The Five Prisms of Law & Economics Analysis

The framework for IRLE's analyses of regulatory law & economics

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 one)

Georgetown law professor and economist Howard Shelanski introduces institutional & organizational economics and defines its basic concepts.

 

Prism Three: Institutional & Organizational Economics (part two)

Howard Shelanski describes how institutional & organizational economics yields insights on the governance of economic relationships.

 

Prism Three: Institutional & Organizational Economics (part three)

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.

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