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Articles 31 - 52 of 52
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Incorporating Rights: Child Labor In African Agriculture And The Challenge Of Changing Practices In The Cocoa Industry, Erika George
Incorporating Rights: Child Labor In African Agriculture And The Challenge Of Changing Practices In The Cocoa Industry, Erika George
Faculty Scholarship
Millions of children around the world are working.1 Many youth are fortunate to enjoy age-appropriate employment and learn valuable skills through work. Unfortunately, too many children labor under abusive conditions-some are trafficked, others are enslaved . These unfortunate children are denied the opportunity to enjoy the fundamental human rights essential to their development and guaranteed under international law.
This essay offers an overview of the issues associated with child labor eradication, a review of the legal instruments regulating the work of children, and an assessment of recent initiatives to address the worst forms of child labor in the cocoa …
The Drug Quality And Security Act - Mind The Gaps, Kevin Outterson
The Drug Quality And Security Act - Mind The Gaps, Kevin Outterson
Faculty Scholarship
After the compounding pharmacy disaster at New England Compounding Center, Congress had an opportunity to assure that all compounded medicines were safe and effective. The Drug Quality and Safety Act, despite its name, fell short of that mark.
When Truth Cannot Be Presumed: The Regulation Of Drug Promotion Under An Expanding First Amendment, Christopher Robertson
When Truth Cannot Be Presumed: The Regulation Of Drug Promotion Under An Expanding First Amendment, Christopher Robertson
Faculty Scholarship
The Food, Drug, and Cosmetic Act (FDCA) requires that, prior to marketing a drug, the manufacturer must prove that it is safe and effective for the manufacturer’s intended uses, as shown on the proposed label. Nonetheless, physicians may prescribe drugs for other “off-label” uses, and often do so. Still, manufacturers have not been allowed to promote the unproven uses in advertisements or sales pitches.
This regime is now precarious due to an onslaught of scholarly critiques, a series of Supreme Court decisions that enlarge the First Amendment, and a landmark court of appeals decision holding that the First Amendment precludes …
The Presumption Against Expensive Health Care Consumption, Christopher Robertson
The Presumption Against Expensive Health Care Consumption, Christopher Robertson
Faculty Scholarship
This essay, as part of a symposium in honor of Professor Einer Elhauge, starts with his recognition that, for both epistemic and normative reasons, it remains profoundly difficult to regulate particular uses of medical technologies on the basis of their cost-benefit ratios. Nonetheless, this essay argues in favor of a general regulatory presumption against consumption for the most expensive medical technology usages, which drive most of aggregate healthcare spending. This essay synthesizes twelve facts about the ways in which medical technologies are produced, regulated, studied, and consumed to suggest that it is quite unlikely that the most expensive usages of …
Paying Bank Examiners For Performance, Frederick Tung, M. Todd Henderson
Paying Bank Examiners For Performance, Frederick Tung, M. Todd Henderson
Faculty Scholarship
Investigations into the recent financial crisis have found that banking regulators knew or should have known of many of the problems that would ultimately cripple the finance industry. We argue that their failure to address those problems prior to the crisis was at least partly due to misaligned incentives for bank examiners that encourage inadequate inspection and forbearance and discourage the curbing of ill-advised risk taking. We recommend changing examiners’ incentives to better align them with the public good. Specifically, banking regulators should be “paid for performance” — rewarded for nurturing long-term health for the banks they oversee as well …
The Money Blind: How To Stop Industry Bias In Biomedical Science, Without Violating The First Amendment, Christopher Robertson
The Money Blind: How To Stop Industry Bias In Biomedical Science, Without Violating The First Amendment, Christopher Robertson
Faculty Scholarship
The pharmaceutical and medical device industries use billions of dollars to support the biomedical science that physicians, regulators, and patients use to make healthcare decisions—the decisions that drive an increasingly large portion of the American economy. Compelling evidence suggests that this industry money buys favorable results, biasing the outcomes of scientific research. Current efforts to manage the problem, including disclosure mandates and peer reviews, are ineffective. A blinding mechanism, operating through an intermediary such as the National Institutes of Health, could instead be developed to allow industry support of science without allowing undue influence. If the editors of biomedical journals …
The Supreme Court's Assault On Litigation: Why (And How) It Could Be Good For Health Law, Abigail Moncrieff
The Supreme Court's Assault On Litigation: Why (And How) It Could Be Good For Health Law, Abigail Moncrieff
Faculty Scholarship
In recent years, the Supreme Court has narrowed or eliminated private rights of action in many legal regimes, much to the chagrin of the legal academy. That trend has had a significant impact on health law; the Court’s decisions have eliminated the private enforcement mechanism for at least four important healthcare regimes: Medicaid, employer-sponsored insurance, and medical devices. In a similar trend outside the courts, state legislatures have capped noneconomic and punitive damages for medical malpractice litigation, weakening the tort system’s deterrent capacity in those states. This Article points out that the trend of eliminating private rights of action in …
Balancing Of Markets, Litigation And Regulation, Keith N. Hylton, Larry E. Ribstein, Paul H. Rubin, Todd J. Zywicki
Balancing Of Markets, Litigation And Regulation, Keith N. Hylton, Larry E. Ribstein, Paul H. Rubin, Todd J. Zywicki
Faculty Scholarship
In addition to judicial education programs that the Law and Economics Center conducts, we also have a division that focuses on public policy research, known as the Searle Civil Justice Institute. In November, we held a public policy roundtable where we commissioned a variety of research and brought together a group of experts, both academic and practitioner experts, to discuss the issue of balancing the appropriate roles of markets, litigation, and regulation. And the notion there is that each one - markets, litigation, and regulation - can and probably should play a role in addressing various consumer harms.
Imperfect Property Rights, James Bessen
Imperfect Property Rights, James Bessen
Faculty Scholarship
In theory, property rights allow markets to achieve Pareto optimal allocations. But the literature on contracting largely ignores what happens when property rights are imperfectly defined and enforced. Although some models include weak enforcement or poorly defined rights or "anticommons," this paper develops a general model that includes all of these possibilities. I find that combinations matter: Policy prescriptions to remedy individual imperfections are sometimes inappropriate under other conditions. For example, stronger penalties for violating rights can decrease Pareto efficiency, contrary to a common view. Also, collective rights organizations, such as patent pools, sometimes worsen problems of overlapping claims.
Evaluating The Economic Performance Of Property Systems, James Bessen
Evaluating The Economic Performance Of Property Systems, James Bessen
Faculty Scholarship
How should the economic performance of property systems be evaluated? Benefit-cost analysis is widely used to evaluate non-market based regulation when prices are not available. Market prices provide better information for property systems, but market prices are not necessarily socially optimal when property rights are imperfect. This paper discusses two practical approaches to evaluating the performance of property systems, one based on an analysis of institutional performance, the other based on measuring incentives. As an illustration, I show how these approaches might be used to evaluate the US patent system.
Another Approach To Corporate Stock Basis, Alan L. Feld
Another Approach To Corporate Stock Basis, Alan L. Feld
Faculty Scholarship
Gordon Warnke's article makes a significant contribution. It helps to map a largely unexplored continent of tax law, the use and determination of adjusted basis in corporate shares in connection with certain nonrecognition transactions, recently elaborated in Reg. §1.358-2.2 The regulation provides guidance of particular relevance to the allocation of basis when the shareholder owns two or more batches of stock with differing adjusted bases. As Gordon's article makes clear, apparently simple tax law directives concerning the treatment of adjusted basis raise difficult questions and choices, often in common situations. In this article, I propose to make explicit some of …
The Problems Of Securitizing Sub-Prime Loans, Tamar Frankel
The Problems Of Securitizing Sub-Prime Loans, Tamar Frankel
Faculty Scholarship
In October 2007, the board of directors of Merrill-Lynch, Smith & Fenner, one of the largest if not the largest brokerage houses in the United States, accepted the request for early retirement of its Chief Executive Officer. The brokerage firm disclosed that it has lost over $8 billion on its investments in sub-prime mortgage loans.1 Merrill Lynch was not the only financial giant to sustain enormous losses. The losses caused market liquidity to dry up. The U.S. government took steps to ease the pressure.2 But the high leverage of the system is still unravelling. The effect of these …
The Mysterious Ways Of Mutual Funds: Market Timing, Tamar Frankel
The Mysterious Ways Of Mutual Funds: Market Timing, Tamar Frankel
Faculty Scholarship
The term market timing was little known outside the arcane world of mutual funds until state attorneys general from across the country popularized it. The term's innocuous-sounding ring assumed a more pernicious note when the mysterious ways of mutual funds became more transparent. In its pernicious sense, market timing denominates mutual fund insiders using the inscrutable structures of mutual funds to provide benefits selectively to favored participants at the expense of less favored participants.
Mutual fund shares are not like common stocks; investments made using these vehicles are unlike those made through traditional securities markets. While the peculiar features of …
Administrative-Law-Like Obligations On Private[Ized] Entities, Jack M. Beermann
Administrative-Law-Like Obligations On Private[Ized] Entities, Jack M. Beermann
Faculty Scholarship
Privatization is often promoted as a cure for many of the problems of government. In this Article, Professor Beermann argues that the effect of privatization is likely to be muted by the fact that several related phenomena have, in recent years, reduced the differences between government and the private sector, especially when privatization is involved. First, private entities are often compelled to make public or provide to government a great deal of information about themselves, much as the Freedom of Information Act and related statutes require transparency in government. Second, discovery in litigation subjects a great deal of private information …
Regulation And Investors' Trust In The Securities Market, Tamar Frankel
Regulation And Investors' Trust In The Securities Market, Tamar Frankel
Faculty Scholarship
The subject of investor confidence in the securities markets has received wide attention recently as details of fraud and avarice continue to emerge. Investors' trust in the securities markets is important for the reasons discussed in Professor Stout's marvelous paper.1 This Comment focuses on the relationship between investors' trust and government regulation of the markets. By regulation I mean congressional legislation and actions by federal agencies. I exclude the courts mainly because their lawmaking is not primarily policy-based, and my aim is to sound the alarm for legislative and regulatory policy-directed actions. Many an economist and academic have argued …
Principled Opinions, Susan P. Koniak
Principled Opinions, Susan P. Koniak
Faculty Scholarship
Professor Brickman is not pleased. Indeed, he is outraged, if the sound and fury of his article is to be taken at face value. He and twenty-five others, lawyers and legal educators, sent the American bar Association Standing Committee on Ethics and Professional Responsibility (the "Committee" or "Ethics Committee") a letter (the "Letter") asking for an opinion. They got one which Professor Brickman describes as "wrong as a matter of ethics law, malevolent as a matter of public policy, disingenuous in its presentation, unfounded it [its] critical assumptions ... and blatantly self-interested in elevating lawyers' financial interests above their traditional …
The Case Against Regulating The Market For Contingent Employment, Maria O'Brien
The Case Against Regulating The Market For Contingent Employment, Maria O'Brien
Faculty Scholarship
No abstract provided.
The Pros And Cons Of A Self-Regulatory Organization For Advisers And Mutual Funds, Tamar Frankel
The Pros And Cons Of A Self-Regulatory Organization For Advisers And Mutual Funds, Tamar Frankel
Faculty Scholarship
Congress is seriously considering bills to establish self-regulatory organizations (SROs) for investment advisers (advisers) and investment companies (Funds). These bills would require members of the investment management industry to regulate themselves under the watchful eye of the Securities and Exchange Commission, similar in approach to the regulation of broker-dealers by the National Association of Securities Dealers, Inc. (NASD) and the securities exchanges. Proposals to establish SRO for investment advisers have arisen before. However, those proposals did not cover Funds and their advisers,
The Social Origins Of Property, Jack M. Beermann, Joseph William Singer
The Social Origins Of Property, Jack M. Beermann, Joseph William Singer
Faculty Scholarship
The takings clause of the United States Constitution requires government to pay compensation when private property is taken for public use.' When government regulates, but does not physically seize, property, the Supreme Court of the United States has had trouble defining when individuals have been deprived of property rights so as to give them a right to compensation. The takings clause serves "to bar Government from forcing some people alone to bear public burdens that, in all fairness and justice, should be borne by the public as a whole."' To determine when a regulation amounts to a "taking" of property …
The Dual State - Federal Regulation Of Financial Institutions - A Policy Proposal, Tamar Frankel
The Dual State - Federal Regulation Of Financial Institutions - A Policy Proposal, Tamar Frankel
Faculty Scholarship
In 1983 South Dakota passed an Act permitting its chartered banks to sell and underwrite insurance.1 The issue that I address is whether states should have the power to pass such a law. I am not concerned here with interpretation of positive law but with public policy implications.
The issue is a matter of congressional policy. Like most financial intermediaries banks are regulated by both state and federal laws,2 but it is clear that the federal government has the power to preempt state laws that regulate banks. Therefore, whether South Dakota can pass the statute is not a …
Managing Risks To Health, Safety And Environment By The Use Of Alternatives To Regulation, Michael S. Baram, David Sandberg, Larry Dufault, Kevin Mcallister
Managing Risks To Health, Safety And Environment By The Use Of Alternatives To Regulation, Michael S. Baram, David Sandberg, Larry Dufault, Kevin Mcallister
Faculty Scholarship
The management of risks to health, safety and environment is one of the central concerns of our society. This important function has been largely delegated to federal regulatory agencies which, over the last decade, have tried to respond to the difficult mandate of managing risk under conditions of technical uncertainty by implementing complex regulatory programs. The federal government is now grappling with the design and implementation of various regulatory reforms to lessen economic burdens and to harmonize regulation with marketplace considerations, because of growing opposition to further regulation.
What has been left unpromoted as a reform thus far is the …
Some Regulatory Implications Of Technology Assessment, Michael S. Baram
Some Regulatory Implications Of Technology Assessment, Michael S. Baram
Faculty Scholarship
To conclude this wide-ranging panel discussion, I want to briefly address two aspects of regulation which have been troublesome, and for which Technology Assessment may be particularly useful.
The first aspect, which relates to radiation and other hazardous substances in general, is the increasingly important regulatory function of forcing the development and application of appropriate control technologies on industry-normally, the development and application of devices and techniques to protect public and worker health and safety. The question becomes: Is the regulatory program appropriately forcing and guiding necessary advances in control techniques and their timely use?