Bob Dugan and Peter Gorringe

What do economists have to contribute to the process of law reform? Why is the ‘framework’ of business activity a source of controversy?

Law reform is a meeting point for lawyers and economists. The form and content of legislation is central to the business of lawyers who also have a keen interest in evolving law that serves equity. Economists have increasingly come to emphasise the importance of property rights and transaction costs. Although they are interested in equity as well as efficiency, their views often conflict with those of lawyers.

Businesses are often unhappy with the way the law restricts their activities. People in business often complain about rules which are unneccesarily restrictive or which are costly to comply with.

This book brings together studies by lawyers and economists of eight specific areas:

• chattel security
• financial disclosure
• fisheries and ITQs
• public and private enforcement of the law
• registration and licensing of sharebrokers
• repurchase by companies of their own shares
• resale price maintenance
• trade marks

These are all areas where the process of law reform in New Zealand is reconsidering the appropriate framework for business activity. They show the contribution which can be made by economists to law reform but avoid any implication that law reform is a field only for economists.