in Economics 47
Luis Felipe López-Calva and Kimberly Bolch
1 Introduction 47
2 Unpacking the Concept of Power in Economics 49
3 Applying the Concept of Power in Economics 55
4 Turning the Lens Inward 61
5 Conclusion 63
References 64
vii
viii CONTENTS
Index 271
Notes on Contributors
xi
xii NOTES ON CONTRIBUTORS
on Governance and the Law at the World Bank. Her research interests
focus on the political economy of policy design and implementation, with
an emphasis on policies for reducing poverty and inequality. She holds a
D.Phil. in International Development from the University of Oxford.
Oindrila De is an applied economist, currently working as an assis-
tant professor at Institute of Economic Growth (IEG), Delhi, India.
She teaches microeconomics policy issues to Indian Economic Service
probationary officers at IEG. Her research focuses on the economics
of competition law and policy, firms and markets, etc. Before joining
IEG, she was a faculty at Indian Institute of Management Indore. She
completed her masters in international economics from School of Inter-
national Studies, Jawaharlal Nehru University, M.Phil. from Delhi School
of Economics, and Ph.D. from Centre for Competition Policy, University
of East Anglia, UK.
Amrita Dhillon is a professor of Economics based at King’s College
London. Her research has been in political economy and development
economics. Most recently, her work has been focused on social networks
and labor productivity and on issues of governance and accountability.
She has been Associate Editor of “Social Choice and Welfare” over the
period 2008–2013 and is currently Associate Editor, International Tax
and Public Finance (2016–current), and Associate Editor, Journal of
Public Economic Theory (2004–current), and Senior Editor of Oxford
Open Economics. In the past, she has been a council member of the
Royal Economic Society, UK, and a member of the academic advisory
panel for the Department of Environment, Food and Rural Affairs in the
UK. She has published in various economics journals such as Social Choice
and Welfare, the Journal of Economic Theory, Econometrica, the Journal
of Public Economics, Review of Finance, and Journal of Development
Economics.
John Dougherty is an applied microeconomist with research interests
in economic development, experimental and behavioral economics, and
environmental economics. He has a Ph.D. in applied economics from the
Ohio State University. Before that, he was a US Peace Corps volunteer
in rural South Africa. His research focuses on empowering smallholder
farmers in the developing world to overcome credit and risk constraints in
environmentally sustainable ways. He is also interested in applied microe-
conomic questions related to government policy and the intersection of
NOTES ON CONTRIBUTORS xiii
Chapter 5
Fig. 1 Harassment Bribery Game (BG) and Ultimatum Game (UG) 100
Chapter 6
Fig. 1 Justification example 139
Fig. 2 8(a) Awards: 2008–2014 145
Chapter 8
Fig. 1 SEP disputes litigated in Chinese courts (2016–2020) 198
Fig. 2 Parallel SEP litigation around the world (Conversant v.
Huawei and ZTE) 201
Chapter 9
Fig. 1 Illegal gain and net harm under cartel 228
Fig. 2 Ratio of actual to optimal fines: cartel level 245
Fig. 3 Ratio of actual to optimal fines: firm level 246
xvii
List of Tables
Chapter 6
Table 1 Summary of legal and reasoning requirements 141
Table 2 House contributions: summary statistics 147
Table 3 Initial estimates: differences in rent-seeking behavior 148
Table 4 Difference-in-differences estimates: differences
in rent-seeking behavior 150
Chapter 8
Table 1 Baseline results 206
Table 2 Separating plaintiffs by country 209
Table 3 More favoritism in cases with larger damage claims 210
Table 4 More favoritism at courts of higher level 210
Table 5 More favoritism in regions with greater degree of openness 213
Table 6 Less favoritism in regions with more trade conflicts 214
Chapter 9
Table 1 Summary of empirical studies on optimal cartel fine 232
Table 2 Penalty status in CCI and Appeal Court/Supreme Court
cases 239
Table 3 Criterion used for fine calculation 240
Table 4 Distribution of penalty rates for each penalty criterion 242
xix
CHAPTER 1
Introduction
In recent decades and especially in the last few years, we have witnessed
several dramatic changes in the global economy. The rise of artificial
intelligence, digital technology, and mega platforms that collect data and
facilitate trade is changing the landscape of economics. Rapid globaliza-
tion since the end of World War II, with a pick-up in pace over the last
three to four decades, has created new challenges for law and regulation
since increasingly contentious conflicts arise, which span multiple coun-
tries and legal jurisdictions. With new technology and globalization, the
demand for traditional labor has been declining, creating new societal
tensions and political polarization. Digital technology is giving rise to
massive economies of scale. As is well known, in such situations antitrust
laws are not the most effective tools for protecting consumers, workers,
K. Basu
Deprtment of Economics and SC Johnson College of Business, Cornell
University, Ithaca, NY, USA
e-mail: kb40@cornell.edu
A. Mishra (B)
Department of Economics, University of Bath, Bath, UK
e-mail: am344@bath.ac.uk
All these changes are giving rise to new problems such as the need for
new kinds of property rights pertaining to big data and also new ways to
protect private information pertaining to individuals. We have to contend
with drawing lines around what is acceptable in terms of hate speech
on social media, thereby raising difficult questions about the meaning
of free speech. We have to prepare for the possibility of deglobalization,
the concomitant promotion of strident national interests, and the use
of power by mega-firms on a gigantic scale. The need for well-defined
suitable (property) rights may be a new concern in the context of big
data, but many of the tensions between private and public domains are
common to several other problems such as corruption, rent-seeking, and
nepotism.
In many developing (as well as developed) countries, public funds
(property) are often siphoned off for private use, or public office is used
to advance private gains and elected officials promote private interests to
the detriment of public cause. The standard law and economics approach
has focused on the deterrence of these practices through a system of
monitoring and sanctions. But these seemed to have become less ineffec-
tive, as human interactions get more complex, and new routes of digital
communication evolve.
Several chapters in this volume dwell on different aspects of these
deviant behaviors. Alongside these global developments, the discipline
of law and economics is also undergoing profound changes, making us
rethink some of the founding assumptions of the subject. The traditional
approach to law and economics, exemplified by the enforcement models
of Gary Becker and others, served an important role in getting the ball
rolling. However, it is now becoming increasingly evident that it left
several, vital questions unanswered. There were also conceptual flaws in
the foundations of traditional law and economics that emerged out of the
work of Becker and others of the Chicago school. Behavioral economics
and modern approaches based on game theory have begun shedding light
on these flaws and giving us tools to rectify them. Some of the essays in
this volume seek to examine how various moral and psychological factors
can be incorporated into the discipline of law and economics to make it
more effective and appropriate for our contemporary world.
In addition to corruption, the old problems of poor health care and
weak rule of law persist in many developing countries and emerging
economies, where many people lead precarious lives. The arrival and
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