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Full-Text Articles in Law and Economics
The Law's Secrets, Gary T. Marx
The Law's Secrets, Gary T. Marx
Michigan Law Review
A Review of Legal Secrets: Equality and Efficiency in the Common Law by Kim Lane Scheppele
Social Irresponsibility, Actuarial Assumptions, And Wealth Redistribution: Lessons About Public Policy From A Prepaid Tuition Program, Jeffrey S. Lehman
Social Irresponsibility, Actuarial Assumptions, And Wealth Redistribution: Lessons About Public Policy From A Prepaid Tuition Program, Jeffrey S. Lehman
Michigan Law Review
In this article, I shall try to illuminate the question of how governments, as opposed to private insurers, grapple with the problem of intergenerational social irresponsibility. I shall do so by analyzing and criticizing a single public program. That program, the Michigan Education Trust (MET), was the most widely publicized government action in the field of higher education finance during the 1980s. MET allows parents of young children to purchase contracts promising to cover the children's tuition at Michigan public colleges when they enroll up to eighteen years later.
In setting forth this case study, I also attempt to develop …