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Economic Theory And Environmental Law, Mark Sagoff
Economic Theory And Environmental Law, Mark Sagoff
Michigan Law Review
In Part I of this essay, I argue that environmental legislation, at least during the past twenty years, fails to make economic "common sense," that is, it fails to maximize the satisfaction of consumer demand over the long run. Laws like the Endangered Species Act flout this conception of economic efficiency. This is how most Americans would have it: most Americans reject the notion that the natural environment should be made over to serve the wants of the self-interested consumer. Part II describes the way that economists have attempted to take account of citizen or community-regarding preferences. I suggest that …
The Social And Political Challenge Of Inflation: An Economist's View, Harold T. Shapiro
The Social And Political Challenge Of Inflation: An Economist's View, Harold T. Shapiro
University of Michigan Journal of Law Reform
This Special Issue of the Journal of Law Reform has been nourished, at least in an emotional sense, by this same concern. The editors of the Journal apparently share the widespread frustration regarding what seem to increasing numbers of citizens as the largely intractable nature of the country's current economic ills. There is a certain apprehension that we may not be able to develop solutions to our lagging productivity, to our continuing inflation and unemployment, to our energy "problem," or to a host of other "economic" issues currently outstanding on the national agenda: unemployment of young people and minorities, environmental …
Antitrust Law, Competition, And The Macroeconomy, Peter C. Carstensen
Antitrust Law, Competition, And The Macroeconomy, Peter C. Carstensen
University of Michigan Journal of Law Reform
This article examines the links between antitrust law-one possible tool for dealing with economic ills-and macroeconomic structure. It analyzes the current policy and economic assumptions underlying the importance of antitrust enforcement in reaching a healthy, competitive economy and concludes that such enforcement does contribute to the increased effectiveness of macroeconomic tools.
Part I explores the current macroeconomic theories and their policy implications. Part II discusses the related concepts of market power and competition and concludes that dissipation of market power is preferable, but that the regulation of market power may yield significant social and economic benefits in the short run, …