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Full-Text Articles in Law
Recessions And The Social Safety Net: The Alternative Minimum Tax As A Countercyclical Fiscal Stabilizer, Brian Galle, Jonathan Klick
Recessions And The Social Safety Net: The Alternative Minimum Tax As A Countercyclical Fiscal Stabilizer, Brian Galle, Jonathan Klick
All Faculty Scholarship
As recent events illustrate, state finances are procyclical: during recessions, state revenues crash, worsening the effects of economic downturns. This problem is well known, yet persistent. We argue here that, in light of predictable federalism and political economy dynamics, states will be unable to change this situation on their own. Additionally, we note that many possible federal remedies may result in worse problems, such as by creating moral hazard that would induce states to take on excessively risky policy, both fiscal and otherwise. Thus, we argue that policymakers should consider so-called “automatic” stabilizers, such as are found in the federal …
Coasean Markets, Herbert J. Hovenkamp
Coasean Markets, Herbert J. Hovenkamp
All Faculty Scholarship
Coase’s work emphasized the economic importance of very small markets and made a new, more marginalist form of economic “institutionalism” acceptable within mainstream economics. A Coasean market is an association of persons with competing claims on a legal entitlement that can be traded. The boundaries of both Coasean markets and Coasean firms are determined by measuring not only the costs of bargaining but also the absolute costs of moving resources from one place to another. The boundaries of a Coasean market, just as those of the Coasean business firm, are defined by the line where the marginal cost of reaching …
Proposed Horizontal Merger Guidelines: Economists’ Comment, Michael R. Baye, Aaron S. Edlin, Richard J. Gilbert, Jerry A. Hausman, Daniel L. Rubinfeld, Steven C. Salop, Richard L. Schmalensee, Joshua D. Wright
Proposed Horizontal Merger Guidelines: Economists’ Comment, Michael R. Baye, Aaron S. Edlin, Richard J. Gilbert, Jerry A. Hausman, Daniel L. Rubinfeld, Steven C. Salop, Richard L. Schmalensee, Joshua D. Wright
Richard Gilbert
No abstract provided.
Proposed Horizontal Merger Guidelines: Economists’ Comment, Michael R. Baye, Aaron S. Edlin, Richard J. Gilbert, Jerry A. Hausman, Daniel L. Rubinfeld, Steven C. Salop, Richard L. Schmalensee, Joshua D. Wright
Proposed Horizontal Merger Guidelines: Economists’ Comment, Michael R. Baye, Aaron S. Edlin, Richard J. Gilbert, Jerry A. Hausman, Daniel L. Rubinfeld, Steven C. Salop, Richard L. Schmalensee, Joshua D. Wright
Aaron Edlin
No abstract provided.
An End To Too Big To Let Fail? The Dodd–Frank Act’S Orderly Liquidation Authority, Thomas J. Fitzpatrick Iv, James B. Thomson
An End To Too Big To Let Fail? The Dodd–Frank Act’S Orderly Liquidation Authority, Thomas J. Fitzpatrick Iv, James B. Thomson
James Thomson
One of the changes introduced by the sweeping new fi nancial market legislation of the Dodd–Frank Act is the provision of a formal process for liquidating large fi nancial fi rms—something that would have been useful in 2008, when troubles at Lehman Brothers, AIG, and Merrill Lynch threatened to damage the entire U.S. fi nancial system. While it may not be the end of the too-big-to-fail problem, the orderly liquidation authority is an important new tool in the regulatory toolkit. It will enable regulators to safely close and wind up the affairs of those distressed fi nancial fi rms whose …
The Coasean Analysis Of Harmful Interactions: Some Conceptual Difficulties, Satish K. Jain
The Coasean Analysis Of Harmful Interactions: Some Conceptual Difficulties, Satish K. Jain
Satish K. Jain
This paper is concerned with two distinct issues flowing from Coase's analysis of harmful interactions and of how courts deal with them. The first issue relates to the domain of validity of the Coase Theorem. It is argued in the paper that if non-pecuniary considerations are brought into the analysis then it can no longer be claimed that the outcome will be efficient regardless of liability assignments. In other words, it is contended in the paper that the validity of the Coase Theorem is crucially dependent on neglect of non-pecuniary considerations from the analysis. From this it follows that if …
Fannie Mae And Freddie Mac: Creatures Of Regulatory Privilege, David J. Reiss
Fannie Mae And Freddie Mac: Creatures Of Regulatory Privilege, David J. Reiss
David J Reiss
This book chapter addresses the appropriate role of Fannie Mae and Freddie Mac, the government-chartered, privately owned mortgage finance companies, in the United States housing finance sector. The federal government recently placed Fannie and Freddie in conservatorship. These two massive companies are profit-driven, but as government-sponsored enterprises they also have a government-mandated mission to provide liquidity and stability to the United States mortgage market and to achieve certain affordable housing goals. How the two companies should exit their conservatorship has implications that reach throughout the global financial markets and are of key importance to the future of American housing finance …
Firms As Social Actors, Richard Adelstein
Firms As Social Actors, Richard Adelstein
Richard Adelstein
A close look at what firms are and how they act.
Organizations And Economics, Richard Adelstein
Organizations And Economics, Richard Adelstein
Richard Adelstein
A contribution to a symposium on a paper by Richard Posner.
¿En Qué Momento Se Jodió El Sur? Crecimiento Económico, Derechos De Propiedad Y Regulación Del Crédito En Las Colonias Británicas Y Españolas En América, Enrique Pasquel
¿En Qué Momento Se Jodió El Sur? Crecimiento Económico, Derechos De Propiedad Y Regulación Del Crédito En Las Colonias Británicas Y Españolas En América, Enrique Pasquel
Enrique Pasquel
Las instituciones legales de las colonias británicas y españolas pueden ayudar a explicar los distintos niveles de desarrollo económico en esas regiones. Este artículo se centra en el marco legal de los derechos de propiedad y el mercado del crédito en la época colonial, analizando las políticas de asignación de tierras, el establecimiento de registros, los programas de titulación, las cargas sobre la tierra y las restricciones al crédito.