Law Commons^™

The Unimportance Of Being Efficient: An Economic Analysis Of Stock Market Pricing And Securities Regulation, Lynn A. Stout

Michigan Law Review

Part I of this article describes how perceptions that market efficiency is an important regulatory objective have influenced the development of securities law. For illustration, Part I examines the role of market efficiency goals in recent debates on the scope of insider trading liability, on trading in stock index futures, and on mandatory disclosure of merger negotiations. Part II then evaluates the notion that more efficient stock markets necessarily produce more optimal resource allocation. A closer look at the economic consequences of stock prices suggests that the principal function of stock prices is not resource allocation but rather the redistribution …

Free Speech And The "Acid Bath": An Evaluation And Critique Of Judge Richard Posner's Economic Interpretation Of The First Amendment, Peter J. Hammer

Michigan Law Review

Part I of this Note introduces the mechanics of the model Judge Posner has developed to determine whether restrictions upon speech should be upheld. Part II evaluates and critiques Posner's method from an internal perspective. This is first done by examining the theoretical foundations and assumptions of his economic perspective. This part then turns to testing the output and conclusions of the model to determine how successfully the theory can be turned into practice. Part III constitutes an external critique of Posner's model. This part addresses the question of whether the first amendment should be thought of in economic terms. …

The Economics Of Accidents, Michelle J. White

Michigan Law Review

A Review of Economic Analysis of Accident Law by Steven Shavell

Explaining Tort Law: The Economic Theory Of Landes And Posner, Peter C. Carstensen

Michigan Law Review

A Review of The Economic Structure of Tort Law by William M. Landes and Richard A. Posner

A Micro-Microeconomic Approach To Antitrust Law: Games Managers Play, Harry S. Gerla

Michigan Law Review

If we are to gain an accurate perspective on the impact of antitrust laws and policies on the behavior of firms in the real world, we must adopt a micro-microeconomic approach which focuses not on how rational, profit-maximizing firms will theoretically behave, but upon how late twentieth-century American managers and executives actually behave. This article attempts to begin that task.

Part I of this article examines the justifications for focusing on individual managers rather than profit-maximizing firms as the key actors in antitrust law. Part II looks at contemporary management mores and practices and develops some generalized "rules of the …

The Rhetoric Of Law And Economics, Donald N. Mccloskey

Michigan Law Review

Economics and law have contrasting rhetorics, which is one reason perhaps why economics has become influential in law. It is a new way of arguing, and lawyers are on the watch for new ways of arguing.

These "rhetorics" are not always bad. "Rhetoric" here is not merely ornament and trickery, but all persuasion, from arithmetic to moral character. We humans must decide what arguments we find persuasive. The lawyer's appeal to stare decisis or the economist's claim to scientific status are rhetorical acts, good or bad. I want to argue that economics is a sweet science, but the rhetoric of …