Neil Komesar’s work has transformed our understanding of how institutional analysis should be done. There is one very surprising omission from the breathtaking range of Komesar’s oeuvre, however: he has never directly applied his framework to crises. My aim in this Article is to advance, at least in a small way, our understanding of institutional choice during and after an economic crisis. Part I very briefly revisits the recent crisis, emphasizing its institutional dimensions. Part II identifies three puzzles posed by a crisis for standard Komesarian analysis. Part III then shows how Eric Posner and Adrian Vermeule’s executive-centered theory partially but not completely addresses these puzzles. Part IV offers an expanded institutional analysis of a crisis, focusing in particular on exogenous features of institutional interaction such as the possibility that Congress will respond to executive overreaching during a crisis by enacting legislation that ties the executive’s hands in its wake, and the effect that courts’ framing of their decisions during a crisis can have on the subsequent development of the law
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