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Open Access. Powered by Scholars. Published by Universities.®

2010

University of Pennsylvania Law School

Law and Economics

Economics

Articles 1 - 4 of 4

Full-Text Articles in Law

Recessions And The Social Safety Net: The Alternative Minimum Tax As A Counter-Cyclical Fiscal Stabilizer, Brian Galle, Jonathan Klick Dec 2010

Recessions And The Social Safety Net: The Alternative Minimum Tax As A Counter-Cyclical Fiscal Stabilizer, Brian Galle, Jonathan Klick

Faculty Scholarship at Penn Law

As recent events illustrate, state finances are procyclical: during recessions, state revenues crash, worsening the effects of economic downturns. This problem is well known, yet persistent. We argue here that, in light of predictable federalism and political economy dynamics, states will be unable to change this situation on their own. Additionally, we note that many possible federal remedies may result in worse problems, such as by creating moral hazard that would induce states to take on excessively risky policy, both fiscal and otherwise. Thus, we argue that policymakers should consider so-called “automatic” stabilizers, such as are found in the federal ...


Tracking Berle's Footsteps: The Trail Of The Modern Corporation's Law Chapter, William W. Bratton, Michael L. Wachter Jan 2010

Tracking Berle's Footsteps: The Trail Of The Modern Corporation's Law Chapter, William W. Bratton, Michael L. Wachter

Faculty Scholarship at Penn Law

No abstract provided.


The Law Of Vertical Integration And The Business Firm: 1880-1960, Herbert J. Hovenkamp Jan 2010

The Law Of Vertical Integration And The Business Firm: 1880-1960, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

Vertical integration occurs when a firm does something for itself that it could otherwise procure on the market. For example, a manufacturer that opens its own stores is said to be vertically integrated into distribution. One irony of history is that both classical political economy and neoclassicism saw vertical integration and vertical contractual arrangements as much less threatening to competition than cartels or other horizontal arrangements. Nevertheless, vertical integration has produced by far the greater amount of legislation at both federal and state levels and has motivated many more political action groups. Two things explain this phenomenon. First, while economists ...


A Comprehensive Theory Of Deal Structure: Understanding How Transactional Structure Creates Value, Michael S. Knoll, Daniel M. G. Raff Jan 2010

A Comprehensive Theory Of Deal Structure: Understanding How Transactional Structure Creates Value, Michael S. Knoll, Daniel M. G. Raff

Faculty Scholarship at Penn Law

No abstract provided.