In this Article, I offer a macroeconomic perspective on law that reshapes the microeconomic perspective that currently dominates law and economics. I argue that, first, the economy works one way in ordinary economic conditions, in which supply capacity determines output, and a different way when interest rates are zero. At the "zero lower bound" on short-term interest rates, spending demand determines output.
Law and Macroeconomics: The Law and Economics of Recessions,
Yale J. on Reg.
Available at: https://digitalcommons.law.yale.edu/yjreg/vol34/iss3/3