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

Social and Behavioral Sciences Commons

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

Articles 1 - 5 of 5

Full-Text Articles in Social and Behavioral Sciences

Defending A Mixed Economy, Herbert J. Hovenkamp May 2016

Defending A Mixed Economy, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

This essay reviews Jacob S. Hacker's and Paul Pierson's very engaging book, American Amnesia: How the War on Government Led Us to Forget what Made America Prosper (2016).


Coase, Institutionalism, And The Origins Of Law And Economics, Herbert J. Hovenkamp Jan 2011

Coase, Institutionalism, And The Origins Of Law And Economics, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

Ronald Coase merged two traditions in economics, marginalism and institutionalism. Neoclassical economics in the 1930s was characterized by an abstract conception of marginalism and frictionless resource movement. Marginal analysis did not seek to uncover the source of individual human preference or value, but accepted preference as given. It treated the business firm in the same way, focusing on how firms make market choices, but saying little about their internal workings.

“Institutionalism” historically refers to a group of economists who wrote mainly in the 1920s and 1930s. Their place in economic theory is outside the mainstream, but they have found new ...


Coasean Markets, Herbert J. Hovenkamp Aug 2010

Coasean Markets, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

Coase’s work emphasized the economic importance of very small markets and made a new, more marginalist form of economic “institutionalism” acceptable within mainstream economics. A Coasean market is an association of persons with competing claims on a legal entitlement that can be traded. The boundaries of both Coasean markets and Coasean firms are determined by measuring not only the costs of bargaining but also the absolute costs of moving resources from one place to another. The boundaries of a Coasean market, just as those of the Coasean business firm, are defined by the line where the marginal cost of ...


Conflict Of Rights And The Outbreak Of The First World War, Leo Katz Jan 2001

Conflict Of Rights And The Outbreak Of The First World War, Leo Katz

Faculty Scholarship at Penn Law

No abstract provided.


The Roman Foundations Of European Law, William Ewald Jan 1994

The Roman Foundations Of European Law, William Ewald

Faculty Scholarship at Penn Law

No abstract provided.