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Full-Text Articles in Legal History

The Jurisprudential Niche Occupied By Law And Economics, Nicholas Mercuro Jan 2009

The Jurisprudential Niche Occupied By Law And Economics, Nicholas Mercuro

Faculty Publications

This paper describes the jurisprudential niche occupied by the several schools of thought that comprise the field of Law and Economics in present-day legal scholarship. It begins by providing a brief history of law in the U.S.; it highlights the void left in law by the Legal Realists; it then very briefly explores some of the theories that attempted to fill that void including critical legal studies, feminist jurisprudence, and critical race theory. The paper then turns to its main focus - describing the several schools of thought that comprise the field of Law and Economics that has also helped ...


United States Competition Policy In Crisis: 1890-1955, Herbert J. Hovenkamp Jan 2009

United States Competition Policy In Crisis: 1890-1955, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

The development of marginalist, or neoclassical, economics led to a fifty-year long crisis in competition theory. Given an industrial structure with sufficient fixed costs, competition always became "ruinous," forcing firms to cut prices to marginal cost without sufficient revenue remaining to pay off investment. Early neoclassicists such as Alfred Marshall were not able to solve this problem, and as a result many economists were hostile toward the antitrust laws in the early decades of the twentieth century. The ruinous competition debate came to an abrupt end in the early 1930's, when Joan Robinson and particularly Edward Chamberlin developed models ...


Neoclassicism And The Separation Of Ownership And Control, Herbert J. Hovenkamp Jan 2009

Neoclassicism And The Separation Of Ownership And Control, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

"Separation of ownership and control" is a phrase whose history will forever be associated with Adolf A. Berle and Gardiner C. Means' The Modern Corporation and Private Property (1932), as well as with Institutionalist economics, Legal Realism, and the New Deal. Within that milieu the large publicly held business corporation became identified with excessive managerial power at the expense of stockholders, social irresponsibility, and internal inefficiency. Neoclassical economists both then and ever since have generally been critical, both of the historical facts that Berle and Means purported to describe and of the conclusions that they drew. In fact, however, within ...


Invisible Ink In The Eighth Arrondissement, Karl T. Muth Dec 2008

Invisible Ink In The Eighth Arrondissement, Karl T. Muth

Karl T Muth

IMPORTANT: This document may prompt you for a username and password. If this occurs, please simply click "cancel" and the document will load. Thank you. This Article deals with the history of the secret contract that governs the distribution of economic rents enjoyed by Formula One. It further explores the environment in which this secret contract evolved and briefly discusses applications for secret contracts in other scenarios and industries.


Behavioral Economic Issues In American & Islamic Marriage & Divorce Law, Ryan M. Riegg Dec 2008

Behavioral Economic Issues In American & Islamic Marriage & Divorce Law, Ryan M. Riegg

Ryan M. Riegg

The article critiques traditional economic theory, which frequently fails to address issues like "trust" in the forming of both contractual and marital relationships, and addresses problems within both the American and Islamic marriage & divorce systems from a behavioral economic, and comparative, perspective.