Law Commons^™

Conflict Of Laws? Tensions Between Antitrust And Labor Law, Matthew Dimick

Journal Articles

Not long ago, economists denied the existence of monopsony in labor markets. Today, scholars are talking about using antitrust law to counter employer wage-setting power. While concerns about inequality, stagnant wages, and excessive firm power are certainly to be welcomed, this sudden about-face in theory, evidence, and policy runs the risk of overlooking some important concerns. The purpose of this Essay is to address these concerns and, more critically, to discuss some tensions between antitrust and labor law, a more traditional method for regulating labor markets. Part I addresses a question raised in the very recent literature, about why antitrust …

While Waiting For Rain: Community, Economy, And Law In A Time Of Change, John Henry Schlegel

Books

What might a sensible community choose to do if its economy has fallen apart and becoming a ghost town is not an acceptable option? Unfortunately, answers to this question have long been measured against an implicit standard: the postwar economy of the 1950s. After showing why that economy provides an implausible standard—made possible by the lack of economic competition from the European and Asian countries, winners or losers, touched by the war—John Henry Schlegel attempts to answer the question of what to do.

While Waiting for Rain first examines the economic history of the United States as well as that …

Climbing To 1011: Globalization, Digitization, Shareholder Capitalism And The Summits Of Contemporary Wealth, David A. Westbrook

Journal Articles

While we may find many sorts of inequality in the United States and elsewhere, this essay is about the specific form of inequality exemplified by Jeff Bezos or Bill Gates, that is, the Himalayan summits of contemporary wealth, mostly in the United States. Such wealth results from the confluence of three historical developments.

First, the social processes referred to under the rubric of “globalization” have created vast markets. A dominant position in such markets leads not only to great wealth, but the elimination of peers. Since there are few such markets, relatively significant wealth is possessed by very few people. …

The Law And Economics Of Redistribution, Matthew Dimick

Journal Articles

Should legal rules be used to redistribute income? Or should income taxation be the exclusive means for reducing income inequality? This article reviews the legal scholarship on this question. First, it traces how the most widely cited argument in favor of using taxes exclusively--Kaplow & Shavell's (1994) double-distortion argument--evolved from previous debates about whether legal rules could even be redistributive and whether law and economics should be concerned exclusively with efficiency or with distribution as well. Next, it surveys the responses to the double-distortion argument. These responses appear to have had only limited success in challenging the sturdy reputation of …

Snapchat's Gift: Equity Culture In High-Tech Firms, Amy Deen Westbrook, David A. Westbrook

Journal Articles

Snap, Inc., the company that owns the platform Snapchat, controversially offered nonvoting common shares to the public in 2017. This Article asks what it means to invest in Snap or other (mostly technology-based) companies in which common shareholders collectibely have little or no power to influence corporate policy. In particular, why do such investors expect to be compensated? This Article explores the familiar rationales for equity investing, including stock appreciation and dividends, and the logical shortcomings of those rationales in these circumstances. Adopting Henry Manne's "two systems" approach to corporate affairs through both law and economics, we show that corporation …

Unicorns, Guardians, And The Concentration Of The U.S. Equity Markets, Amy Deen Westbrook, David A. Westbrook

Journal Articles

No abstract provided.

. . . And Law?, John Henry Schlegel

Contributions to Books

Published as Chapter 18 in Searching for Contemporary Legal Thought, Justin Desautels-Stein & Christopher Tomlins, eds.

The locution “law and . . . (some other discipline)” implicitly asserts the primacy of legal doctrine and institutions narrowly conceived for coming to understand phenomena in which law takes a part. The ordinary story of American legal theory – formalism then realism then contemporary legal thought – can be understood to repeat the triumphalism implicit in “law and . . .” Of course, the story of American legal theory could possibly be read differently -- as a series of responses to the inability …

The Paradigm Sways: Macroeconomics Turns To History (Reviewing Three Titles), David A. Westbrook

Book Reviews

Reviewing Markus K. Brunnermeier, Harold James & Jean-Pierre landau, The Euro and the Battle of ideas (2016); Martin Wolf, The Shifts and the Shocks: What We've Learned—And Still Have to Learn—From the Financial Crisis (2014); and Mervyn King, The End of Alchemy: Money, Banking, and the Future of the Global Economy (2016).

The Altruistic Rich? Inequality And Other-Regarding Preferences For Redistribution, Matthew Dimick, David Rueda, Daniel Stegmueller

Journal Articles

What determines support among individuals for redistributive policies? Do individuals care about others when they assess the consequences of redistribution? This article proposes a model of other-regarding preferences for redistribution, which we term income-dependent altruism. Our model predicts that an individual’s preferred level of redistribution is decreasing in income, increasing in inequality, and, more importantly, that the inequality effect is increasing in income. Thus, even though the rich prefer less redistribution than the poor, the rich are more responsive, in a positive way, to changes in inequality than are the poor. We contrast these results with several other prominent …

Framing Elite Consensus, Ideology And Theory And A Classcrits Response, Athena D. Mutua

Journal Articles

This short paper, really a thought piece, builds upon the examination begun in the Foreword of the ClassCrits VI Symposium which sought to outline a ClassCrits critique of neoclassical economic principles. It argues that neoliberal practices, theory and ideology, built on the scaffold of neoclassical economic ideas, frame an elite consensus that makes elites feel good but which are ethically, intellectually, and structurally problematic for the social well-being of most Americans. It does so, in part, by chronicling a number of recent practices of large corporations, including for example, the practice of inversion. Again, this paper takes as its specific …

Problematique, David A. Westbrook

Other Scholarship

No abstract provided.

Remembering Camelot: Recent Adventures In Economy, Law And Politics, John Henry Schlegel

Other Scholarship

No abstract provided.

On The Many Flavors Of Capitalism Or Reflections On Schumpeter's Ghost, John Henry Schlegel

Journal Articles

Most legal scholars treat capitalism as a genus with one species. The appearance of several books that argue to the contrary suggests that it is sensible to revisit this assumption. Discussion begins by considering the constructed nature of markets, the importance of market systems, and the role of financings as the factor distinguishing capitalism from other forms of a market economy. Thereafter, four articulations of the varieties of capitalism are reviewed: the classic Marxist one, one by a political economist, another by a pair of comparative political scientists, and third by a trio of economists. This review leads to a …

More Crabs, But Still No Barrel, John Henry Schlegel

Other Scholarship

No abstract provided.

Law And Economic Change During The Short Twentieth Century, John Henry Schlegel

Contributions to Books

Published as Chapter 16 in Cambridge History of Law in America, Volume 3: The Twentieth Century and After (1920–), Michael Grossberg & Christopher Tomlins, eds.

The brief recounting of the American economy in the twenties and thirties raises obvious questions about law and economic change. Economic change is the shift from one enacted, in both senses, understanding of economic life to another, in the case of the short twentieth century, from an associationalist economy to an impatient economy. This chapter explicates this economic change, and interrogates it in order to understand the role of law in its occurrence. Despite the …

Understanding Buffalo's Economic Development (Review Essay), Thomas E. Headrick, John Henry Schlegel

Book Reviews

Reviewing Diana Dillaway, Power Failure: Politics, Patronage, and the Economic Future of Buffalo, New York (2006).

Like Crabs In A Barrel: Economy, History And Redevelopment In Buffalo, John Henry Schlegel

Other Scholarship

No abstract provided.

The Aftermath Of Deindustrialization: The Meaning Of "Economic Restructuring" In Buffalo, New York, David C. Perry, Beverly Mclean

Buffalo Law Review

No abstract provided.

Community Goals And Economic Development In Buffalo, New Yrk: Interviews With The Common Council, Catherine E. Armitage

Buffalo Law Review

No abstract provided.

Economic Development In Buffalo: Community, Change And Fragmentation, Susan C. Turner

Buffalo Law Review

No abstract provided.

Buffalo Comes In From The Cold War: The Consequences For Communities And Firms Of Defense Budget Cuts, Sam Cole, Blake Strack

Buffalo Law Review

No abstract provided.

Indian Economic Development: An Evolving Concept Of Sovereignty, John C. Mohawk

Buffalo Law Review

No abstract provided.

Privacy, Secrecy, And Reputation, Richard A. Posner

Buffalo Law Review

No abstract provided.