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Articles 1 - 8 of 8
Full-Text Articles in Law
Megafirms, Randall S. Thomas, Stewart J. Schwab, Robert G. Hansen
Megafirms, Randall S. Thomas, Stewart J. Schwab, Robert G. Hansen
Stewart J Schwab
This Article documents and explains the amazing growth of the largest firms in law, accounting, and investment banking. Scholars to date have used various supply-side theories to explain this growth, and have generally examined only one industry at a time. This Article emphasizes a demand-side explanation of firm growth and shows how the explanation is similar for firms in all "project" industries. Legal regulation also plays an important role in determining industry structure. Among the areas covered in this Article are the growth of Multidisciplinary Practice firms (MDPs). MDP growth can best be understood by looking more broadly at the …
Property Rules And Liability Rules: The Cathedral In Another Light, James Krier, Stewart Schwab
Property Rules And Liability Rules: The Cathedral In Another Light, James Krier, Stewart Schwab
Stewart J Schwab
Ronald Coase's essay on "The Problem of Social Cost" introduced the world to transaction costs, and the introduction laid the foundation for an ongoing cottage industry in law and economics. And of all the law-and-economics scholarship built on Coase's insights, perhaps the most widely known and influential contribution has been Calabresi and Melamed's discussion of what they called "property rules" and "liability rules."' Those rules and the methodology behind them are our subjects here. We have a number of objectives, the most basic of which is to provide a much needed primer for those students, scholars, and lawyers who are …
The Unemployment Rate: Time To Give It A Rest?, Stewart J. Schwab, John J. Seater
The Unemployment Rate: Time To Give It A Rest?, Stewart J. Schwab, John J. Seater
Stewart J Schwab
The most overworked figure in our society may be the unemployment rate. Newscasters, politicians, and economists use it in discussing everything from the overall health of the economy to the merits of alternative welfare programs. Despite its widespread use, however, the unemployment rate frequently is criticized for not indicating the true state of the economy’s health or of society’s welfare. If the unemployment rate falls to 4 percent, for example, some economists will argue that it’s too low and that, even though the rate is greater than zero, the economy is overemployed. Others will argue that unemployment has not fallen …
Employment Discrimination, Stewart J. Schwab
Employment Discrimination, Stewart J. Schwab
Stewart J Schwab
This article first parses the multiple overlapping definitions of discrimination, including distinctions between group and individual discrimination and between segregation and discrimination in pay. The article then summarizes the major economic models of discrimination, particularly Becker’s taste-for-discrimination model and statistical-discrimination models, as well as sorting the status-production models. The discussion focuses on the conditions under which markets will tend to eliminate discrimination, noting that this occurs in a more limited range of situations than commonly recognized. The article next surveys the economic role of anti-discrimination laws, evaluating arguments that the law speeds the journey to a non-discriminatory equilibrium and that …
Coase's Twin Towers: The Relation Between The Nature Of The Firm And The Problem Of Social Cost, Stewart J. Schwab
Coase's Twin Towers: The Relation Between The Nature Of The Firm And The Problem Of Social Cost, Stewart J. Schwab
Stewart J Schwab
Ronald Coase's The Nature of the Firm (The Firm) may well be the second most cited article in law and economics. Usually, calling something second best is a backhanded compliment. But in this case the praise is sincere, for Coase also wrote the most cited article, The Problem of Social Cost (Social Cost). Much ink has been spilled over each article. Both are justly famous, and together they make Coase a richly deserving recipient of the Nobel Prize in Economics. The Firm, published in 1937, is most often studied by corporate law or industrial organization specialists (although we should remember …
Collective Bargaining And The Coase Theorem, Stewart J. Schwab
Collective Bargaining And The Coase Theorem, Stewart J. Schwab
Stewart J Schwab
No abstract provided.
Is Statistical Discrimination Efficient?, Stewart J. Schwab
Is Statistical Discrimination Efficient?, Stewart J. Schwab
Stewart J Schwab
No abstract provided.
Predicting The Future Of Employment Law: Reflecting Or Refracting Market Forces?, Stewart J. Schwab
Predicting The Future Of Employment Law: Reflecting Or Refracting Market Forces?, Stewart J. Schwab
Stewart J Schwab
In this Article I predict how employment law will change in the future. My task is positive rather than normative. I will not argue that the developments I foresee are good ones to be applauded. Rather, they arise "inevitably" from the way the law will react to changes in labor markets. Of course, as Professor Ronald Dworkin emphasizes, in developing a theory of law one cannot sharply distinguish between the positive and normative. Dworkin points out that even in describing the current legal framework, one must choose what to highlight and what to ignore, a process based on values. When …