Thursday, February 16, 2017
relationship between law and economic development (p. 21). First, laws and legal institutions may converge with economic development, if not formally, then in a functional sense. Second, laws and legal institutions may diverge. Law matters for development, but there are no discernible trends across autonomous legal systems. Third, law may be irrelevant for economic development, so there is no link between economic growth and legal change. Fourth, the response of law may be differentiated, thus some parts of legal systems may converge while others may develop idiosyncratically.