Oskari Juurikkala - Profile on Academia.edu (original) (raw)
Papers by Oskari Juurikkala
Philosophia Reformata, 2025
The hemisphere hypothesis suggests that the brain is tuned to two complementary ways of attending... more The hemisphere hypothesis suggests that the brain is tuned to two complementary ways of attending to reality, the global-intuitive right hemisphere mode and the focal-analytic left hemisphere mode. I explore ways of applying this hypothesis to intellectual virtues and virtue epistemology in the context of religion. I argue that the right hemisphere approach is the key to understanding narratives, myths, and rituals and to grasping the relational and ethical dimensions of religion. The left hemisphere contributes to conceptual and doctrinal clarity as well as to the communicability of religions. I further argue that the right hemisphere is connected to virtues of dependence (humility, deference, and trust), virtues of the new and the unknown (open-mindedness and curiosity), and understanding. The left hemisphere mode is important for intellectual autonomy and virtues of rigor (inquisitiveness and criticism) as well as intellectual perseverance.
Teresianum, 2025
This article outlines the patristic understanding of the book of nature. It highlights the ideas ... more This article outlines the patristic understanding of the book of nature. It highlights the ideas of the logoi of creation and the contemplation of nature as the basis for the Fathers’ theology of nature as a divine book. It explores a variety of themes in the book of nature, especially the knowledge of God and the use of nature as a place of loving dialogue with God. It finally argues that the book of nature is not a sufficient principle on its own and explains how this affects the patristic understanding of natural law. The article ends by showing how the liturgical orientation of nature is another way in which nature and Scripture are parallel principles that are called to transcend their own limitations and find their fullness in Christ.
Annales Theologici, 2024
The book of nature is among the most enduring theological metaphors. It has also been used extens... more The book of nature is among the most enduring theological metaphors. It has also been used extensively by recent Popes, from John Paul II to Francis. However, it has not been widely recognized that Pope Benedict XVI developed a wide-ranging and harmonious theology of the book of nature in series of documents and discourses. In this article, I provide an analysis of the various ways in which Pope Benedict spoke about the book of nature, highlighting the various themes covered, including science and religion, the natural law, the liturgy, and the theology of religions. I also discuss the theological underpinnings of Pope Benedict's employment of the metaphor. I argue that, instead of seeing creation merely as the first stage of revelation, he thinks of the books of nature and Scripture developing in dialogue and finding their fullness in Christ.
Augustinianum, 2021
Augustine is considered a leading figure in the history of the book of nature. But what exactly d... more Augustine is considered a leading figure in the history of the book of nature. But what exactly did he say about it? This article examines all the metaphors with which Augustine refers, or seems to refer, to the visible world as a divine book. It is found that four of the often-cited passages have a different meaning, but two of them refer to the material creation as a book. The article further explores how the idea of God’s two books—nature and Scripture—influences Augustine’s literal interpretation of Genesis and his Trinitarian theology. Finally, it argues that the ultimate foundation for the Augustinian book of nature should be sought in his theology of the Word.
Theological Research. The Journal of Systematic Theology, 2020
This article describes the ontological problem of theosis or deification in terms of two dimensio... more This article describes the ontological problem of theosis or deification in terms of two dimensions: the relationship between the finite and the infinite, and the relationship between human nature and sin. Both problems are clarified through the thinking of Saint Maximus the Confessor and his distinction between logos and tropos, that is, the constitutive nature of a thing and its existential mode of being. Theosis is presented not as a transformation of the human nature, but a transformation of our mode of being by its healing and elevation by divine grace. Maximus’ theological anthropology explains how the effects of sin should not be situated at the level of human nature but its mode of being. His conceptual distinctions may help to clarify the thought of Luther, at least as it is presented in the Finnish interpretation of Luther.
Journal of Markets & Morality, 2015
Pope Francis has touched on economic issues in many public statements and documents since his ele... more Pope Francis has touched on economic issues in many public statements and documents since his elevation to the papacy. These statements have received heavy criticism by supporters of the free market, worsened by misleading representations in mainstream media. In response, this article is divided into three sections: (1) an outline of key ideas in Francis’s message concerning the economy, (2) an analysis of certain critical responses that are relevant but ultimately insufficient, and (3) an examination of the deeper unity between free-market economics and Francis’s message.
Electronic Journal of Business Ethics and Organization Studies, 2012
Classical virtue theory provides a fruitful framework for understanding charismatic leadership. T... more Classical virtue theory provides a fruitful framework for understanding charismatic leadership. The article outlines the theory of virtues and demonstrates the contribution of virtues to the personality traits and behaviours that are associated with charisma. The virtue of magnanimity of high-mindedness is shown to play a special role. The virtue-based perspective to charismatic leadership clarifies disagreements concerning the definition and delineation of the concept of charisma. It also provides a novel framework for analyzing and criticizing charismatic leadership trainingt programs. Finally, the article demonstrates that the dark side of charisma is a deformation caused by the absence of specific virtues such as prudence, justice or humility.
The Journal of Markets and Morality, 2020
Review of Do Markets Corrupt Our Morals? by Virgil Henry Storr and Ginny Seung Choi, Palgrave Mac... more Review of Do Markets Corrupt Our Morals? by Virgil Henry Storr and Ginny Seung Choi, Palgrave Macmillan, 2019 (281 pages)
The Journal of Markets and Morality, 2007
Review of Catholic Social Teaching and the Market Economy, by Philip Booth, with contributions fr... more Review of Catholic Social Teaching and the Market Economy, by Philip Booth, with contributions from: Samuel Gregg, Robert Kennedy, Denis O’Brien, Dennis O’Keeffe, Anthony Percy, Robert A. Sirico, Thomas Woods, and Andrew Yuengert London, United Kingdom: Institute of Economic Affairs, 2007 (274 pages)
Journal of Markets & Morality, Mar 22, 2003
Recent times have witnessed growing academic interest in the relationships among theology, morali... more Recent times have witnessed growing academic interest in the relationships among theology, morality, and economics. Faith and Liberty: The Economics Thought of the Late Scholastics by Alejandro A. Chafuen (now president and CEO of the Atlas Foundation) is an important, even if indirect, contribution to this discussion. It is a second edition of a book originally entitled Christians for Freedom (San Francisco: Ignatius Press, 1986). This new edition has been fully revised for content as well as for language to tell anew the exciting but neglected story of Late-Scholastic economics. The new edition includes many corrections and improvements, including, for example, the reformatting of footnotes to increase readability. Faith and Liberty is an important book in several respects, and it fully deserves this revised edition. First, it introduces the writings of thinkers whom most people have never heard of, and it does so in an entertaining fashion that is easily accessible to any educated layman. Second, it demonstrates that there was a school of social thoughtlong before Adam Smith and other "classical" economists-that defended free enterprise and private property. Third, it shows that medieval Scholastics were not mysterious and esoteric philosophers but skilled and practical thinkers who conveyed deep insights concerning the functioning of markets and were, in effect, foundational in the development of modern economic thought. The book is particularly valuable in exposing these ideas to English-speaking audiences. The term Late Scholastics refers to a number of theologians from the fourteenth through seventeenth centuries who wrote on theology, philosophy, and even social sciences in the tradition of the work of Saint Thomas Aquinas (1226-1274). Their economic thinking is of interest in two different respects. On the one hand, the Late Scholastics developed original and sophisticated insights into pure economic theory. In particular, Scholastic value and price theory was consonant with the nineteenth-century developments furnished by Carl Menger and the Austrian school (chapter 7). Scholastic theory argued that economic value is based on objective value in use, scarcity, and desirability (that is, subjective utility) (81), and it refuted the much-later labor theory of value and resolved the "paradox of value" even before it was invented. Another important field was monetary theory, in which the Late Scholastics did foundational work by discovering the relationship between the quantity and the value of money (chapter 5). They, thus, provided the first formulation of the quantity theory of money and developed a sophisticated theory of inflation. On the other hand, the Late Scholastics formed a school of thought highly sympathetic to free enterprise and private property-for example, they argued that private property is necessary to promote free cooperation, to ensure justice, and to preserve peace and harmony (chapter 3); they criticized government spending and favored low
Law and Economics, Financial Regulation by Oskari Juurikkala
A special thanks to Jukka Mähönen and Timo Kaisanlahti for their most valuable feedback during th... more A special thanks to Jukka Mähönen and Timo Kaisanlahti for their most valuable feedback during the pre-examination process. Financial support from Liikesivistysrahasto, Nordea Bank Foundation, Säästöpankkien tutkimussäätiö, and the University of Helsinki (Brynolf Honkasalo Fund) is gratefully acknowledged. It is also noted that chapters 2-4 incorporate material published, in earlier version, as "Financial Engineering
Fordham Journal of Corporate & Financial Law, 2014
This Article critically examines the legal nature of credit default swaps. Functionally a form of... more This Article critically examines the legal nature of credit default swaps. Functionally a form of credit default insurance, CDSs are however commonly characterized as largely unregulated financial derivatives, and were widely blamed for exacerbating the global financial crisis of 2007-09 and contributing to the European debt crisis starting in 2010. This Article demonstrates that the classification of CDSs as derivatives is due to a misapplication of insurance law principles and a glaring misreading of relevant legislation. Furthermore, CDSs are structurally and economically not swaps, which raises suspicions of deliberate evasion of the law by classifying them as swaps. Given the widespread confusion surrounding CDSs, this Article examines the history of the legal concept of swaps and demonstrates that the International Swaps and Derivatives Association developed them in order to exploit regulatory exemptions, which were later extended to an increasing range of deregulated transactions. Additionally, the Dodd-Frank Act reforms, which seek to control the excesses of financial innovation, paradoxically consolidate the regime of largely unregulated swaps. Ongoing legal and policy issues are highlighted.
Fordham Journal of Corporate & Financial Law, 2012
It is widely believed that behavioral economics justifies more intrusive regulation of financial ... more It is widely believed that behavioral economics justifies more intrusive regulation of financial markets, because people are not fully rational and need to be protected from their quirks. This Article challenges that belief. Firstly, insofar as people can be helped to make better choices, that goal can usually be achieved through light-touch regulations. Secondly, faulty perceptions about markets seem to be best corrected through market-based solutions. Thirdly, increasing regulation does not seem to solve problems caused by lack of market discipline, pricing inefficiencies, and financial innovation; better results may be achieved with freer markets and simpler rules. Fourthly, regulatory rule makers are subject to imperfect rationality, which tends to reduce the quality of regulatory intervention. Finally, regulatory complexity exacerbates the harmful effects of bounded rationality, whereas simple and stable rules give rise to positive learning effects.
Credit Default Swaps and the EU Short Selling Regulation: A Critical Analysis
European Company and Financial Law Review, 2000
Helsinki Law Review, 2013
Consumer mortgages have provoked extensive public debate, but traditional regulatory responses — ... more Consumer mortgages have provoked extensive public debate, but traditional regulatory responses — more disclosure, product restrictions and usury laws — are widely seen as clumsy and ineffective. This article examines the possibility of improving consumer mortgage markets through light-touch regulations inspired by behavioral economics. Three regulatory strategies are investigated: targeted and simplified disclosure rules, cooling-off regulations, and the designing of a model mortgage. These strategies are examined using examples from recent or proposed EU and US legislation as well as ideas proposed by experts. With respect to novel disclosure and cooling-off rules, the proposed EU Mortgage Directive is found to include several positive ideas such as the European Standardised Information Sheet. Yet the most promising path seems to be the creation of a model mortgage for unsophisticated borrowers. In addition to proposing novel regulatory strategies, the article contributes to the wider debate on the acceptability of legal paternalism.
Credit Default Swaps and Insurance: Against the Potts Opinion
Little attention has been given to the possibility that CDS transactions might be construed as in... more Little attention has been given to the possibility that CDS transactions might be construed as insurance contracts in English law. This article challenges the widespread “Potts opinion”, which states that CDSs are not insurance, because they do not require the protection buyer to sustain a loss or to have an insurable interest in the subject matter. CDSs often do provide protection against loss that the buyer is exposed to; loss indemnity is not a necessary characterisation of an insurance contract; insurable interest does not form part of the definition of insurance, but is an additional requirement of valid insurance; and what matters is the substance not the form of the contract. The situation in the US and Australia is also briefly considered.
Helsinki Law Review, 2009
Law is important – but not as important as many lawyers believe. Evidence from different countrie... more Law is important – but not as important as many lawyers believe. Evidence from different countries demonstrates that businessmen rely more on social norms than on legal rights and duties. Sometimes law is even deliberately avoided. Social norms and informal practices can also be enforced through a variety of non-legal sanctions. Law is still relevant, especially in non-continuous relationships and so-called end-game situations. But legal norms are most relevant and efficient when they are well-aligned with social norms.
Economics by Oskari Juurikkala
Sustainable Pension Reform in India: Towards a Market-Based System
Economic Affairs, 2008
... all workers save for an adequate pension (and there may also be a small universal or means ..... more ... all workers save for an adequate pension (and there may also be a small universal or means ... Instead, the government should abolish unnecessary regulations in financial markets, make tax rules fairer and allow markets ... Available at http://www.iief.com/pensions/CHAPTER4.pdf. ...
Punishing the Poor: A Critique of Means-Tested Retirement Benefits
Economic Affairs, 2008
Savings in the Absence of Functioning Property Rights
Economic Affairs, 2007
The economist Hernando de Soto argues that many developing nations' poor economic pe... more The economist Hernando de Soto argues that many developing nations' poor economic performance stems from poorly defined property rights. Moreover, attempts to impose Western-style rights will not necessarily succeed unless they enshrine existing social and cultural norms (de ...
Philosophia Reformata, 2025
The hemisphere hypothesis suggests that the brain is tuned to two complementary ways of attending... more The hemisphere hypothesis suggests that the brain is tuned to two complementary ways of attending to reality, the global-intuitive right hemisphere mode and the focal-analytic left hemisphere mode. I explore ways of applying this hypothesis to intellectual virtues and virtue epistemology in the context of religion. I argue that the right hemisphere approach is the key to understanding narratives, myths, and rituals and to grasping the relational and ethical dimensions of religion. The left hemisphere contributes to conceptual and doctrinal clarity as well as to the communicability of religions. I further argue that the right hemisphere is connected to virtues of dependence (humility, deference, and trust), virtues of the new and the unknown (open-mindedness and curiosity), and understanding. The left hemisphere mode is important for intellectual autonomy and virtues of rigor (inquisitiveness and criticism) as well as intellectual perseverance.
Teresianum, 2025
This article outlines the patristic understanding of the book of nature. It highlights the ideas ... more This article outlines the patristic understanding of the book of nature. It highlights the ideas of the logoi of creation and the contemplation of nature as the basis for the Fathers’ theology of nature as a divine book. It explores a variety of themes in the book of nature, especially the knowledge of God and the use of nature as a place of loving dialogue with God. It finally argues that the book of nature is not a sufficient principle on its own and explains how this affects the patristic understanding of natural law. The article ends by showing how the liturgical orientation of nature is another way in which nature and Scripture are parallel principles that are called to transcend their own limitations and find their fullness in Christ.
Annales Theologici, 2024
The book of nature is among the most enduring theological metaphors. It has also been used extens... more The book of nature is among the most enduring theological metaphors. It has also been used extensively by recent Popes, from John Paul II to Francis. However, it has not been widely recognized that Pope Benedict XVI developed a wide-ranging and harmonious theology of the book of nature in series of documents and discourses. In this article, I provide an analysis of the various ways in which Pope Benedict spoke about the book of nature, highlighting the various themes covered, including science and religion, the natural law, the liturgy, and the theology of religions. I also discuss the theological underpinnings of Pope Benedict's employment of the metaphor. I argue that, instead of seeing creation merely as the first stage of revelation, he thinks of the books of nature and Scripture developing in dialogue and finding their fullness in Christ.
Augustinianum, 2021
Augustine is considered a leading figure in the history of the book of nature. But what exactly d... more Augustine is considered a leading figure in the history of the book of nature. But what exactly did he say about it? This article examines all the metaphors with which Augustine refers, or seems to refer, to the visible world as a divine book. It is found that four of the often-cited passages have a different meaning, but two of them refer to the material creation as a book. The article further explores how the idea of God’s two books—nature and Scripture—influences Augustine’s literal interpretation of Genesis and his Trinitarian theology. Finally, it argues that the ultimate foundation for the Augustinian book of nature should be sought in his theology of the Word.
Theological Research. The Journal of Systematic Theology, 2020
This article describes the ontological problem of theosis or deification in terms of two dimensio... more This article describes the ontological problem of theosis or deification in terms of two dimensions: the relationship between the finite and the infinite, and the relationship between human nature and sin. Both problems are clarified through the thinking of Saint Maximus the Confessor and his distinction between logos and tropos, that is, the constitutive nature of a thing and its existential mode of being. Theosis is presented not as a transformation of the human nature, but a transformation of our mode of being by its healing and elevation by divine grace. Maximus’ theological anthropology explains how the effects of sin should not be situated at the level of human nature but its mode of being. His conceptual distinctions may help to clarify the thought of Luther, at least as it is presented in the Finnish interpretation of Luther.
Journal of Markets & Morality, 2015
Pope Francis has touched on economic issues in many public statements and documents since his ele... more Pope Francis has touched on economic issues in many public statements and documents since his elevation to the papacy. These statements have received heavy criticism by supporters of the free market, worsened by misleading representations in mainstream media. In response, this article is divided into three sections: (1) an outline of key ideas in Francis’s message concerning the economy, (2) an analysis of certain critical responses that are relevant but ultimately insufficient, and (3) an examination of the deeper unity between free-market economics and Francis’s message.
Electronic Journal of Business Ethics and Organization Studies, 2012
Classical virtue theory provides a fruitful framework for understanding charismatic leadership. T... more Classical virtue theory provides a fruitful framework for understanding charismatic leadership. The article outlines the theory of virtues and demonstrates the contribution of virtues to the personality traits and behaviours that are associated with charisma. The virtue of magnanimity of high-mindedness is shown to play a special role. The virtue-based perspective to charismatic leadership clarifies disagreements concerning the definition and delineation of the concept of charisma. It also provides a novel framework for analyzing and criticizing charismatic leadership trainingt programs. Finally, the article demonstrates that the dark side of charisma is a deformation caused by the absence of specific virtues such as prudence, justice or humility.
The Journal of Markets and Morality, 2020
Review of Do Markets Corrupt Our Morals? by Virgil Henry Storr and Ginny Seung Choi, Palgrave Mac... more Review of Do Markets Corrupt Our Morals? by Virgil Henry Storr and Ginny Seung Choi, Palgrave Macmillan, 2019 (281 pages)
The Journal of Markets and Morality, 2007
Review of Catholic Social Teaching and the Market Economy, by Philip Booth, with contributions fr... more Review of Catholic Social Teaching and the Market Economy, by Philip Booth, with contributions from: Samuel Gregg, Robert Kennedy, Denis O’Brien, Dennis O’Keeffe, Anthony Percy, Robert A. Sirico, Thomas Woods, and Andrew Yuengert London, United Kingdom: Institute of Economic Affairs, 2007 (274 pages)
Journal of Markets & Morality, Mar 22, 2003
Recent times have witnessed growing academic interest in the relationships among theology, morali... more Recent times have witnessed growing academic interest in the relationships among theology, morality, and economics. Faith and Liberty: The Economics Thought of the Late Scholastics by Alejandro A. Chafuen (now president and CEO of the Atlas Foundation) is an important, even if indirect, contribution to this discussion. It is a second edition of a book originally entitled Christians for Freedom (San Francisco: Ignatius Press, 1986). This new edition has been fully revised for content as well as for language to tell anew the exciting but neglected story of Late-Scholastic economics. The new edition includes many corrections and improvements, including, for example, the reformatting of footnotes to increase readability. Faith and Liberty is an important book in several respects, and it fully deserves this revised edition. First, it introduces the writings of thinkers whom most people have never heard of, and it does so in an entertaining fashion that is easily accessible to any educated layman. Second, it demonstrates that there was a school of social thoughtlong before Adam Smith and other "classical" economists-that defended free enterprise and private property. Third, it shows that medieval Scholastics were not mysterious and esoteric philosophers but skilled and practical thinkers who conveyed deep insights concerning the functioning of markets and were, in effect, foundational in the development of modern economic thought. The book is particularly valuable in exposing these ideas to English-speaking audiences. The term Late Scholastics refers to a number of theologians from the fourteenth through seventeenth centuries who wrote on theology, philosophy, and even social sciences in the tradition of the work of Saint Thomas Aquinas (1226-1274). Their economic thinking is of interest in two different respects. On the one hand, the Late Scholastics developed original and sophisticated insights into pure economic theory. In particular, Scholastic value and price theory was consonant with the nineteenth-century developments furnished by Carl Menger and the Austrian school (chapter 7). Scholastic theory argued that economic value is based on objective value in use, scarcity, and desirability (that is, subjective utility) (81), and it refuted the much-later labor theory of value and resolved the "paradox of value" even before it was invented. Another important field was monetary theory, in which the Late Scholastics did foundational work by discovering the relationship between the quantity and the value of money (chapter 5). They, thus, provided the first formulation of the quantity theory of money and developed a sophisticated theory of inflation. On the other hand, the Late Scholastics formed a school of thought highly sympathetic to free enterprise and private property-for example, they argued that private property is necessary to promote free cooperation, to ensure justice, and to preserve peace and harmony (chapter 3); they criticized government spending and favored low
A special thanks to Jukka Mähönen and Timo Kaisanlahti for their most valuable feedback during th... more A special thanks to Jukka Mähönen and Timo Kaisanlahti for their most valuable feedback during the pre-examination process. Financial support from Liikesivistysrahasto, Nordea Bank Foundation, Säästöpankkien tutkimussäätiö, and the University of Helsinki (Brynolf Honkasalo Fund) is gratefully acknowledged. It is also noted that chapters 2-4 incorporate material published, in earlier version, as "Financial Engineering
Fordham Journal of Corporate & Financial Law, 2014
This Article critically examines the legal nature of credit default swaps. Functionally a form of... more This Article critically examines the legal nature of credit default swaps. Functionally a form of credit default insurance, CDSs are however commonly characterized as largely unregulated financial derivatives, and were widely blamed for exacerbating the global financial crisis of 2007-09 and contributing to the European debt crisis starting in 2010. This Article demonstrates that the classification of CDSs as derivatives is due to a misapplication of insurance law principles and a glaring misreading of relevant legislation. Furthermore, CDSs are structurally and economically not swaps, which raises suspicions of deliberate evasion of the law by classifying them as swaps. Given the widespread confusion surrounding CDSs, this Article examines the history of the legal concept of swaps and demonstrates that the International Swaps and Derivatives Association developed them in order to exploit regulatory exemptions, which were later extended to an increasing range of deregulated transactions. Additionally, the Dodd-Frank Act reforms, which seek to control the excesses of financial innovation, paradoxically consolidate the regime of largely unregulated swaps. Ongoing legal and policy issues are highlighted.
Fordham Journal of Corporate & Financial Law, 2012
It is widely believed that behavioral economics justifies more intrusive regulation of financial ... more It is widely believed that behavioral economics justifies more intrusive regulation of financial markets, because people are not fully rational and need to be protected from their quirks. This Article challenges that belief. Firstly, insofar as people can be helped to make better choices, that goal can usually be achieved through light-touch regulations. Secondly, faulty perceptions about markets seem to be best corrected through market-based solutions. Thirdly, increasing regulation does not seem to solve problems caused by lack of market discipline, pricing inefficiencies, and financial innovation; better results may be achieved with freer markets and simpler rules. Fourthly, regulatory rule makers are subject to imperfect rationality, which tends to reduce the quality of regulatory intervention. Finally, regulatory complexity exacerbates the harmful effects of bounded rationality, whereas simple and stable rules give rise to positive learning effects.
Credit Default Swaps and the EU Short Selling Regulation: A Critical Analysis
European Company and Financial Law Review, 2000
Helsinki Law Review, 2013
Consumer mortgages have provoked extensive public debate, but traditional regulatory responses — ... more Consumer mortgages have provoked extensive public debate, but traditional regulatory responses — more disclosure, product restrictions and usury laws — are widely seen as clumsy and ineffective. This article examines the possibility of improving consumer mortgage markets through light-touch regulations inspired by behavioral economics. Three regulatory strategies are investigated: targeted and simplified disclosure rules, cooling-off regulations, and the designing of a model mortgage. These strategies are examined using examples from recent or proposed EU and US legislation as well as ideas proposed by experts. With respect to novel disclosure and cooling-off rules, the proposed EU Mortgage Directive is found to include several positive ideas such as the European Standardised Information Sheet. Yet the most promising path seems to be the creation of a model mortgage for unsophisticated borrowers. In addition to proposing novel regulatory strategies, the article contributes to the wider debate on the acceptability of legal paternalism.
Credit Default Swaps and Insurance: Against the Potts Opinion
Little attention has been given to the possibility that CDS transactions might be construed as in... more Little attention has been given to the possibility that CDS transactions might be construed as insurance contracts in English law. This article challenges the widespread “Potts opinion”, which states that CDSs are not insurance, because they do not require the protection buyer to sustain a loss or to have an insurable interest in the subject matter. CDSs often do provide protection against loss that the buyer is exposed to; loss indemnity is not a necessary characterisation of an insurance contract; insurable interest does not form part of the definition of insurance, but is an additional requirement of valid insurance; and what matters is the substance not the form of the contract. The situation in the US and Australia is also briefly considered.
Helsinki Law Review, 2009
Law is important – but not as important as many lawyers believe. Evidence from different countrie... more Law is important – but not as important as many lawyers believe. Evidence from different countries demonstrates that businessmen rely more on social norms than on legal rights and duties. Sometimes law is even deliberately avoided. Social norms and informal practices can also be enforced through a variety of non-legal sanctions. Law is still relevant, especially in non-continuous relationships and so-called end-game situations. But legal norms are most relevant and efficient when they are well-aligned with social norms.
Sustainable Pension Reform in India: Towards a Market-Based System
Economic Affairs, 2008
... all workers save for an adequate pension (and there may also be a small universal or means ..... more ... all workers save for an adequate pension (and there may also be a small universal or means ... Instead, the government should abolish unnecessary regulations in financial markets, make tax rules fairer and allow markets ... Available at http://www.iief.com/pensions/CHAPTER4.pdf. ...
Punishing the Poor: A Critique of Means-Tested Retirement Benefits
Economic Affairs, 2008
Savings in the Absence of Functioning Property Rights
Economic Affairs, 2007
The economist Hernando de Soto argues that many developing nations' poor economic pe... more The economist Hernando de Soto argues that many developing nations' poor economic performance stems from poorly defined property rights. Moreover, attempts to impose Western-style rights will not necessarily succeed unless they enshrine existing social and cultural norms (de ...
Pensions, Fertility and Families
Economic Affairs, 2007
The 1866 false-money debate in the journal des economistes: Déjà Vu for Austrians?
The Quarterly Journal of Austrian Economics, 2002