‘Imperfect Alternatives: Choosing Institutions in Law, Economics, and Public Policy’ by Neil K. Komesar is an exploration of institutional choice in law, economics, and public policy. The book challenges the conventional wisdom that the identification of correct social goals or values is the key to describing or prescribing law and public policy outcomes. Instead, Komesar argues that institutional choice is an equally essential element.
The book presents a comparative analysis of three major institutions – the market, the political process, and the adjudicative process. Komesar points out that all three institutions are massive, complex, and imperfect, and develops a strategy for comparative institutional analysis that assesses variations in institutional ability.
The book is divided into three parts. The first part introduces the concept of institutional choice. The second part provides a participation-centered approach to the political process, the market, and the courts. The third part applies this analytical framework to contemporary issues such as safety, tort law, tort reform, constitutional law, and constitution making.
Overall, “Imperfect Alternatives” is a compelling read for anyone interested in understanding the complexities of institutional choice and its impact on law and public policy. It offers valuable insights and a fresh perspective on how we perceive and interact with these institutions.