This conversation was originally recorded in 2021 as part of the Ideas Untrapped series
The problem of the rule of law is inescapable in any society - and even more especially in the context of economic development. Policies that promote prosperity cannot be devoid of considerations for the rights of people who make up the society and the economy, regardless of all technocratic pretensions otherwise. Adam Smith himself stated that economic prosperity thus requires ''a tolerable administration of justice''. Some readers might already start objecting to my treatment of the rule of law as merely an ''instrumental variable'' of a more desirous economic end-state, whereas the more familiar treatment is that of a society governed by the rule of law as an end-state in itself. There are merits to such quibbles, but there is also plenty of evidence in modern history that the rule of law is an essential cog in the wheel of prosperity.
''Rule of law'' is the generally accepted description for how …
