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2003 -  Law

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Journey West Virginia - 2003
 
2003

     

The Rule of Law

"The Rule of Law makes economic life more predictable and helps to promote prosperity and rising living standards. ..... Thus, it is the rightful place of the law to set the rules of the game and make economic life more predictable by protecting the security or rights to property and contract...

However, the law should not reward opportunistic behavior or set too low an implicit price on violating people's property and contract rights ....

When the objective of a state's legal system wrongly becomes to redistribute wealth, or change the winners and losers after the fact, this will distort people's incentives and create an environment where people cannot readily predict whether they will enjoy the benefits of their own good decisions. This severs ties between the rule of law and economic growth..." p-86.

 The Rule of Law" - Copyright 2009, The Public Policy Foundation of West Virginia"

 

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