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Full-Text Articles in Economics
The Historical And Legal Creation Of A Fissured Workplace: The Case Of Franchising, Brian Callaci
The Historical And Legal Creation Of A Fissured Workplace: The Case Of Franchising, Brian Callaci
Doctoral Dissertations
This dissertation explores the consequences of institutional change in capitalist firms, focusing on vertical dis-integration, the legal boundaries of the firm and what David Weil has called workplace "fissuring," in which corporations place intermediaries (subcontractors, temp agencies, or franchisees) between themselves and workers, often with negative consequences for workers. It focuses specifically on franchising, a type of fissured workplace in which one firm outsources retail operations to smaller, legally independent franchisees. The first chapter uses archival sources to identify the legal and policy changes driving workplace fissuring in the franchising context: specifically the relaxing of antitrust prohibitions on vertical restraints …
A Theory Without A Movement, A Hope Without A Name: The Future Of Marxism In A Post-Marxist World, Justin Schwartz
A Theory Without A Movement, A Hope Without A Name: The Future Of Marxism In A Post-Marxist World, Justin Schwartz
Justin Schwartz
Just as Marx's insights into capitalism have been most strikingly vindicated by the rise of neoliberalism and the near-collapse of the world economy, Marxism as social movement has become bereft of support. Is there any point in people who find Marx's analysis useful in clinging to the term "Marxism" - which Marx himself rejected -- at time when self-identified Marxist organizations and societies have collapsed or renounced the identification, and Marxism own working class constituency rejects the term? I set aside bad reasons to give on "Marxism," such as that the theory is purportedly refuted, that its adoption leads necessarily …
The History And Rationale For A Separate Bank Resolution Process, Thomas Fitzpatrick, Moira Kearney-Marks, James Thomson
The History And Rationale For A Separate Bank Resolution Process, Thomas Fitzpatrick, Moira Kearney-Marks, James Thomson
James B Thomson
Everyone recognizes the need to have a credible resolution regime in place for fi nancial companies whose failure could harm the entire financial system, but people disagree about which regime is best. The emergence of the parallel banking system has led policymakers to reconsider the dividing line between fi rms that should be resolved in bankruptcy and firms that should be subject to a special resolution regime. A look at the history of insolvency resolution in this country suggests that a blended approach is worth considering. Activities that have potential systemic impact might be best handled administratively, while all other …
The Rise Of Planning In Industrial America, 1865-1914
The Rise Of Planning In Industrial America, 1865-1914
Richard Adelstein
How American firms grew very large after the Civil War, and how Americans responded to them.
Collective Choice, Justin Schwartz
Collective Choice, Justin Schwartz
Justin Schwartz
This short nontechnical article reviews the Arrow Impossibility Theorem and its implications for rational democratic decisionmaking. In the 1950s, economist Kenneth J. Arrow proved that no method for producing a unique social choice involving at least three choices and three actors could satisfy four seemingly obvious constraints that are practically constitutive of democratic decisionmaking. Any such method must violate such a constraint and risks leading to disturbingly irrational results such and Condorcet cycling. I explain the theorem in plain, nonmathematical language, and discuss the history, range, and prospects of avoiding what seems like a fundamental theoretical challenge to the possibility …
Coase, Institutionalism, And The Origins Of Law And Economics, Herbert J. Hovenkamp
Coase, Institutionalism, And The Origins Of Law And Economics, Herbert J. Hovenkamp
All Faculty Scholarship
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 …
Firms As Social Actors, Richard Adelstein
Firms As Social Actors, Richard Adelstein
Richard Adelstein
A close look at what firms are and how they act.
Organizations And Economics, Richard Adelstein
Organizations And Economics, Richard Adelstein
Richard Adelstein
A contribution to a symposium on a paper by Richard Posner.
¿En Qué Momento Se Jodió El Sur? Crecimiento Económico, Derechos De Propiedad Y Regulación Del Crédito En Las Colonias Británicas Y Españolas En América, Enrique Pasquel
¿En Qué Momento Se Jodió El Sur? Crecimiento Económico, Derechos De Propiedad Y Regulación Del Crédito En Las Colonias Británicas Y Españolas En América, Enrique Pasquel
Enrique Pasquel
Las instituciones legales de las colonias británicas y españolas pueden ayudar a explicar los distintos niveles de desarrollo económico en esas regiones. Este artículo se centra en el marco legal de los derechos de propiedad y el mercado del crédito en la época colonial, analizando las políticas de asignación de tierras, el establecimiento de registros, los programas de titulación, las cargas sobre la tierra y las restricciones al crédito.
The Coase Theorem And Arthur Cecil Pigou, Herbert J. Hovenkamp
The Coase Theorem And Arthur Cecil Pigou, Herbert J. Hovenkamp
All Faculty Scholarship
In "The Problem of Social Cost" Ronald Coase was highly critical of the work of Cambridge University Economics Professor Arthur Cecil Pigou, presenting him as a radical government interventionist. In later work Coase's critique of Pigou became even more strident. In fact, however, Pigou's Economics of Welfare created the basic model and many of the tools that Coase's later work employed. Much of what we today characterize as the "Coase Theorem," including the relevance of transaction costs, externalities, and bilateral monopoly, was either stated or anticipated in Pigou's work. Further, Coase's extreme faith in private bargaining led him to fail …
Economics Of Plea Bargaining, Richard Adelstein
Economics Of Plea Bargaining, Richard Adelstein
Richard Adelstein
A short summary of earlier work for a sociological audience.
An Economic Model Of Fair Use (With Thomas Miceli), Richard Adelstein
An Economic Model Of Fair Use (With Thomas Miceli), Richard Adelstein
Richard Adelstein
A formal model of the law of fair use.
Knowledge And Power In The Mechanical Firm: Planning For Profit In Austrian Perspective, Richard Adelstein
Knowledge And Power In The Mechanical Firm: Planning For Profit In Austrian Perspective, Richard Adelstein
Richard Adelstein
A theory of central planning employing Austrian themes and applied to private firms and Taylorism.
Equity And Efficiency In Markets For Ideas, Richard Adelstein
Equity And Efficiency In Markets For Ideas, Richard Adelstein
Richard Adelstein
Intellectual property and patent protection in light of the AIDS crisis in Africa.
Toward A Comparative Economics Of Plea Bargaining (With Thomas Miceli), Richard Adelstein
Toward A Comparative Economics Of Plea Bargaining (With Thomas Miceli), Richard Adelstein
Richard Adelstein
A comparison of adversarial and inquisitorial approaches to criminal adjudication and its implications for plea bargaining.
Victims As Cost Bearers, Richard Adelstein
Victims As Cost Bearers, Richard Adelstein
Richard Adelstein
A brief recasting of the price exaction model.
Four Entries, Richard Adelstein
Four Entries, Richard Adelstein
Richard Adelstein
Four entries: "American Institutional Economics and the Legal System" (I: 61-66); "John Rogers Commons" (I: 324-327); Richard Theodore Ely" (II: 28-29); and "Plea Bargaining: A Comparative Approach"
Relativism, Reflective Equilibrium, And Justice, Justin Schwartz
Relativism, Reflective Equilibrium, And Justice, Justin Schwartz
Justin Schwartz
THIS PAPER IS THE CO-WINNER OF THE FRED BERGER PRIZE IN PHILOSOPHY OF LAW FOR THE 1999 AMERICAN PHILOSOPHICAL ASSOCIATION FOR THE BEST PUBLISHED PAPER IN THE PREVIOUS TWO YEARS.
The conflict between liberal legal theory and critical legal studies (CLS) is often framed as a matter of whether there is a theory of justice that the law should embody which all rational people could or must accept. In a divided society, the CLS critique of this view is overwhelming: there is no such justice that can command universal assent. But the liberal critique of CLS, that it degenerates into …
What's Wrong With Exploitation?, Justin Schwartz
What's Wrong With Exploitation?, Justin Schwartz
Justin Schwartz
Abstract: Marx thinks that capitalism is exploitative, and that is a major basis for his objections to it. But what's wrong with exploitation, as Marx sees it? (The paper is exegetical in character: my object is to understand what Marx believed,) The received view, held by Norman Geras, G.A. Cohen, and others, is that Marx thought that capitalism was unjust, because in the crudest sense, capitalists robbed labor of property that was rightfully the workers' because the workers and not the capitalists produced it. This view depends on a Labor Theory of Property (LTP), that property rights are based ultimately …
The Paradox Of Ideology, Justin Schwartz
The Paradox Of Ideology, Justin Schwartz
Justin Schwartz
A standard problem with the objectivity of social scientific theory in particular is that it is either self-referential, in which case it seems to undermine itself as ideology, or self-excepting, which seem pragmatically self-refuting. Using the example of Marx and his theory of ideology, I show how self-referential theories that include themselves in their scope of explanation can be objective. Ideology may be roughly defined as belief distorted by class interest. I show how Marx thought that natural science was informed by class interest but not therefore necessarily ideology. Capitalists have an interest in understanding the natural world (to a …
Deciding For Bigness, Richard Adelstein
Deciding For Bigness, Richard Adelstein
Richard Adelstein
Antitrust as a constitutional constraint on the growth of firms.
Corporate Debt Relationships: Legal Theory In A Time Of Restructuring, William W. Bratton
Corporate Debt Relationships: Legal Theory In A Time Of Restructuring, William W. Bratton
All Faculty Scholarship
No abstract provided.
The Competition Of Technologies In Markets For Ideas: Copyright And Fair Use In Evolutionary Perspective (With Steven Peretz), Richard Adelstein
The Competition Of Technologies In Markets For Ideas: Copyright And Fair Use In Evolutionary Perspective (With Steven Peretz), Richard Adelstein
Richard Adelstein
A theory of intellectual goods as distinct from public or private goods, and the rationale for copyright that flows from it.
The Plea Bargain In England And America: A Comparative Institutional Approach, Richard Adelstein
The Plea Bargain In England And America: A Comparative Institutional Approach, Richard Adelstein
Richard Adelstein
A comparative view of adjudication by guilty plea in the US and the UK.
Institutional Function And Evolution In The Criminal Process, Richard Adelstein
Institutional Function And Evolution In The Criminal Process, Richard Adelstein
Richard Adelstein
An extended development of the foundations of the price exaction model of the criminal process.
The Moral Costs Of Crime: Prices, Information And Organization, Richard Adelstein
The Moral Costs Of Crime: Prices, Information And Organization, Richard Adelstein
Richard Adelstein
More on price exaction, and punishments as conveyors of cost information in the criminal process.
Informational Paradox And The Pricing Of Crime: Capital Sentencing Standards In Economic Perspective, Richard Adelstein
Informational Paradox And The Pricing Of Crime: Capital Sentencing Standards In Economic Perspective, Richard Adelstein
Richard Adelstein
A further development of the price exaction model and an application to the problem of sentencing standards.
The Negotiated Guilty Plea: A Framework For Analysis, Richard Adelstein
The Negotiated Guilty Plea: A Framework For Analysis, Richard Adelstein
Richard Adelstein
An early exposition of the price exaction framework and the place of plea bargaining in it.
Subdivision Exactions And Congestion Externalities (With Noel Edelson)
Subdivision Exactions And Congestion Externalities (With Noel Edelson)
Richard Adelstein
A model of congestion in housing and pricing policy to address it.