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leximetrics
Leximetrics is a field which attempts to rank the strength or weaknesses of laws, by assigning a numerical value to each type of law in a particular field. The law's numbers are then used to compare the efficacy of different legal systems, and how these numbers correlate with particular goals such as economic growth or employment. ==History== The term leximetrics was first coined by Robert Cooter and Tom Ginsburg, drawing on their comparative law studies.〔“Leximetrics: Why the Same Laws are Longer in Some Countries than Others” (2003), available at http://ssrn.com/abstract=456520〕 The first attempt to assign numerical values to rules in different legal systems, to evaluate their perceived strength or weakness, was made by a group of finance economists called Rafael La Porta, Florencio Lopez de Silanes, Andrei Shleifer, and Robert W. Vishny. In work that was commissioned by the World Bank, and with views consistent with the Washington Consensus, they collated information on a select number of shareholder rights. They believed they could show that the protection of shareholder rights correlated with, and probably caused, more efficient market economies. They also argued that, according to their legal origins theory, common law systems were better at protecting shareholder rights than civil law jurisdictions, on the whole. With other people involved later, these studies were extended to labour law, and constitutional law protections for property, and other issues which concerned the researchers. La Porta, Lopez, Shleifer and Vishny's studies, although picked up by the World Bank and the International Monetary Fund, were widely criticised for failing to disclose their methodology adequately, misunderstanding the law in multiple jurisdictions, oversimplifying complex legal problems, and bias. Before long other researchers, such as those at the Cambridge Judge Business School, Centre for Business Research, led by Simon Deakin, began undertaking parallel studies. These sought to do the same work but more accurately, and usually came to the opposite conclusions. For example, it was found that when measured more accurately, and over time, common law countries were not outperformed by civil law countries in various shareholders protection measures, and that labour law was in fact positive for economic development in most cases. The field of work has continued to attract substantial academic interest.
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