Law Commons^™

Private Wealth And Public Goods: A Case For A National Investment Authority, Robert C. Hockett, Saule T. Omarova

Cornell Law Faculty Publications

Much American electoral and policy debate now centers on how best to reignite the nation’s economic dynamism and rebuild its competitive strength. Any such undertaking presents an extraordinary challenge, demanding a correspondingly extraordinary institutional response. This Article proposes precisely such a response. It designs and advocates a new public instrumentality--a National Investment Authority (“NIA”)--charged with the critical task of devising and implementing a comprehensive long-term development strategy for the United States.

Patterned in part after the New Deal-era Reconstruction Finance Corporation, in part after modern sovereign wealth funds, and in part after private equity and venture capital firms, the NIA …

Living Apart Together As A “Family Form” Among Persons Of Retirement Age: The Appropriate Family Law Response, Cynthia Grant Bowman

Cornell Law Faculty Publications

As the Baby Boom generation enters retirement age, patterns of living among older persons are beginning to change. Unlike their predecessors, the Baby Boomers lived through the sexual revolution, divorced more easily and more often, and institutionalized new patterns of coupling, such as cohabitation. As a result, the rate of marriage has declined and the percent of the population classified as “single” has gone up. This age cohort has now moved into the sixty-five-plus group and makes up those we think of as the retirement generation, or the “Third Age” group. As longevity has increased and the divorce rate for …

The Quintessential Law Library And Librarian In A Digital Era, Femi Cadmus

Cornell Law Faculty Publications

Libraries, like most institutions and industries today, are faced with disruptive technologies that challenge their relevancy in a digital era. As a result, erstwhile notions and nostalgia associated with the quintessential library and librarian are changing rapidly.

This is a compelling era to reimagine the library, retaining essential traditions alongside the new technologies, which facilitate the preservation, discoverability, accessibility, and delivery of information. It is also an opportunity for libraries to respond creatively and innovatively to change. The quintessential law library and librarian cannot only survive but can also thrive in the digital era by continuing to demonstrate value through …

Sharing The Prosperity: Why We Still Need Organized Labor, Angela B. Cornell

Cornell Law Faculty Publications

Today economic inequality is greater in the United States than in any other advanced nation. Bringing the minimum wage up to a true living wage is a crucial step forward, as are other employment-related benefits like broadening access to overtime and instituting paid sick leave. But employment statutes such as minimum-wage regulations cannot replace the broad-based benefits that come from organized labor. Unionization places the ability to influence what happens in the workplace directly in workers’ own hands, even as it creates institutions that can advocate for working people at the community, state, and national level. Under an effective labor-law …

The Problem With Words: Plain Language And Public Participation In Rulemaking, Cynthia R. Farina, Mary J. Newhart, Cheryl Blake

Cornell Law Faculty Publications

This Article, part of the special issue commemorating the fiftieth anniversary of the Administrative Conference of the United States (“ACUS”), situates ACUS’s recommendations for improving public rulemaking participation in the context of the federal “plain language” movement. The connection between broader, better public participation and more comprehensible rulemaking materials seems obvious, and ACUS recommendations have recognized this connection for almost half a century. Remarkably, though, the series of presidential and statutory plain-language directives on this topic have not even mentioned the relationship of comprehensibility to participation until very recently. In 2012, the Office of Information and Regulatory Affairs (“OIRA”) issued …

Library Director As Change Agent: Analysis Two, Implementing Change In Difficult Times, Femi Cadmus

Cornell Law Faculty Publications

No abstract provided.

Real Arrow-Securities For All: Just And Efficient Insurance Through Macro-Hedging, Robert C. Hockett

Cornell Law Faculty Publications

As a new hurricane season opened in June of 2006, it emerged that a number of online gaming sites were offering bettors the opportunity to wager on whether New Orleans might suffer another Katrina calamity. Commentators condemned the announced practice with howls of disgust, labeling it both tasteless and heartless. Perhaps they were right. All I could think about as one who grew up in New Orleans, however, was how risk pools might hereby be broadened to include all the world’s bettors. We shouldn’t condemn these people; we should use them—while requiring that they maintain margin accounts at their betting …

Strange Bedfellows: How An Anticipatory Countermovement Brought Same-Sex Marriage Into The Public Arena, Michael C. Dorf, Sidney Tarrow

Cornell Law Faculty Publications

Since the 1980s, social movement scholars have investigated the dynamic of movement/countermovement interaction. Most of these studies posit movements as initiators, with countermovements reacting to their challenges. Yet sometimes a movement supports an agenda in response to a countermovement that engages in what we call “anticipatory countermobilization.” We interviewed ten leading LGBT activists to explore the hypothesis that the LGBT movement was brought to the fight for marriage equality by the anticipatory countermobilization of social conservatives who opposed same-sex marriage before there was a realistic prospect that it would be recognized by the courts or political actors. Our findings reinforce …

The Value Of Words: Narrative As Evidence In Policymaking, Dmitry Epstein, Josiah Heidt, Cynthia R. Farina

Cornell Law Faculty Publications

Policymakers today rely primarily on statistical, financial, and other forms of technical data as their basis for decision-making. Yet, there is a potentially underestimated value in substantive reflections of the members of the public who will be affected by a particular piece of regulation. We discuss the value of narratives as input in the policy making process, based on our experience with Regulation Room–a product of an interdisciplinary initiative using innovative web technologies in real-time online experimentation. We describe professional policymakers and professional commenters as a community of practice that has limited shared repertoire with the lay members of the …

Bargaining In The Shadow Of The Debt Ceiling: When Negotiating Over Spending And Tax Laws, Congress And The President Should Consider The Debt Ceiling A Dead Letter, Neil H. Buchanan, Michael C. Dorf

Cornell Law Faculty Publications

If the debt ceiling is inconsistent with existing spending and taxing laws, what must the President do? In earlier work, we argued that when Congress creates a "trilemma"-making it impossible for the President to spend as much as Congress has ordered, to tax only as much as Congress has ordered, and to borrow no more than Congress has permitted-- the Constitution requires the President to choose the least unconstitutional path. In particular, he must honor Congress's decisions and priorities regarding spending and taxing, and he must issue enough debt to do so. Here, we extend the analysis in two ways. …

Not Your Parents' Law Library: A Tale Of Two Academic Law Libraries, Julian Aiken, Femi Cadmus, Fred Shapiro

Cornell Law Faculty Publications

As academic law libraries continue to face the inevitability of a rapidly changing landscape which includes a new breed of digital users with sophisticated technological needs, it remains to be seen what libraries will look like in years to come. It is certain that libraries as we know them today will have changed, but to what extent? An ability to remain adaptable and to anticipate the evolving needs of users in a dynamic environment will continue to be key for libraries to remain relevant, and even to survive, in the 21st century; vital to this endeavor will also be an …

Pax Arabica?: Provisional Sovereignty And Intervention In The Arab Uprisings, Asli Bâli, Aziz Rana

Cornell Law Faculty Publications

No abstract provided.

Complexity, Innovation, And The Regulation Of Modern Financial Markets, Dan Awrey

Cornell Law Faculty Publications

The intellectual origins of the global financial crisis (GFC) can be traced back to blind spots emanating from within conventional financial theory. These blind spots are distorted reflections of the perfect market assumptions underpinning the canonical theories of financial economics: modern portfolio theory, the Modigliani and Miller capital structure irrelevancy principle, the capital asset pricing model and, perhaps most importantly, the efficient market hypothesis. In the decades leading up to the GFC, these assumptions were transformed from empirically (con)testable propositions into the central articles of faith of the ideology of modern finance: the foundations of a widely held belief in …

Law, Environment, And The “Nondismal” Social Sciences, William Boyd, Douglas Kysar, Jeffrey J. Rachlinski

Cornell Law Faculty Publications

Over the past 30 years, the influence of economics over the study of environmental law and policy has expanded considerably, becoming in the process the predominant framework for analyzing regulations that address pollution, natural resource use, and other environmental issues. This review seeks to complement the expansion of economic reasoning and methodology within the field of environmental law and policy by identifying insights to be gleaned from various “nondismal” social sciences. In particular, three areas of inquiry are highlighted as illustrative of interdisciplinary work that might help to complement law and economics and, in some cases, compensate for it: the …

Settlers And Immigrants In The Formation Of American Law, Aziz Rana

Cornell Law Faculty Publications

This paper argues that the early American republic is best understood as a constitutional experiment in “settler empire,” and that related migration policies played a central role in shaping collective identity and structures of authority. Initial colonists, along with their 19th century descendants, viewed society as grounded in an ideal of freedom that emphasized continuous popular mobilization and direct economic and political decision-making. However, many settlers believed that this ideal required Indian dispossession and the coercive use of dependent groups, most prominently slaves, in order to ensure that they themselves had access to property and did not have to engage …

Synecdoche, Gerald Torres

Cornell Law Faculty Publications

This article suggests that the ideas of synecdoche and metonymy are not just figures of speech in which the part stands in for the whole. They are potentially useful metaphoric devices to understand the politics of institutional change through the inclusion of the formerly excluded.

Capture: here the hazard is that those who find themselves in a position to use institutional power may find themselves subject to pressure to conform to the norms and values of those who have traditionally benefitted from the conventional use of that institution's authority. This will often be subtle and it may merely be a …

The Psychological Foundations Of Behavioral Law And Economics, Jeffrey J. Rachlinski

Cornell Law Faculty Publications

Over the past decade, psychological research has enjoyed a rapidly expanding influence on legal scholarship. This expansion has established a new field—“Behavioral Law and Economics” (BLE). BLE’s principal insight is that human behavior commonly deviates from the predictions of rational choice theory in the marketplace, the election booth, and the courtroom. Because these deviations are predictable, and often harmful, legal rules can be crafted to reduce their undesirable influence. Ironically, BLE seldom recognizes that its intellectual origins lie with psychology more so than economics. This failure leaves BLE open to criticisms that can be answered only by embracing the underlying …

Responses To The Ten Questions, Aziz Rana

Cornell Law Faculty Publications

This essay responds to a question posed by the William Mitchell Law Review for its annual national security issue: Has Obama Improved Bush's National Security Policies? I maintain that Obama Administration practices have been marked by striking continuities with those of the previous Administration. I then attempt to explain these continuities by discussing how American policymakers across the political spectrum share basic assumptions about the concept of national security and the need for an aggressive and interventionist foreign policy.

Leveraging A Library Collection Through Collaborative Digitization Ventures, Femi Cadmus, Fred Shapiro

Cornell Law Faculty Publications

No abstract provided.

Barack Obama, Implicit Bias, And The 2008 Election, Jeffrey J. Rachlinski, Gregory S. Parks

Cornell Law Faculty Publications

The election of Barack Obama as the forty-fourth president of the United States suggests that the United States has made great strides with regard to race. The blogs and the pundits may laud Obama’s win as evidence that we now live in a “post-racial America.” But is it accurate to suggest that race no longer significantly influences how Americans evaluate each other? Does Obama’s victory suggest that affirmative action and antidiscrimination protections are no longer necessary? We think not. Ironically, rather than marking the dawn of a post-racial America, Obama’s candidacy reveals how deeply race affects judgment.

Bailouts, Buy-Ins, And Ballyhoo, Robert C. Hockett

Cornell Law Faculty Publications

The bailout strategy now being pursued by Treasury under the recently authorized Troubled Asset Relief Plan, if “strategy” it can be called, remains obscure and erratic at best. All the while markets remain jittery and credit remains tight, as the underlying source of our present financial jitters—continued decline in the housing market and still mounting foreclosures—goes unaddressed. This piece proposes an interesting and novel approach to solving the financial problem. If it works out, it would eventually minimize the cost to the government.

Pareto Versus Welfare, Robert C. Hockett

Cornell Law Faculty Publications

Many normatively oriented economists, legal academics and other policy analysts appear to be "welfarist" and Paretian to at least moderate degree: They deem positive responsiveness to individual preferences, and satisfaction of one or more of the familiar Pareto criteria, to be reasonably undemanding and desirable attributes of any social welfare function (SWF) employed to formulate social evaluations. Some theorists and analysts go further than moderate welfarism or Paretianism, however: They argue that "the Pareto principle" requires the SWF be responsive to individual preferences alone - a position I label "strict" welfarism - and conclude that all social evaluation should in …

Transdisciplinary Conflict Of Laws Foreword: Cavers's Double Legacy, Karen Knop, Ralf Michaels, Annelise Riles

Cornell Law Faculty Publications

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Heuristics, Biases, And Philosophy, Jeffrey J. Rachlinski

Cornell Law Faculty Publications

Commenting on Professor Cass Sunstein's work is a daunting task. There is simply so much of it. Professor Sunstein produces scholarship at a rate that is faster than I can consume it. Scarcely an area of law has failed to feel his impact. One cannot today write an article on administrative law, free speech, punitive damages, Internet law, law and economics, separation of powers, or animal rights law without addressing one or more of Sunstein's papers. And his work is typically not a mere footnote. Sunstein has changed how scholars think about each of these areas of law. More broadly, …

Reflective Intensions: Two Foundational Decision-Points In Mathematics, Law, And Economics, Robert C. Hockett

Cornell Law Faculty Publications

This Article, transcribed from a symposium talk given by the author, examines two critical junctures at which foundational decisions must be made in three areas of theoretical inquiry - mathematics, law, and economics. The first such juncture is that which the Article labels the "arbitrary versus criterial choice" juncture. This is the decision point at which one must select between what is typically called an "algorithmic," "principled," "law-like," or "intensionalist" understanding of those concepts which figure foundationally in the discipline in question on the one hand, and a "randomized," "combinatorial," or "extensionalist" such understanding on the other hand.

The second …

Debate, Implicit Race Bias And The 2008 Presidential Election: Much Ado About Nothing?, Gregory S. Parks, Jeffrey J. Rachlinski, Richard A. Epstein

Cornell Law Faculty Publications

The election of Barack Obama marks a significant milestone for race relations in our nation—on this much our debaters agree. The meaning of this milestone for the future of race-based policies, such as affirmative action and antidiscrimination laws, is where they disagree. Dr. Gregory Parks and Professor Jeffrey Rachlinski argue that any announcement of the arrival of a “post-racial America” is premature, as the presidential campaign actually revealed an implicit racial bias present in “most white adult brains.” The stereotypical criticisms of Obama, explicit racial references by supporters of opposing candidates, and “deeply racially stratified voting” were, in fact, “reflection[s] …

The New Bureaucracies Of Virtue: Introduction, Marie-Andree Jacob, Annelise Riles

Cornell Law Faculty Publications

No abstract provided.

What Kinds Of Stock Ownership Plans Should There Be? Of Esops, Other Sops And "Ownership Societies", Robert C. Hockett

Cornell Law Faculty Publications

Present-day advocates of an ownership society (OS) do not seem to have noticed the means we have already employed to become an OS where homes and human capital (higher education) are concerned. Nor do they appear to have considered whether these same means - which amount to publicly enhanced private credit markets - might be employed to spread shares in business firms, with a view to completing our OS. This article, the third in a series, seeks tentatively to fill that gap. It does so first by demonstrating how the Employee Stock Ownership Plan, or ESOP, in effect replicates our …

Legal Change, Gerald Torres

Cornell Law Faculty Publications

The "demos" in demosprudence is meant to refer to those people who are collectively mobilized to make change. Demosprudence is not "the community" at the micro level. Nor is it the "'polity" writ large whether it acts through representative decision-making or voting in referenda and initiatives. It is not the theory or practice of a riot or a lynch mob. Nor is it the study of elections, whether for representatives or referenda. It is the theory and philosophy of legal meaning making through popular mobilization that engages a "thick" form of participation by people who are pushing for change by …

Kelo's Moral Failure, Laura S. Underkuffler

Cornell Law Faculty Publications

No abstract provided.