Mario Rizzo on the Common Law in Real Time
In this 1997 lecture from a Center for Market Processes conference at George Mason University, Mario Rizzo talks about the nature of the common law system: a system of laws that aren’t necessarily codified but instead spontaneously arise thorough precedent. The common law is, in Rizzo’s words, “a process of generating emergent properties;” of growing and evolving law in response to societal changes over time.
Rizzo is currently an associate professor of economics at New York University and the director of the Program on the Foundations of the Market Economy. He is co-author (with Gerald O’Driscoll) of The Economics of Time and Ignorance (1985).