Definition
“Governance” is a concept that has emerged to salience at the interdisciplinary interface of several fields relevant for law and economics. A typical governance situation involves not just formal institutions but informal ones, social norms and rules, law, legislation and economic incentives, regulations and enforcement, arbitration and conflict resolution mechanisms, preference aggregation procedures, values and perceptions, and path dependent elements. In the diverse literatures dealing with these phenomena, several major modes of using the notion of “governance” have emerged: governance as describing a recently emerging phenomenon transcending the traditional regulatory, administrative, and public/private choice interface functions of modern states; governance as a functional domain – structures and functions operating in relationship to commons, natural resources and specific collective goods production, management and consumption processes; governance as a theoretical...
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Aligica, P.D. (2019). Governance. In: Marciano, A., Ramello, G.B. (eds) Encyclopedia of Law and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7753-2_213
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DOI: https://doi.org/10.1007/978-1-4614-7753-2_213
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