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Seniorpreneurs: The New Aspect Of Retirement, Valentina Cordero

Capstones

In the U.S., entrepreneurs ages 55 to 64 increased by almost 5 percent in the last decade, while the young generation saw a decline. People 55 and older want something new than a traditional employment. They feel more confident in their ability to open businesses.

Decomposing Poverty Change: Within- And Between-Group Effects, Srijit Mishra

Srijit Mishra

This slide share explains the method of 'Decomposing Poverty Change: Deciphering Change in Total Population and Beyond' published in the Review of Income and Wealth.

Three (Potential) Pillars Of Transnational Economic Justice: The Bretton Woods Institutions As Guarantors Of Global Equal Treatment And Market Completion, Robert C. Hockett

Robert C. Hockett

This essay aims to bring two important lines of inquiry and criticism together. It first lays out an institutionally enriched account of what a just world economic order will look like. That account prescribes, via the requisites to that mechanism which most directly instantiate the account, three realms of equal treatment and market completion - the global products, services, and labor markets; the global investment/financial markets; and the global preparticipation opportunity allocation. The essay then suggests how, with minimal if any departure from familiar canons of traditional international legal mandate interpretation, each of the Bretton Woods institutions - particularly the …

Reflective Intensions: Two Foundational Decision-Points In Mathematics, Law, And Economics, Robert C. Hockett

Robert C. Hockett

This Article, transcribed from a symposium talk given by the author, examines two critical junctures at which foundational decisions must be made in three areas of theoretical inquiry - mathematics, law, and economics. The first such juncture is that which the Article labels the "arbitrary versus criterial choice" juncture. This is the decision point at which one must select between what is typically called an "algorithmic," "principled," "law-like," or "intensionalist" understanding of those concepts which figure foundationally in the discipline in question on the one hand, and a "randomized," "combinatorial," or "extensionalist" such understanding on the other hand. The second …

From Macro To Micro To “Mission-Creep”: Defending The Imf’S Emerging Concern With The Infrastructural Prerequisites To Global Financial Stability, Robert C. Hockett

Robert C. Hockett

Charges that the IMF has been engaging in "mission creep," gradually taking on a growing number of activities that exceed its constitutive mandate, have grown both in vehemence and in frequency since the late 1990s. I argue that, what ever the substantive merits of its actions, the IMF's developing attention to the structural determinants of global financial stability is not ultra vires. The Fund's evolving role was both foreseen and constitutionally provided for, both at its founding and at the principal constitutive Articles-amending "moments" since.

Toward A Global Shareholder Society, Robert C. Hockett

Robert C. Hockett

With the American economy seemingly stalling, the global economy thereby imperiled, and another electoral campaign season well underway in the U.S., the "outsourcing" of jobs from the developed to the developing world is again on the public agenda. Latest figures indicate not only that layoffs and claims for joblessness benefits are up in the U.S., but also that the rate of American job-exportation has more than doubled since the last electoral cycle. This year's American political candidates have been quick to take note. In consequence, more than at any time since the early 1990s, continued American, and with it other …

Pareto Versus Welfare, Robert C. Hockett

Robert C. Hockett

Many normatively oriented economists, legal academics and other policy analysts appear to be "welfarist" and Paretian to at least moderate degree: They deem positive responsiveness to individual preferences, and satisfaction of one or more of the familiar Pareto criteria, to be reasonably undemanding and desirable attributes of any social welfare function (SWF) employed to formulate social evaluations. Some theorists and analysts go further than moderate welfarism or Paretianism, however: They argue that "the Pareto principle" requires the SWF be responsive to individual preferences alone - a position I label "strict" welfarism - and conclude that all social evaluation should in …

Bailouts, Buy-Ins, And Ballyhoo, Robert C. Hockett

Robert C. Hockett

The bailout strategy now being pursued by Treasury under the recently authorized Troubled Asset Relief Plan, if “strategy” it can be called, remains obscure and erratic at best. All the while markets remain jittery and credit remains tight, as the underlying source of our present financial jitters—continued decline in the housing market and still mounting foreclosures—goes unaddressed. This piece proposes an interesting and novel approach to solving the financial problem. If it works out, it would eventually minimize the cost to the government.

Taking Distribution Seriously, Robert C. Hockett

Robert C. Hockett

It is common for legal theorists and policy analysts to think and communicate mainly in maximizing terms. What is less common is for them to notice that each time we speak explicitly of socially maximizing one thing, we speak implicitly of distributing another thing and equalizing yet another thing. We also, moreover, effectively define ourselves and our fellow citizens by reference to that which we equalize; for it is in virtue of the latter that our social welfare formulations treat us as “counting” for purposes of socially aggregating and maximizing. To attend systematically to the inter-translatability of maximization language on …

Whose Ownership? Which Society?, Robert C. Hockett

Robert C. Hockett

The idea of an "ownership society" (OS) is not new to American politics or law. It might be called the seventeen year cicada of American domestic policy - emerging once per generation onto the national agenda, generating just a bit of buzz, then receding once again to leave a mass of empty shells and buried eggs behind. Unlike the insects, however, OS proposals seldom have sounded the same notes to everyone's ears. They have been proffered to or on behalf of differing constituencies for differing reasons, and therefore have tended to mean different things to different people. It is tempting …

What Kinds Of Stock Ownership Plans Should There Be? Of Esops, Other Sops And "Ownership Societies", Robert C. Hockett

Robert C. Hockett

Present-day advocates of an ownership society (OS) do not seem to have noticed the means we have already employed to become an OS where homes and human capital (higher education) are concerned. Nor do they appear to have considered whether these same means - which amount to publicly enhanced private credit markets - might be employed to spread shares in business firms, with a view to completing our OS. This article, the third in a series, seeks tentatively to fill that gap. It does so first by demonstrating how the Employee Stock Ownership Plan, or ESOP, in effect replicates our …

From "Mission-Creep" To Gestalt Switch: Justice, Finance, The Ifis, And Globalization's Intended Beneficiaries, Robert C. Hockett

Robert C. Hockett

This essay suggests means by which the international financial institutions (IFIs), the IBRD and the IMF in particular, and indeed "globalization" more generally might be rendered more friendly to humanity. The key, it suggests, lies in a subtle shift in perspective, a "gestalt-switch": It is to move from thinking in terms of political and macroeconomic aggregates - nations and gross national products - to thinking in terms of the individuals who constitute nations and produce national products - those the essay calls the "intended beneficiaries" of globalization. Thinking in terms of those beneficiaries and their equal claims to our concern …

Minding The Gaps: Fairness, Welfare, And The Constitutive Structure Of Distributive Assessment, Robert C. Hockett

Robert C. Hockett

Despite over a century’s disputation and attendant opportunity for clarification, the field of inquiry now loosely labeled “welfare economics” (WE) remains surprisingly prone to foundational confusions. The same holds of work done by many practitioners of WE’s influential offshoot, normative “law and economics” (LE). A conspicuous contemporary case of confusion turns up in recent discussion concerning “fairness versus welfare.” The very naming of this putative dispute signals a crude category error. “Welfare” denotes a proposed object of distribution. “Fairness” describes and appropriate pattern of distribution. Welfare itself is distributed fairly or unfairly. “Fairness versus welfare” is analytically on all fours …

Just Insurance Through Global Macro-Hedging: Information, Distributive Equity, Efficiency, And New Markets For Systemic-Income-Risk-Pricing And Systemic-Income-Risk-Trading In A New Economy, Robert C. Hockett

Robert C. Hockett

This article considers the prospects for exploiting (a) several deep conceptual linkages between justice and insurance, (b) the rapid development of new hedging methods and technologies, and (c) an increasingly integrated global finance economy, in a manner that can render the global economy both more just and more prosperous. It first derives an account of economic justice from the best known theories currently in the field – an account likely to enjoy broad appeal. The article then elaborates on a number of striking parallels between what it takes for the best account of justice on the one hand, the theory …

Task-Specific Human Capital Accumulation And Wage Outcomes Among Young Men: An Empirical Analysis, Morgan Holland

Theses and Dissertations

Existing literature suggests that investment in different kinds of task-specific human capital may have significant effects on wage outcomes and overall economic wellbeing of individuals. To examine this claim, the accumulation of task-specific human capital in young male workers with no college education and its effects on wages is measured. Using National Longitudinal Survey of Youth panel data merged with six task-specific human capital measures derived from the Dictionary of Occupational Titles task contents data, fixed effects regression was utilized to measure how workers’ taskspecific human capital develops over time. This process shows that among the task measures used, accumulation …

Federalist Society’S Intellectual Property Practice Group And Its Stanford Law School Present A Debate On Open Source And Intellectual Property Rights, Lawrence Lessig, F. Scott Kieff, G. Marcus Cole

University of Massachusetts Law Review

Transcript of the Federalist Society’s Intellectual Property Practice Group and its Stanford Law School Chapter debate on Open Source and Intellectual Property Rights with panelists Professor Lawrence Lessig from Stanford University and Professor F. Scott Kieff from Stanford University and moderated by Professor G. Marcus Cole from Stanford Law School. This debate took place on Wednesday, March 30, 2005 in Palo Alto, California.

China-Based Industrial Espionage, Joel Savary

Student Scholar Symposium Abstracts and Posters

On Oct 8, 2014 China has surpassed the United States as the world’s largest economy in terms of Purchasing Power Parity (PPP)” (IMF). My paper explores one of the instances of unlawful business practices that have contributed to China’s new world position. China based espionage undercuts American businesses and U.S. foreign policy directly, causing catastrophic economic implications for America, its businesses, and its allies. The U.S. government is grappling with the means and methods China uses to disseminate information stolen from U.S. businesses to support China based industries. Due to the lack of transparency in China, it has been difficult …

Testing, Diversity, And Merit: A Reply To Dan Subotnik And Others, Andrea A. Curcio, Carol L. Chomsky, Eileen Kaufman

Andrea A. Curcio

The false dichotomy between achieving diversity and rewarding merit frequently surfaces in discussions about decisions on university and law school admissions, scholarships, law licenses, jobs, and promotions. “Merit” judgments are often based on the results of standardized tests meant to predict who has the best chance to succeed if given the opportunity to do so. This Article criticizes over-reliance on standardized tests and responds to suggestions that challenging the use of such tests reflects a race-comes-first approach that chooses diversity over merit. Discussing the firefighter exam the led to the Supreme Court decision in Ricci v. DiStefano, as well …

Testing, Diversity, And Merit: A Reply To Dan Subotnik And Others, Andrea A. Curcio, Carol L. Chomsky, Eileen Kaufman

University of Massachusetts Law Review

The false dichotomy between achieving diversity and rewarding merit frequently surfaces in discussions about decisions on university and law school admissions, scholarships, law licenses, jobs, and promotions. “Merit” judgments are often based on the results of standardized tests meant to predict who has the best chance to succeed if given the opportunity to do so. This Article criticizes over-reliance on standardized tests and responds to suggestions that challenging the use of such tests reflects a race-comes-first approach that chooses diversity over merit. Discussing the firefighter exam the led to the Supreme Court decision in Ricci v. DiStefano, as well …

Nông Thôn Mới And Rural Development In The Mekong Delta: A Comparative Study Of Bàu Môn And Hòa Phụng C Hamlets, Alex Lintz

Independent Study Project (ISP) Collection

Vietnam’s Nông Thôn Mới or New Rural Development program is a relatively new target program introduced in 2010. As of yet there has been little research done on its effects on the economies in rural areas. This paper attempts to analyze the economic situation in the Bàu Môn and Hòa Phụng C hamlets with a particular emphasis placed on income and factors that affect income in terms of Vietnam’s Nông Thôn Mới or New Rural Development program. In order to assess the economic situation in the hamlets, a survey was administered to 25 participants in each hamlet and leaders from …

Preliminary 2014 Montana Nonresident Traveler Expenditures And Economic Contribution, Kara Grau

Institute for Tourism and Recreation Research Publications

This report shows the 2014 preliminary economic contributions, expenditures, and average daily spending of nonresident visitors to Montana.

A Positive Externalities Approach To Copyright Law: Theory And Application, Jeffrey L. Harrison

Jeffrey L Harrison

The basic goal of copyright law is, at a general level, fairly well understood, yet the law itself seems untethered to any consistent analytical approach designed to achieve that goal. This Article has two goals. The first is to explain in some detail what copyright law might look like if it reflected economic reasoning. The second is to put to the test the question of whether copyright law is as far out of sync with economic guidelines as White-Smith Music and Eldred suggest. In order to understand the economic approach and the inconsistency of copyright law, as well as the …

Egoism, Altruism, And Market Illusions: The Limits Of Law And Economics, Jeffrey L. Harrison

Jeffrey L Harrison

The primary objective of this Article is to question assumptions in order to show that the conventional economic approach to law and public policy has limited value. The arguments are founded on empirical evidence drawn from many fields of study. An underlying theme is that the current application of economic analysis to law should be regarded as an interim step toward the integration of law with the behavioral, natural, and social sciences. Part I describes the two forms of the self-interest assumption more completely. This examination reveals that economics and the separate study of law and economics are caught in …

Deconstructing And Reconstructing Hot News: Toward A Functional Approach, Jeffrey L. Harrison, Robyn Shelton

Jeffrey L Harrison

Hot news is factual, time-sensitive information ranging from baseball scores to the outbreak of war. In recent years, hot news has found its own niche among legal scholars and courts. When deconstructed, though, hot news is simply information and, like most information, it has a public good character. The problem ultimately is that news is non-excludable and non-rivalrous – discoverers or creators of hot news cannot exclude others from using the news and hot news is not destroyed when used. This means it may be produced at levels that are less than optimal.The critical element in hot news is lead …

Designing Antitrust Agencies For More Effective Outcomes: What Antitrust Can Learn From Restaurant Guides, D. Daniel Sokol

D. Daniel Sokol

Antitrust policy should be concerned with the quality and effectiveness of the antitrust system. Some efforts at agency effectiveness include self-study of antitrust agencies to determine the factors that lead to improving agency quality. Such studies, however, often focus only on enforcement decisions and other agency initiatives such as competition advocacy. They do not reflect at least one other part of the equation: what do non-government users of the antitrust system think about the quality of antitrust agencies? This Symposium Essay advocates the use of a ratings guide by antitrust practitioners for antitrust agencies to add to the tools in …

Economics Of Milk Yield Losses In One Dairy Farm In Macedonia Associated With Clinical Mastitis, Fetai Valdrina, Nakov Dimitar, Jashari Besirm, Trajchev Metodija

UBT International Conference

Mastitis remains one of the major disease in dairy herds, causing profound economic losses to the entire milk production chain due to changes in the milk quality and milk yield. A one year crosssectional longitudinal survey was carried out to evaluate milk yield losses associated with occurrence of clinical mastitis cases in one dairy herd. Cows that had clinical mastitis and clinically healthy cows during lactation were included in the study. The traits analyzed were the average of the monthly test day milk yields, cow parities and days in lactation while first case of clinical mastitis was occurred. For these …

Literature Search Strategy For Economic Evaluations Of Long Acting Reversible Contraception (Larc), Michelle R. Chungtuyco, Jonathan D. Eldredge

Clinical and Translational Science Center Scholarly Output

No abstract provided.

The Economic Costs And Benefits Of Dental Education: An Empirical Analysis, Gary L. Stafford, Farrokh Nourzad, William K. Lobb, Jason R. Beall

School of Dentistry Faculty Research and Publications

The rising costs associated with obtaining a dental education have caused some to question the financial benefit of pursuing a dental degree. There is a concern that recent graduates may have difficulty finding professional opportunities that provide the income necessary to service their accumulated educational debt. The aim of this study was to evaluate the trends in educational costs to aid in making an accurate appraisal of the financial benefit of a dental education. Adjusted into constant dollar terms, data from a variety of sources were collected for economic variables such as tuition, fees, student indebtedness, and dentists’ earnings. These …

What Is Criminal Restitution?, Cortney E. Lollar

Law Faculty Scholarly Articles

A new form of restitution has become a core aspect of criminal punishment. Courts now order defendants to compensate victims for an increasingly broad category of losses, including emotional and psychological losses and losses for which the defendant was not found guilty. Criminal restitution therefore moves far beyond its traditional purpose of disgorging a defendant's ill-gotten gains. Instead, restitution has become a mechanism of imposing additional punishment. Courts, however, have failed to recognize the punitive nature of restitution and thus enter restitution orders without regard to the constitutional protections that normally attach to criminal proceedings. This Article deploys a novel …

Three Essays On The Economics Of Defense Contracting, Output And Income Inequality, Edward M. Decambra

FIU Electronic Theses and Dissertations

This dissertation analyzes both the economics of the defense contracting process and the impact of total dollar obligations on the economies of U.S. states. Using various econometric techniques, I will estimate relationships across individual contracts, state level output, and income inequality. I will achieve this primarily through the use of a dataset on individual contract obligations.

The first essay will catalog the distribution of contracts and isolate aspects of the process that contribute to contract dollar obligations. Accordingly, this study describes several characteristics about individual defense contracts, from 1966-2006: (i) the distribution of contract dollar obligations is extremely rightward skewed, …