Zoning Laws Not Evolving Towards Efficiency, Study Finds
The article argues that legal and economic institutions do not always evolve towards efficiency, as commonly believed. Instead, they evolve in a complex and unpredictable way, influenced by various factors like property rights and individual actions. The focus on social efficiency in economics is criticized for overlooking these complexities. Zoning laws in the US are used as an example to illustrate how institutions evolve over time.