The Five Prisms of Law & Economics Analysis
IRLE co-founder Ray Gifford defines and describes the IRLE’s five prisms, the framework for our analyses of regulatory law & economics
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
Georgetown law professor and economist Howard Shelanski introduces institutional & organizational economics and defines its basic concepts
Howard Shelanski describes how institutional & organizational economics yields insights on the governance of economic relationships
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