Open Access. Powered by Scholars. Published by Universities.®
- Discipline
-
- Business Organizations Law (3)
- Corporate Finance (3)
- Economic History (3)
- Economic Theory (3)
- Legal History (3)
-
- Antitrust and Trade Regulation (2)
- Finance (2)
- Industrial Organization (2)
- Arts and Humanities (1)
- Banking and Finance Law (1)
- Courts (1)
- Economic Policy (1)
- Growth and Development (1)
- History (1)
- Inequality and Stratification (1)
- Intellectual Property Law (1)
- Labor and Employment Law (1)
- Law and Race (1)
- Policy History, Theory, and Methods (1)
- Public Affairs, Public Policy and Public Administration (1)
- Public History (1)
- Public Law and Legal Theory (1)
- Securities Law (1)
- Sociology (1)
- Tax Law (1)
Articles 1 - 4 of 4
Full-Text Articles in Business
Regulation And The Marginalist Revolution, Herbert J. Hovenkamp
Regulation And The Marginalist Revolution, Herbert J. Hovenkamp
All Faculty Scholarship
The marginalist revolution in economics became the foundation for the modern regulatory State with its “mixed” economy. Marginalism, whose development defines the boundary between classical political economy and neoclassical economics, completely overturned economists’ theory of value. It developed in the late nineteenth century in England, the Continent and the United States. For the classical political economists, value was a function of past averages. One good example is the wage-fund theory, which saw the optimal rate of wages as a function of the firm’s ability to save from previous profits. Another is the theory of corporate finance, which assessed a corporation’s …
The Marginalist Revolution In Corporate Finance: 1880-1965, Herbert J. Hovenkamp
The Marginalist Revolution In Corporate Finance: 1880-1965, Herbert J. Hovenkamp
All Faculty Scholarship
During the late nineteenth and early twentieth centuries fundamental changes in economic thought revolutionized the theory of corporate finance, leading to changes in its legal regulation. The changes were massive, and this branch of financial analysis and law became virtually unrecognizable to those who had practiced it earlier. The source of this revision was the marginalist, or neoclassical, revolution in economic thought. The classical theory had seen corporate finance as an historical, relatively self-executing inquiry based on the classical theory of value and administered by common law courts. By contrast, neoclassical value theory was forward looking and as a result …
A Preface To Neoclassical Legal Thought, Herbert J. Hovenkamp
A Preface To Neoclassical Legal Thought, Herbert J. Hovenkamp
All Faculty Scholarship
Most legal historians speak of the period following classical legal thought as “progressive legal thought.” That term creates an unwarranted bias in characterization, however, creating the impression that conservatives clung to an obsolete “classical” ideology, when in fact they were in many ways just as revisionist as the progressives legal thinkers whom they critiqued. The Progressives and New Deal thinkers whom we identify with progressive legal thought were nearly all neoclassical, or marginalist, in their economics, but it is hardly true that all marginalists were progressives. For example, the lawyers and policy makers in the corporate finance battles of the …
Neoclassicism And The Separation Of Ownership And Control, Herbert J. Hovenkamp
Neoclassicism And The Separation Of Ownership And Control, Herbert J. Hovenkamp
All Faculty Scholarship
"Separation of ownership and control" is a phrase whose history will forever be associated with Adolf A. Berle and Gardiner C. Means' The Modern Corporation and Private Property (1932), as well as with Institutionalist economics, Legal Realism, and the New Deal. Within that milieu the large publicly held business corporation became identified with excessive managerial power at the expense of stockholders, social irresponsibility, and internal inefficiency. Neoclassical economists both then and ever since have generally been critical, both of the historical facts that Berle and Means purported to describe and of the conclusions that they drew. In fact, however, within …