Law Commons^™

The Modern Corporation And Private Property Revisited: Gardiner Means And The Administered Price, William W. Bratton

Seattle University Law Review

This essay casts additional light on The Modern Corporation’s corporatist precincts, shifting attention to the book’s junior coauthor, Gardiner C. Means. Means is accurately remembered as the generator of Book I’s statistical showings—the description of deepening corporate concentration and widening separation of ownership and control. He is otherwise more notable for his absence than his presence in today’s discussions of The Modern Corporation. This essay fills this gap, describing the junior coauthor’s central concern—a theory of administered prices set out in a Ph.D. dissertation Means submitted to the Harvard economics department after ...

Collected Lectures And Talks On Corporate Law, Legal Theory, History, Finance, And Governance, William W. Bratton

Seattle University Law Review

A collection of eighteen speeches and lectures, from 2003 to 2018, discussing and expanding on the writings and theories of Adolf Berle and Gardiner Means.

The Influence Of Law-And-Economics On The Ideological Center Of Civil Society – The New American Formalism With A European Counterpoint, Sebastia Ciobotaru

Washington University Global Studies Law Review

Law-and-economics has been the dominant methodology in United States’ adjudication and law commentary for nearly 35 years. Because of its efficiency-only approach, law-and-economics has transformed the law itself from the impartial anchor of our social system into a political tool that legitimizes a new “false center.” Consequently, by failing in its role as a neutral force immune to political bias, the practice of law as advocated by law-and-economics constantly aids the neoliberal counter-revolution to commodify most aspects of our lives and foster a generation of corporate consumers bereft of traditional notions of liberty and autonomy. The main drive behind this ...

An Examination Of The Death Penalty, Alexandra N. Kremer

The Downtown Review

The death penalty, or capital punishment, is the use of execution through hanging, beheading, drowning, gas chambers, lethal injection, and electrocution among others in response to a crime. This has spurred much debate on whether it should be used for reasons such as ethics, revenge, economics, effectiveness as a deterrent, and constitutionality. Capital punishment has roots that date back to the 18^th century B.C., but, as of 2016, has been abolished in law or practice by more than two thirds of the world’s countries and several states within the United States. Here, the arguments for and against ...

Whatever Did Happen To The Antitrust Movement?, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

Antitrust in the United States today is caught between its pursuit of technical rules designed to define and implement defensible economic goals, and increasing calls for a new antitrust “movement.” The goals of this movement have been variously defined as combating industrial concentration, limiting the economic or political power of large firms, correcting the maldistribution of wealth, control of high profits, increasing wages, or protection of small business. High output and low consumer prices are typically unmentioned.

In the 1960s the great policy historian Richard Hofstadter lamented the passing of the antitrust “movement” as one of the “faded passions of ...

Revising The Vertical Merger Guidelines (Ftc Hearings), Steven C. Salop

Georgetown Law Faculty Publications and Other Works

This slide deck was the author’s presentation at the FTC Hearings on Vertical Mergers (November 1, 2018). The deck sets out a summary of the author’s economic analysis and proposed revisions to the U.S. Vertical Merger Guidelines.

Is Antitrust's Consumer Welfare Principle Imperiled?, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

Antitrust’s consumer welfare principle stands for the proposition that antitrust policy should encourage markets to produce output as high as is consistent with sustainable competition, and prices that are accordingly as low. Such a policy does not protect every interest group. For example, it opposes the interests of cartels or other competition-limiting associations who profit from lower output and higher prices. It also runs counter to the interest of less competitive firms that need higher prices in order to survive. Market structure is relevant to antitrust policy, but its importance is contingent rather than absolute – that is, market structure ...

Investment Spending And Gdp, Kevin Zaldivar

Celebration of Learning

This study's mission is to give a modern day analysis to investment spending and to provide insight to the degree of impact certain investments have on our GDP. This should interest local,state,and federal policy makers as well as anyone who practices their civic duty.

A 2016 Copa America Bump For Major League Soccer? Strengthening The Case For Legal Action Arising From The Corrupted 2022 World Cup Bid, Jeff Todd, R. Todd Jewell

William & Mary Business Law Review

Governmental and private investigations have generated evidence of corruption in the bidding process to host the 2022 FIFA World Cup, which went to Qatar rather than the United States. One economic study has shown an increase in professional soccer attendance in European countries that host the World Cup and the European Championships. Accordingly, Major League Soccer and its investor-operators could pursue tort and unfair competition claims to argue that denial of a 2022 World Cup USA will result in lowered attendance, and thus lost profits and diminished business value. Key differences in American and European soccer leagues and sports markets ...

Be Careful What You Wish For? Reducing Inequality In The Twenty-First Century, Reuven S. Avi-Yonah, Orli K. Avi-Yonah

Michigan Law Review

A review of Walter Scheidel, The Great Leveler: Violence and the History of Inequality from the Stone Age to the Twenty-First Century.

An Identity Theory Of The Short- And Long-Term Investor Debate, Claire A. Hill

Seattle University Law Review

Economics famously treats market actors as homogeneous. People are homo economicus, rational self-interested maximizers of their own utility. So far, so good, notwithstanding supposed behavioral “deviations” from rationality (more on those later). That people can view their own utility very differently from one another is recognized in theory, but not so much in practice. Also not sufficiently recognized is the extent to which people’s views of their own utility reflect their theories of who they are and how the world works, and that they hold such views and theories not just atomistically, but also collectively—that is, socially.

A Pragmatist’S View Of Promissory Law With A Focus On Consent And Reliance, Robert A. Hillman

William & Mary Business Law Review

This Article discusses Professor Nate Oman’s excellent new book, The Dignity of Commerce, which makes an impressive case for how markets can produce “desirable” outcomes for society. In addition to a comprehensive account of what he calls “virtues” of markets, such as their tendency to produce cooperation, trust, and wealth, the book is full of useful and persuasive supporting information and discussions.

Oman is not only a fan of markets, but he asserts that markets are the “center” of contract theory, and provide its normative foundation. Elaborating, Oman concludes that “contract law exists primarily to support markets” and that ...

Contract, Promise, And The Right Of Redress, Andrew S. Gold

William & Mary Business Law Review

This Essay reviews Nathan Oman’s recent book, The Dignity of Commerce. The book is compelling, and it makes an important and original contribution to contract theory—a contribution that insightfully shows how markets matter. Yet, in the course of developing a market-centered justification for contract law, The Dignity of Commerce also downplays the significance of consent and promissory morality. In both cases, the book’s argument is problematic, but this Essay will address questions of promissory morality. Oman contends that promise-based accounts struggle with contract law’s bilateralism and with its private standing doctrine. Yet, promissory morality is a ...

Does Contract Law Need Morality?, Kimberly D. Krawiec, Wenhao Liu

William & Mary Business Law Review

In The Dignity of Commerce, Nathan Oman sets out an ambitious market theory of contract, which he argues is a superior normative foundation for contract law than either the moralist or economic justifications that currently dominate contract theory. In doing so, he sets out a robust defense of commerce and the marketplace as contributing to human flourishing that is a refreshing and welcome contribution in an era of market alarmism. But the market theory ultimately falls short as either a normative or prescriptive theory of contract. The extent to which law, public policy, and theory should account for values other ...

Martin Luther King Jr. On Economy, Ecology, And Civilization: Toward A Mlk Jr-Inspired Ecotheology, Theodore Walker

Perkins Faculty Research and Special Events

This MLK Jr-inspired ecotheology [eco-theology] connects “economics,” “ecology,” and “ecological civilization” to the theological ethics of Rev. Dr. Martin Luther King Jr.

Though we often remember King primarily as a domestic civil rights leader; attention to King’s book—Where Do We Go from Here: Chaos or Community? (1967) reveals that he advanced a global ethics. King called for replacing recourse to war with nonviolent resistance to evil, and for abolishing poverty throughout “the world house.” He prescribed that we “civilize ourselves by the total, direct and immediate abolition of poverty.” King was concerned with civilizing “the world house” (house ...

Old Issues New Perspectives, Ronald Griffin

Faculty Books and Book Contributions

The book commences with Ronald C. Griffin‟s essay Ghost Town: The Death of Marriage, the Birth of Cohabitation, and the Emergence of the Single Woman. In his essay he revisits the history of marriage, the economics of marriage, the rise and demise of childhood, the emergence of new couplings and the social traumas that come with them.

The Comparative Institutions Approach To Wildlife Governance, Dean Lueck

Texas A&M Law Review

This Article develops a comparative institutions approach to wildlife governance by examining the property rights to the habitat and the stocks of wild populations. The approach is based on the transaction cost and property rights approach and lies primarily in the traditions of Coase, Barzel, Ostrom, and Williamson. The approach recognizes the often-extreme costs of delineation and enforcement of property rights to wild populations and their habitats; thus, all systems are notably imperfect compared to the typical neoclassical economics approach. These costs arise because wildlife habitat and wildlife populations are part of the land which has many attributes and uses ...

Intellectual Property And The Prisoner’S Dilemma: A Game Theory Justification Of Copyrights, Patents, And Trade Secrets, Adam D. Moore

Fordham Intellectual Property, Media and Entertainment Law Journal

In this article, I will offer an argument for the protection of intellectual property based on individual self-interest and prudence. In large part, this argument will parallel considerations that arise in a prisoner’s dilemma game. In brief, allowing content to be unprotected in terms of free access leads to a sub-optimal outcome where creation and innovation are suppressed. Adopting the institutions of copyright, patent, and trade secret is one way to avoid these sub-optimal results.

The Economics Of American Higher Education In The New Gilded Age, Paul Campos

Articles

No abstract provided.

Stock Market Manipulation And Its Regulation, Merritt B. Fox, Lawrence R. Glosten, Gabriel Rauterberg

Articles

More than eighty years after federal law first addressed stock market manipulation, the federal courts remain fractured by disagreement and confusion concerning manipulation law's most foundational issues. There remains, for example, a sharp split among the federal circuits concerning manipulation law's central question: Whether trading activity alone can ever be considered illegal manipulation under federal law? Academics have been similarly confused-economists and legal scholars cannot agree on whether manipulation is even possible in principle, let alone on how to properly address it in practice.

Social Value Orientation And The Law, Rebecca Hollander-Blumoff

William & Mary Law Review

Social value orientation is a psychological trait defined as an individual’s natural preference with respect to the allocation of resources. Law and economics scholarship takes as its starting point the rational actor, who is by definition interested solely in maximizing her own personal utility. But social psychology research demonstrates that, in study after study, approximately half of individuals demonstrate a “prosocial” orientation, meaning that they are interested in maximizing the total outcome of the group and are dedicated to an equal split of resources. Only around a quarter of individuals identify as “proself” individualists who prefer to maximize their ...

Technology-Based? Cost Factoring In U.S. Environmental Standards, Jamison E. Colburn

Michigan Journal of Environmental & Administrative Law

Environmental controls in the United States are often said to be “technology-based” because the polluter’s duties are determined by the available technology for controlling that pollution rather than by the social costs and benefits of doing so. Indeed, this is much of what distinguishes U.S. environmental law post-1970 from that which preceded it. But technology-based standards have in fact weighed the costs of controlling pollution in unique, often obscure ways, yielding an analysis that defies standardization and basic notions of transparency. Often lumped under an umbrella heading called “feasibility” analysis and justified on the grounds that it avoids ...

Money Didn’T Buy Happiness, Lawrence J. Fox

Dickinson Law Review

No abstract provided.

Law Firm Economics And Professionalism, Ward Bower

Dickinson Law Review

Both Dean Kronman in The Lost Lawyer and Professor Glendon in A Nation Under Lawyers attribute some of the problems and challenges facing lawyers today to economic pressures and to a preoccupation with profits and fees. For Kronman, this economic focus interferes with the “moral detachment” necessary for achievement of the “lawyer-statesman” ideal. For Glendon, professional dilemmas caused by the deterioration of the legal economy, competition in the marketplace, lawyer-shopping by clients, early specialization, lack of mentoring and emphasis on the billable hour have created an unhappy generation of ethically challenged practitioners.

Both authors accurately assess the state of the ...

Spillovers Theory And Its Conceptual Boundaries, Brett Frischmann

Brett Frischmann

No abstract provided.

The Retirement Strategy Of Supreme Court Justices: An Economic Approach, Kayla M. Joyce

Honors Scholar Theses

Previous research has identified strategic behavior in the nomination, confirmation, and retirement processes of the Supreme Court, each independently. This paper analyzes the interaction between the justices, the president, and the Senate in these processes. I constructed a game theoretic model to consider the nomination and approval process of Supreme Court justices and the change in dynamics that might result from an impending election. I hypothesize that sitting justices take into account the party affiliations of the president and the Senate when they are deciding whether it is the optimal time to retire to achieve their own strategic objectives. The ...

Using Signal Theory To Determine Nonobviousness Of Inventions, Michael O'Brien, Idonah Molina

Journal of Intellectual Property Law

No abstract provided.

The Secular Benefits Of Comparative Religious Education, Wen Jie (Fred) Tan

Brigham Young University Prelaw Review

This paper builds on current literature surrounding the need for increased religious freedom. Theories on conflict and threat describe how peace and religious freedom must be preceded by religious understanding. However, it is erroneous and presumptuous to claim that such religious understanding will increase naturally without intentional policies facilitating a climate tolerance and acceptance. Taboos limit governments' interaction with religion. It will be shown how secular benefits that religious freedom brings provide strong justification for cooperation between both institutions. A policy of comparative religious education improves mutual religious understanding and helps bring about increased economic growth and national security. Because ...

Doux Commerce, Religion, And The Limits Of Antidiscrimination Law, Nathan B. Oman

Faculty Publications

Recent cases involving religious businesses owners who object to providing services for same-sex weddings and resulting lawsuits have generated a vigorous academic and popular debate. That debate centers in part on the proper role of religion in the market. This article develops three theories of the proper relationship between commerce and religion and applies them to these conflicts. The first approach would apply the norms of liberal democratic governments to market actors. The second approach posits that any market outcome is legitimate so long as it results from voluntary contracts. These approaches yield contradictory and indeterminate advice on the conflicts ...

Agricultural And Food Law—Food Labeling And Biotechnology—The Food Fight Over Labeling Genetically Engineered Foods And A Natural Solution To Protect Agricultural Biotechnology In The Natural State, Katie W. Branscum

University of Arkansas at Little Rock Law Review

No abstract provided.