Law Commons^™

A Paradox In Employment: The Contradiction That Exists Between Immigration Laws And Outsourcing Practices, And Its Impact On The Legal And Illegal Minority Working Classes, Mary O'Sullivan

Mary T O'Sullivan

The drastic distinctions between the United States’ immigration and outsourcing policies have created a system where American companies are able to send unlimited jobs overseas, yet, have very restricted ability to bring workers to domestic offices and factories. Restrictive immigration policies seek to protect American jobs, while liberal outsourcing regulations permit, and encourage, employers to send jobs outside of the United States. As a result, the United States’ outsourcing policy sabotages the purpose of American immigration laws. The uncertainty of the contradiction between immigration and outsourcing policy may be the cause of unusually high unemployment numbers, particularly in the minority …

Eminently Reasonable, David J. Reiss

David J Reiss

Local governments across the country are considering an innovative use of eminent domain. They propose to condemn underwater mortgages (those that exceed the fair-market value of the home) in their communities and restructure them so that home­owners can afford their payments and so that the new mortgage is for less than the fair market value of the property. If this proposal is implemented, the local government will pay the owner of mortgages of "underwater" homes the fair market value for the mortgages. The local government will then restructure each mortgage by reducing the principal amount owed to be in line …

El Incumplimiento Eficiente: ¿Es Justo Y Necesario?, Renzo E. Saavedra Velazco

Renzo E. Saavedra Velazco

Se compartió la mesa con el profesor Rubén Mendez, en la presentación se debatió acerca de cómo los presupuestos básicos del incumplimiento eficiente no pueden presentarse en la realidad. En síntesis, se conversó sobre los obstáculos jurídicos y económicos que enfrenta esta figura del AED.

El Homo Economicus Y La Libertad De Contratación, Renzo E. Saavedra Velazco

Renzo E. Saavedra Velazco

Se compartió la mesa con el profesor Juan José Martínez, en la presentación se debatió acerco del rol que cumple el presupuesto de racionalidad en el modelo standard del análisis económico del Derecho y las acotaciones del Behavioral Law and Economics.

Si Algo Puede Salir Mal... Saldrá Mal (Y En El Peor Momento Posible): Una Rápida Revisión Ius-Económica A La Imposibilidad Contractual, Renzo E. Saavedra Velazco

Renzo E. Saavedra Velazco

En la presente nota se desea subrayar algunas características económicas y jurídicas de figuras que sirven como justificación para el incumplimiento contractual, tales como la imposibilidad y la excesiva onerosidad.

Ties That Bind: The Irrelevancy And Distraction Of Doma, Deirdre Bowen

Deirdre M Bowen

This article offers the only empirical analysis to date of national data evaluating the claim that DOMAs preserve and stabilize the family. After concluding that DOMA is not associated with this goal, the article explores what variables are correlated with family stability. Next, the article explores moral entrepreneurism and moral panic as a theoretical explanation for DOMAs continued attraction. Finally, the article offers pragmatic recommendations for achieving family stability.

Employers United: An Empirical Analysis Of Corporate Political Speech In The Wake Of The Affordable Care Act, Elizabeth Weeks Leonard, Susan Scholz, Raquel Meyer Alexander

Elizabeth A. Weeks

Is the Patient Protection and Affordable Care Act (ACA) bad for business? Did the countries' most prominent companies game the Securities and Exchange Commission (SEC) disclosure process to make negative political statements about ObamaCare? Immediately following the ACA's enactment on March 23, 2010, a number of companies drew scrutiny for issuing SEC filings writing off millions – and in AT&T's case, one billion dollars – against expected earnings for 2010 alone, based on a single, discrete tax-law change in the ACA. Congressional and Administration officials accused the firms of being “irresponsible” and using “big numbers to exaggerate the health reform's …

When The Tenth Justice Doesn’T Bark: The Unspoken Freedom Of Health Holding In Nfib V. Sebelius, Abigail Moncrieff

Abigail R. Moncrieff

There was an argument that Solicitor General Donald B. Verrilli could have made—but didn’t—in defending Obamacare’s individual mandate against constitutional attack. That argument would have highlighted the role of comprehensive health insurance in steering individuals’ health care savings and consumption decisions. Because consumer-directed health care, which reaches its apex when individuals self insure, suffers from several known market failures and because comprehensive health insurance policies play an unusually aggressive regulatory role in attempting to correct those failures, the individual mandate could be seen as an attempt to eliminate inefficiencies in the health care market that arise from individual decisions to …

Copyright Lawmaking And The Public Choice: From Legislative Battles To Private Ordering, Yafit Lev-Aretz

Yafit Lev-Aretz

On January 18th, 2012, the Web went dark in the largest online protest in history. Two anti-piracy Bills – The Stop Online Piracy Act (SOPA) and The Protect IP Act (PIPA) – attracted waves of opposition from the Internet community, which culminated on January 18th into an unprecedented 24-hour Web strike, followed by a decision to shelve the Bills indefinitely. This Article argues that the SOPA/PIPA protest created a new political reality in copyright lawmaking, with the tech industry becoming a very influential actor on the one hand, and social networks lowering mobilization costs of individual users on the other …

Risk Based Student Loans, Michael Simkovic

Michael N Simkovic

Credit markets serve a vital function in capitalist economies: evaluating the riskiness of a range of possible investments and channeling resources toward those investments that investors believe are most likely to prove successful. This process is known as the “risk-based pricing” of credit. Ideally, risk-based pricing should lead to lower cost of capital for lower risk investment choices with larger rewards, and therefore more investment in such promising activities. Conversely, risk-based pricing should lead to higher costs of capital, and therefore less investment, in high-risk activities with relatively low rewards. If creditors are well informed and analytic, and borrowers respond …

Substantive Rights In A Constitutional Technocracy, Abigail Moncrieff

Abigail R. Moncrieff

There are two deep puzzles in American constitutional law, particularly related to individual substantive rights, that have persisted across generations: First, why do courts apply a double standard of judicial review, giving strict scrutiny to noneconomic liberties but mere rational basis review to economic ones? Second, why does American constitutional law take the common law baseline as the free and natural state that needs to be protected? This Article proposes a technocratic vision of substantive rights to explain and justify both of these puzzles. The central idea is that modern substantive rights—the rights to speech, religion, association, reproduction, and parenting—protect …

Adr’S Place In Foreclosure: Remedying The Flaws Of A Securitized Housing Market, Lydia Nussbaum

Lydia R. Nussbaum

Millions of Americans lost their homes during the foreclosure crisis, an unprecedented disaster still plaguing local and national economies. A primary factor contributing to the crisis has been the failure of conventional foreclosure procedures to account for the new realities of securitization and the secondary mortgage market, which transformed the traditional borrower-lender relationship. To compensate for the shortcomings of conventional foreclosure procedures and stem the tide of residential foreclosure, state and local governments turned to ADR processes for a solution. Some foreclosure ADR programs, however, have greater potential to avoid unnecessary foreclosures than others. This article comprehensively examines the key …

Adr's Place In Foreclosure: Remedying The Flaws Of A Securitized Housing Market, Lydia Nussbaum

Lydia R. Nussbaum

Millions of Americans lost their homes during the foreclosure crisis, an unprecedented disaster still plaguing local and national economies. A primary factor contributing to the crisis has been the failure of conventional foreclosure procedures to account for the new realities of securitization and the secondary mortgage market, which transformed the traditional borrower-lender relationship. To compensate for the shortcomings of conventional foreclosure procedures and stem the tide of residential foreclosure, state and local governments turned to ADR processes for a solution. Some foreclosure ADR programs, however, have greater potential to avoid unnecessary foreclosures than others. This article comprehensively examines the key …

An Invisible Union For An Invisible Labor Market: College Football And The Union Substitution Effect, Michael H. Leroy

Michael H LeRoy

Should college football players have collective bargaining rights? The NCAA’s contractual relationship with student athletes provides grants-in-aid while strictly limiting their earnings. This model is premised on the belief that players are amateurs. But this view is contradicted by the heavy commercialization of NCAA football, including a rich championship playoff. Schools reap billions of dollars from TV and licensing agreements, a championship, numerous bowls, and ticket sales, but football players rarely receive enough aid to pay their full cost of attending school. The fact that TV deals minimize competition between the NCAA and NFL, so that each purveyor of football …

Comentario A " Una Introducción Al Análisis Económico Del Derecho", Críspulo Marmolejo

Críspulo Marmolejo

No abstract provided.

Barriers To Market Discipline: A Comparative Study Of Regulatory Reforms, Vincent Di Lorenzo

Vincent Di Lorenzo

This article explores regulatory reforms in the U.S. and U.K. in response to the recent mortgage market crisis. First, the article explores the extent to which regulatory bodies have recognized behavioral barriers to market discipline on the part of both consumers and industry actors. The academic literature has long identified such barriers, but recognition by government regulators has lagged. Without such recognition legal requirements and regulatory policies evolve without consideration of a major influence on human decision making. Second the article examines the varied response in the U.S. and U.K. to both market limitations and behavioral limitations to self-protection and …

Fomentando Más Visitas A La Catedral: El Aporte De Calabresi En El Debate Sobre Titularidades Y Nuevos Caminos, Renzo E. Saavedra Velazco

Renzo E. Saavedra Velazco

En la presente nota procuro exponer algunos de los principales méritos de la propuesta efectuada por Guido Calabresi y Douglas Melamed en 1972. Tal esfuerzo se inserta en un reconocimiento al impacto que tal teoría tuvo para la comprensión de los sistemas jurídicos, relevancia que merece ser subrayada y revisitada sobre todo cuando, como sucede en estas fechas, se cumplen cuarenta años desde su divulgación.

Happiness And Punishment, Jonathan S. Masur, Christopher Buccafusco, John Bronsteen

John Bronsteen

This article continues our project to apply groundbreaking new literature on the behavioral psychology of human happiness to some of the most deeply analyzed questions in law. Here we explain that the new psychological understandings of happiness interact in startling ways with the leading theories of criminal punishment. Punishment theorists, both retributivist and utilitarian, have failed to account for human beings' ability to adapt to changed circumstances, including fines and (surprisingly) imprisonment. At the same time, these theorists have largely ignored the severe hedonic losses brought about by the post-prison social and economic deprivations (unemployment, divorce, and disease) caused by …

Not A New Problem: How The State Of The Legal Profession Has Been Secretly In Decline For Quite Some Time, Marc Gans

Marc Gans

My goal was to provide an in-depth analysis of the job market for new law graduates over time, as well as the state of the legal field as a whole. Using historical records, I reached the following results:

- Depending on which dataset is used, of the 1.4 million law graduates of the last 40-years, 200,000-600,000 are not working as attorneys.

- Using NALP data, I calculate a True Employment Percentage (full-time, JD-required jobs excluding those who start their own practice) and find that it has been bad for a long time, not just recently. Over the last 25 years …

Property Rights Legislation In Agricultural Biotechnology: United States And Argentina, Andres A. Gallo, Jay P. Kesan

Andres A. Gallo

The market for biotechnology products has expanded rapidly in the 1990s and is expected to give impulse to radical changes in agriculture around the world. Investment in research and development (R&D) of new seed varieties has become a key factor for agriculture development. In the last decades, the investment in R&D has switched from state sponsored research to private funding. At the same time, the market has moved towards a strong concentration in a few multinational firms, which now control most of the agricultural biotechnology R&D around the world. One of the most important issues regarding ag-biotechnology is the legal …

Pondering The Politics Of Private Procedures: The Case Of Icann, Andres A. Gallo, Jay P. Kesan

Andres A. Gallo

The creation of ICANN was sought by the United States government to promote international cooperation in the governance of the Internet based on a bottom-up system in which government intervention was limited, if not eliminated. However, as the Internet has become a global phenomenon, this initiative has faced increasing opposition from the international community. As we have shown in this article, the evolution of ICANN reveals how it slowly departed from its mere technical role into a more political one, in which all groups and constituencies try to impose their preferences. During the reform movement initiated from inside ICANN, different …

Rlt: A Preliminary Examination Of Religious Legal Theory As A Movement, Samuel J. Levine

Samuel J. Levine

No abstract provided.

Walking The Tightrope: Balancing Conservation, Local Growth, And The Uncertainty Of Rural Development, Michael A. Powell

Michael A Powell

Economic development is a complex issue, and placing it in a rural context complicates it further, primarily due to issues with local governance and the difficulty in defining the term “rural.” The result is that economic development policies often ignore development in rural areas, and development in those areas becomes uncoordinated and unproductive. One exception is the Growth Management Act (GMA) enacted by the State of Washington, which established a rural development regime that decentralized planning but retained regional and statewide oversight. This paper uses a lawsuit filed against one of the GMA’s regional boards as a case study to …

Direct (Anti-)Democracy, Maxwell L. Stearns

Maxwell L. Stearns

Legal scholars, economists, and political scientists are divided on whether voter initiatives and legislative referendums tend to produce outcomes that are more (or less) majoritarian, efficient, or solicitous of minority concerns than traditional legislation. Scholars also embrace opposing views on which law-making mechanism better promotes citizen engagement, registers preference intensities, encourages compromise, and prevents outcomes masking cycling voter preferences. Despite these disagreements, commentators generally assume that the voting mechanism itself renders plebiscites more democratic than legislative lawmaking. This assumption is mistaken. Although it might seem unimaginable that a lawmaking process that directly engages voters possesses fundamentally antidemocratic features, this Article …

The Big Banks: Background, Deregulation, Financial Innovation And Too Big To Fail, Charles W. Murdock

Charles W. Murdock

Summary: The Big Banks: Background, Deregulation, Financial Innovation and Too Big to Fail

The U.S. economy is still reeling from the financial crisis that exploded in the fall of 2008. This article asserts that the big banks were major culprits in causing the crisis, by funding the non-bank lenders that created the toxic mortgages which the big banks securitized and sold to unwary investors. Paradoxically, banks which were then too big to fail are even larger today.

The article briefly reviews the history of banking from the Founding Fathers to the deregulatory mindset that has been present since 1980. It …

The Social Cost Of Financial Misrepresentations, Urska Velikonja

Urska Velikonja

Policy makers, regulators, and academics have traditionally looked for the harm from securities fraud in the easy-to-study financial markets. However, by doing so, they have missed the significantly larger social welfare losses caused by securities fraud that fall outside financial markets. False financial disclosures, which are the most common variant of securities fraud, distort real economic decisions that firms, their rivals, suppliers, vendors, lenders, and workers make, thus distorting markets for inputs and outputs. When the fraud is revealed, every party affected makes costly adjustments. Many fraud-committing firms file for bankruptcy. Their rivals face doubts, called contagion. All firms must …

Re-Focusing On Philanthropy: Revising And Re-Orienting The Standard Model, Robert E. Atkinson Jr.

Robert E. Atkinson Jr.

This paper undertakes a detailed analysis of today’s standard theory of the philanthropic sector, in order to provide a new model that is both more accurate in its details and more comprehensive in its scope. The standard theory accounts for the philanthropic sector as subordinate and supplementary to our capitalist market economy and liberal democratic polity. That approach has two basic short-comings: Its explanation of both the state and philanthropy as adjuncts to the market fails to appreciate the ways in which all three sectors support and supplement each other. Even more basically, the standard model’s primary focus on the …

Predicting The Frequency Of Large Public Company Bankruptcies, Patrick Liu

Patrick Liu

From 1980 to 2010, the number of large corporate bankruptcies in the U.S. spanned the gamut from five in 1981 to ninety-seven in 2001. In 2009, there were ninety-one large corporate bankruptcies. Past researchers have used firm-specific characteristics to predict the likelihood of bankruptcy for a given firm. However, limited research exists regarding which factors can explain nationwide fluctuations in the number of large corporate bankruptcies. Because macroeconomic variables pose systematic risk for all firms, macroeconomic variables’ yearly variations could shed light on bankruptcy filings’ yearly variations. Moreover, utilizing lagged variables, using the prior year’s change in a macroeconomic variable, …

The Evolution Of The Supreme Court’S Rule 10b-5 Jurisprudence: Protecting Fraud At The Expense Of Investors, Charles W. Murdock

Charles W. Murdock

Summary: The Evolution of the Supreme Court’s Rule 10b-5 Jurisprudence:

Protecting Fraud at the Expense of Investors

This article traces the evolution of Supreme Court jurisprudence over the past forty years through the prism of Rule 10b-5. It uses four “trilogies” to develop this evolution. At the start of the 1970s, the liberal trend characterized by the Warren Court still prevailed. An implied private cause of action was still in favor and litigators were viewed as private attorneys general, enforcing the securities laws to further the policy of protecting investors.

The expansion of Rule 10b-5 was slowed and more judicial …

Informing Consent: Voter Ignorance, Political Parties, And Election Law, Christopher Elmendorf, David Schleicher

Christopher S. Elmendorf

This paper examines what law can do to enable an electorate comprised of mostly ignorant voters to obtain meaningful representation and to hold elected officials accountable for the government’s performance. Drawing on a half century of research by political scientists, we argue that political parties are both the key to good elections and a common cause of electoral dysfunction. Party labels can help rational, low-information voters by providing them with credible, low-cost, and easily understood signals of candidates’ ideology and policy preferences. But in federal systems, any number of forces may result in party cues that are poorly calibrated to …