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Competition And Regulation In The Gold Industry: An American Perspective, Jared A. Wilkerson
Competition And Regulation In The Gold Industry: An American Perspective, Jared A. Wilkerson
W&M Law Student Publications
When taken from a domestic viewpoint, the primary gold market appears to be noncompetitive and marred by concentration. However, when seen at the global scale, it is clear that the primary gold market is competitive and diluted. Further, even if the primary market were noncompetitive and concentrated at the global level, that market probably could not readily affect the price of gold. Regardless of competitiveness, gold mines in the United States and elsewhere are subject to environmental and safety regulations that increase the cost of production; Regulations are stringently enforced in the United States as compared to competitor countries, potentially …
Recessions And The Social Safety Net: The Alternative Minimum Tax As A Countercyclical Fiscal Stabilizer, Brian Galle, Jonathan Klick
Recessions And The Social Safety Net: The Alternative Minimum Tax As A Countercyclical Fiscal Stabilizer, Brian Galle, Jonathan Klick
All Faculty Scholarship
As recent events illustrate, state finances are procyclical: during recessions, state revenues crash, worsening the effects of economic downturns. This problem is well known, yet persistent. We argue here that, in light of predictable federalism and political economy dynamics, states will be unable to change this situation on their own. Additionally, we note that many possible federal remedies may result in worse problems, such as by creating moral hazard that would induce states to take on excessively risky policy, both fiscal and otherwise. Thus, we argue that policymakers should consider so-called “automatic” stabilizers, such as are found in the federal …
Neutrality And Diversity In The Internet Ecosystem, Andrea Renda
Neutrality And Diversity In The Internet Ecosystem, Andrea Renda
Andrea Renda
The public policy approach to the Internet has become more and more complex as several markets – including fixed and mobile communications, media and content, IT – converge into one single Internet ecosystem. As in all ecosystems, zones and domains depend on each other, and there is no possibility of touching one layer without affecting all others. This paper reflects on the economics of the Internet and emerging business models, and comments on the current debates in each of the layers of modern all-IP architectures, from the unbundling of network elements to net neutrality and the emerging discussion on search …
Del Derecho Y La Economía Al Derecho Económico. Working Paper N. 1, Mario A. Pinzón Mapc
Del Derecho Y La Economía Al Derecho Económico. Working Paper N. 1, Mario A. Pinzón Mapc
Mario A Pinzón Camargo
La relación entre derecho y economía se ha condensado en un nuevo espacio de reflexión que puede ser denominado como un nuevo paradigma en las ciencias sociales. A diferencia de la concepción clásica que plantea el antagonismo entre estas dos, éste artículo examina su complementariedad. The link between law and economics has been condensed in a new space of reflection that can be called a new paradigm within the social sciences, which intends to build the bridges of understanding between these two sciences. In contrast to the classical conception that states the antagonism in between them, due to their constitutive …
Puntos De Encuentro Y Apoyo De La Nueva Economía Institucional En El Análisis De Las Políticas Públicas. Working Paper N. 2, Mario A. Pinzón Mapc
Puntos De Encuentro Y Apoyo De La Nueva Economía Institucional En El Análisis De Las Políticas Públicas. Working Paper N. 2, Mario A. Pinzón Mapc
Mario A Pinzón Camargo
Este artículo tiene como propósito analizar el grado de utilidad de una de las vertientes del Análisis Económico del Derecho, la Nueva Economía Institucional, en el Análisis de Políticas Públicas.
Law, Institutions And Corruption Cleanups In Africa, John Mukum Mbaku
Law, Institutions And Corruption Cleanups In Africa, John Mukum Mbaku
JOHN MUKUM MBAKU
ABSTRACT Since independence, virtually all African countries have suffered and continue to suffer from extremely high rates of bureaucratic corruption. Today, corruption remains one of the most important constraints to social, political and economic development. Despite the efforts made, in several countries, to deal with corruption and other forms of political opportunism (e.g., rent seeking), these phenomena remain entrenched in these countries and continue to constrain entrepreneurship and creation of the wealth that is needed to deal with extremely high rates of poverty and material deprivation. Part of the reason why many African countries have not been able to effectively …
Was Selden Right? The Expansion Of Closed Seas And Its Consequences, Scott Shackelford
Was Selden Right? The Expansion Of Closed Seas And Its Consequences, Scott Shackelford
Scott Shackelford
This Article focuses on the relationship between the legal regimes governing offshore resources in the continental shelves and the deep seabed, particularly in reference to the extent to which continental shelf claims are encroaching on the deep seabed. The question of how well these respective legal regimes regulate resource exploitation will also be considered, along with an analysis of the underlying reasons driving change in these governance structures. I argue that the primary issue is one of whether vague rules, particularly UNCLOS Article 76, are working in terms of incentivizing sustainable, peaceful development of offshore resources.
Non- Profit Charitable Tax Exempt Hospitals- Wolves In Sheep's Clothing:To Increase Fairness And Enhance Compition All Hospitals Should Be For Profit And Taxable, George A. Nation Iii
Non- Profit Charitable Tax Exempt Hospitals- Wolves In Sheep's Clothing:To Increase Fairness And Enhance Compition All Hospitals Should Be For Profit And Taxable, George A. Nation Iii
George A Nation III
Most hospitals in the United States are not-for-profit tax exempt institutions. Legally these hospitals are deemed to be charities and are exempt from federal, state and local taxes, raise money through tax exempt bond offerings and receive charitable contributions that are tax deductible to the donors. Today it is estimated that 47 million Americans lack access to healthcare.5A Moreover, even when the new Patient Protection and Affordable Care Act5B is fully operational, which is estimated to be around 2019, there will still be millions of Americans without health insurance and thus without reliable access to healthcare.5C Notwithstanding the millions of …
The Inefficiency Of The Accession Doctrine: A Case For The Property Rule, Yun-Chien Chang
The Inefficiency Of The Accession Doctrine: A Case For The Property Rule, Yun-Chien Chang
Yun-chien Chang
The accession doctrine in property law exists in both common law countries and civil law countries. The prior literature does not question, and even makes a case for, the efficiency of the accession doctrine. I argue that the accession doctrine fails to meet the normative standard that the law should allocate property rights to the party who values them the most. Efficiency should be ascertained by comparing the ex ante economic values of the original owner and the improver, not by comparing the fair market value of the processed properties before and after the improvements, as the accession doctrine dictates. …
Cost-Benefit Analysis Of The Business Judgment Rule: A Critique In Light Of The Financial Meltdown, Todd Aman
Cost-Benefit Analysis Of The Business Judgment Rule: A Critique In Light Of The Financial Meltdown, Todd Aman
Todd M Aman
In 2008, the United States – indeed the whole world – suffered a devastating financial meltdown. We know now that a significant cause of the meltdown was that, in the face of numerous red flags, the managers of several venerable financial firms decided to take tremendous risks in the subprime mortgage market, and the directors of these firms did little or nothing to stop them. However, despite their actions, these managers and directors face little or no risk of personal liability because they are shielded by the business judgment rule and other liability reducing mechanisms, such as director exculpation statutes. …
Punishing The Penitent: Disproportionate Fines In Recent Fcpa Enforcements And Suggested Improvements, Bruce Hinchey
Punishing The Penitent: Disproportionate Fines In Recent Fcpa Enforcements And Suggested Improvements, Bruce Hinchey
Bruce Hinchey
The Department of Justice has long promised tangible benefits to companies that voluntarily disclose Foreign Corrupt Practices Act (FCPA) violations. Justice Department officials have promised that the enforcement of the FCPA is both fair and consistent. Despite these promises, critics question the benefits of voluntary disclosure based on the outcome of a few, isolated cases. In this thesis, forty FCPA cases from 2002 through 2009 are compiled, comparing the ratio between bribes and fines for companies that do and do not voluntarily disclose. The results side with the critics and reveal that there does not appear to be a benefit …
Two Cheers For Feasible Regulation: A Modest Response To Masur And Posner, David M. Driesen
Two Cheers For Feasible Regulation: A Modest Response To Masur And Posner, David M. Driesen
David M Driesen
This response to Masur and Posner's "Against Feasibility" argues that the feasibility principle has normative and practical advantages over cost-benefit analysis. Normatively, it shows that the happiness literature's suggestion that jobs may be much more important than consumption to welfare supports the feasibility principle's emphasis on maximizing pollution reduction without producing widespread plant shutdowns. It shows that the practical problems Masur and Posner associate with feasibility analysis arise under cost-benefit analysis as well.
Utopian Taxation: Covering The Cost Of Living, Maurice A. Echols
Utopian Taxation: Covering The Cost Of Living, Maurice A. Echols
Maurice A Echols
This article, “Utopian Taxation: Covering The Cost of Living,” discusses concepts of economics and tax policy with an intent to have its readers consider or reconsider what is truly valuable to them individually and to society as a whole. I discuss the overall workings of Money-Based Economies, Resource-Based Economies, and Mixed Economies with their relation to tax policy and the implications that arise or may arise within them. I believe that the concepts discussed within this article are very interesting and address new and revolving issues of people, government, and the relationships between them.
An Economic Analysis Of Patent Law's Inequitable Conduct Doctrine, Thomas F. Cotter
An Economic Analysis Of Patent Law's Inequitable Conduct Doctrine, Thomas F. Cotter
Thomas F. Cotter
In recent years, patent law’s inequitable conduct doctrine has attracted considerable attention from judges, legislators, patent lawyers and commentators, culminating most recently in the Federal Circuit’s decision to reconsider en banc several aspects of the doctrine in Therasense, Inc. v. Becton, Dickinson & Co. Building on the work of other scholars, this Essay proposes an instrumental view of the doctrine as, ideally, a tool for inducing patent applicants to disclose the optimal quantity of information relating to the patentability of their inventions; it then presents a formal model of the applicant’s choices in deciding how much information to reveal. The …
Coasean Markets, Herbert J. Hovenkamp
Coasean Markets, Herbert J. Hovenkamp
All Faculty Scholarship
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 reaching …
What Would Coase Do (About Parking Regulation)?, Michael E. Lewyn
What Would Coase Do (About Parking Regulation)?, Michael E. Lewyn
Michael E Lewyn
Like many government regulations, municipal minimum parking requirements exist to prevent externalities- most notably the congestion, pollution and greenhouse gas emissions that occur when motorists drive around a city searching for scarce parking. But because such regulations make parking (and thus driving) cheaper and make walking more difficult, such regulations may in fact increase driving, thus increasing congestion, pollution and greenhouse gas emissions.
Regulatory Impact Analyses Of Environmental Justice Effects, Spencer Banzhaf
Regulatory Impact Analyses Of Environmental Justice Effects, Spencer Banzhaf
Spencer Banzhaf
Finding an appropriate way to incorporate environmental justice considerations into policy-making has been a procedural challenge since President Clinton issued Executive Order 12,898 over 15 years ago. Moreover, environmental justice concerns tend to be overshadowed by efficiency considerations as embodied in benefit-cost analysis. This article argues that the environmental justice and benefit-cost policies and procedures in EPA's rule-making can both be improved by bringing them closer together, ultimately improving environmental regulations as well. In particular, environmental justice consideration should be incorporated into Regulatory Impact Analyses (RIAs) by drawing on the much older tradition of incorporating distributional effects into benefit-cost analysis. …
Running For Cover: The Brac Commission As A Model For Spending Reform, Jerry Brito
Running For Cover: The Brac Commission As A Model For Spending Reform, Jerry Brito
Jerry Brito
With record spending and deficits come calls for reform. Spending reform, however, is easier said than done, and independent commissions are often suggested as a way to tackle intractable political problems. Not all commissions are created the same, however. While baseball and basketball both employ balls, they are entirely different animals. The same applies to congressionally created commissions. The Base Realignment and Closing (BRAC) commissions of the late 80s and early 90s were successful because of their peculiar structure—not simply because they were independent commissions. In this Article we first look at the roots of BRAC’s success and then compare …
The Market For Subprime Lending: A Law And Economics Analysis Of Market Failures And Policy Responses, Diego Valiante
The Market For Subprime Lending: A Law And Economics Analysis Of Market Failures And Policy Responses, Diego Valiante
Diego Valiante
Subprime mortgages represent a relevant wealth accumulation tool for low-income borrowers, and may promote efficient social policies. However, as recently brought to attention by the financial crisis, origination and distribution services are affected by strong information asymmetries and cognitive biases (rational and irrational). The failure of the subprime mortgages market was triggered by a mixture of irrational and opportunistic behaviours, as well as a lack of regulation, supervision and efficient disclosure. This paper, therefore, sheds lights on four areas of this market, highlighting causes and proposing remedies to structural failures. Therefore, the paper discusses: the financial architecture of the subprime …
How The Global Crime Syndicates Fuel Planet Destruction, Global Alliance
How The Global Crime Syndicates Fuel Planet Destruction, Global Alliance
Global Alliance
since 1945 more environmental planet destruction has been fuelled and financed with ever more leveraged debt than in the previous 60 million years - it's applied terrorism against the global life support system under the protection racket of a corrupt law profession
Cleaning Up Bankruptcy: Limiting The Dischargeability Of Environmental Cleanup Costs, Sonali P. Chitre
Cleaning Up Bankruptcy: Limiting The Dischargeability Of Environmental Cleanup Costs, Sonali P. Chitre
Sonali P Chitre
This article reconciles the joint aims of environmental and bankruptcy law after Judge Posner’s myopic opinion in the Seventh Circuit’s resolution of U.S. v. Apex Oil. These two areas of law represent alternative means to the same end—the equitable distribution of limited resources—and share equity’s traditional emphasis of function over form. Ignoring these principles, Judge Posner ruled in Apex that a cleanup order constitutes a dischargeable “claim” when styled as a legal judgment but not when styled as an equitable injunction. This despite the fact that in either case the liability amounts to the same thing-payment must be made for …
A Model Of Legal Systems As Evolutionary Networks: Normative Complexity And Self-Organization Of Clusters Of Rules, Carlo Garbarino
A Model Of Legal Systems As Evolutionary Networks: Normative Complexity And Self-Organization Of Clusters Of Rules, Carlo Garbarino
Carlo Garbarino
The paper draws both on legal theory and network science to explain how legal systems are structured and evolve. The basic proposition is that legal systems have a structure identifiable through a model of them in terms of networks of rules, and that their evolution is a property of their network structure. The paper is based on a model of rules which relies on the tenets of the network theory to describe how legal change unfolds within the network structure of legal systems. Section 1 presents an outline of current literature on the application of network theory to legal systems. …
A Model Of Legal Systems As Evolutionary Networks: Normative Complexity And Self-Organization Of Clusters Of Rules, Carlo Garbarino
A Model Of Legal Systems As Evolutionary Networks: Normative Complexity And Self-Organization Of Clusters Of Rules, Carlo Garbarino
Carlo Garbarino
The paper draws both on legal theory and network science to explain how legal systems are structured and evolve. The basic proposition is that legal systems have a structure identifiable through a model of them in terms of networks of rules, and that their evolution is a property of their network structure. The paper is based on a model of rules which relies on the tenets of the network theory to describe how legal change unfolds within the network structure of legal systems. Section 1 presents an outline of current literature on the application of network theory to legal systems. …
Labor Relations And Labor Law In Japan, Manabu Matsunaka
Labor Relations And Labor Law In Japan, Manabu Matsunaka
Manabu Matsunaka
This article discusses the relationship between Japanese labor law and employment customs, building on this rationalistic understanding of the Japanese employment customs. Our basic conclusion is as follows. The Japanese employment custom developed naturally through an agreement among the members of Japanese employment society and attained efficient economic performance up till the 1990s. During the time, the Japanese labor law mainly worked toward setting the stage for private bargaining and respected its agreement instead of enforcing the desirable result directly through legal regulations. Through this indirect approach toward labor relations in Japan, at least part of the Japanese labor law …
Relational Contract Theory And Management Contracts: A Paradigm For The Application Of The Theory Of The Norms, Michael Diathesopoulos
Relational Contract Theory And Management Contracts: A Paradigm For The Application Of The Theory Of The Norms, Michael Diathesopoulos
Michael Diathesopoulos
This paper examines management contracts as a paradigm for the application of relational contracts theory and especially of the theory of contractual and relational norms. This theory, deriving from Macauley's implications, but structured and analysed by I.R. MacNeil gives us a framework for the explanation and understanding of contractual obligations and business relations' rules and practice. After presenting the key literature about the norms theory and especially defining the content of MacNeil's norms, we define management contracts as relations, characterised by a high relational element and we explain why, investigating all their features, which make them a suitable object for …
The United States – Korea Free Trade Agreement:, Y.S. Lee
The United States – Korea Free Trade Agreement:, Y.S. Lee
Y.S. Lee
The U.S.-Korea Free Trade Agreement, currently awaiting ratification of legislatures of both countries, is known to be the most significant bilateral trade agreement since the conclusion of the North America Free Trade Agreement (NAFTA). Both governments have promoted the U.S.-Korea FTA as the trade agreement that will enhance trade between the two countries and promote economic prosperity. The article critically reviews the inherent features of the U.S.-Korea FTA and examines whether the FTA is expected to promote the promised economic prosperity.
Rights, Privileges And Access To Information, Alina Ng
Rights, Privileges And Access To Information, Alina Ng
Alina Ng
Protecting property rights in creative works represent a classic institutional approach to a specific economic problem of non-rivalness and non-excludability of information. By providing the copyright owner with an enforceable right against non-paying members of society, copyright laws encourage the production and dissemination of literary and artistic works to society for the purposes of learning. Implicit in the grant of property rights is the assumption that commercial incentives foster creative activity and productivity. In recent years, literary and artistic works have increasingly become the subject matter of exclusive property rights and control, particularly as new technologies emerge to provide users …
Proposed Horizontal Merger Guidelines: Economists’ Comment, Michael R. Baye, Aaron S. Edlin, Richard J. Gilbert, Jerry A. Hausman, Daniel L. Rubinfeld, Steven C. Salop, Richard L. Schmalensee, Joshua D. Wright
Proposed Horizontal Merger Guidelines: Economists’ Comment, Michael R. Baye, Aaron S. Edlin, Richard J. Gilbert, Jerry A. Hausman, Daniel L. Rubinfeld, Steven C. Salop, Richard L. Schmalensee, Joshua D. Wright
Richard Gilbert
No abstract provided.
Proposed Horizontal Merger Guidelines: Economists’ Comment, Michael R. Baye, Aaron S. Edlin, Richard J. Gilbert, Jerry A. Hausman, Daniel L. Rubinfeld, Steven C. Salop, Richard L. Schmalensee, Joshua D. Wright
Proposed Horizontal Merger Guidelines: Economists’ Comment, Michael R. Baye, Aaron S. Edlin, Richard J. Gilbert, Jerry A. Hausman, Daniel L. Rubinfeld, Steven C. Salop, Richard L. Schmalensee, Joshua D. Wright
Aaron Edlin
No abstract provided.
Law Firms Competing On The "Edge Of Chaos": Pro Bono's Role In A Winning Competitive Strategy, Tom Spahn
Law Firms Competing On The "Edge Of Chaos": Pro Bono's Role In A Winning Competitive Strategy, Tom Spahn
Tom Spahn
My Article takes an interdisciplinary approach to arguing that robust pro bono practices can give law firms a strategic advantage in the modern economy. I use modern economic theories, from game theory to complexity theory, to consider a pro bono practice’s role in responding to both internal and external competitive pressures. This leads to several key insights, such as pro bono’s ability to offset the dead-weight loss incurred when oligopolistic firms merge, its power to cause a paredo improvement to a firm’s position by moving it away from a non-cooperative Nash equilibrium, and the iterative recombination effect that such a …