Law Commons^™

Social Irresponsibility, Actuarial Assumptions, And Wealth Redistribution: Lessons About Public Policy From A Prepaid Tuition Program, Jeffrey S. Lehman

Michigan Law Review

In this article, I shall try to illuminate the question of how governments, as opposed to private insurers, grapple with the problem of intergenerational social irresponsibility. I shall do so by analyzing and criticizing a single public program. That program, the Michigan Education Trust (MET), was the most widely publicized government action in the field of higher education finance during the 1980s. MET allows parents of young children to purchase contracts promising to cover the children's tuition at Michigan public colleges when they enroll up to eighteen years later.

In setting forth this case study, I also attempt to develop …

Harris: The European Recovery Program, Michigan Law Review

Michigan Law Review

A Review of THE EUROPEAN RECOVERY PROGRAM. By Seymour Harris.

Aspects Of Wage Stabilization By The National War Labor Board, David Haber

Michigan Law Review

Most economists assume that behind an unrestricted war economy lurk the dangers of inflation. Although national income increases, so much of the country's productive effort is devoted to the manufacture of war goods that the number of articles available for civilian consumption necessarily diminishes. This gap between the available supply and the existing purchasing power has the effect of raising prices. Rising wages aggravate this situation because they increase production costs which are then passed on to the consumer in the form of higher prices, and because, by further increasing the purchasing power of the population, they increase the gap …

Renegotiation Of War Contracts, Charles W. Steadman

Michigan Law Review

The limitation of war profits to fair and reasonable levels and the purchase of war goods at fair prices are essential to the successful prosecution of the war. These problems come as a part of war and must be solved just as surely as tactical problems in battle. Exorbitant profits and prices spell defeat to any nation, for they point the way to inflation and economic collapse. In modern war the difference between defeat and victory lies ultimately in the economic strength of the countries involved. The lessons of history have shown us that no nation can achieve and maintain …

Price Control - Problems Of The Over-All Ceiling - Rent Control - Rationing, Samuel D. Estep, George T. Schilling, James L. Mccrystal

Michigan Law Review

Three months after the passage of the Emergency Price Control Act a partial and selective approach to the problem of price control has been abandoned and a comprehensive over-all ceiling has been put into effect. The economic forces generated by total war have quickly proved too powerful for the limited controls originally planned. As a result, a sweeping program of governmental control over the economic life of the nation has been instituted, with consequences too complex and far-reaching to be foreseen in any detail.

The Gold Clause Decisions, John P. Dawson

Michigan Law Review

The gold clause decisions of February 18, 1935, have already taken their place among the great landmarks of American constitutional history. They have given a partial answer to some basic questions of constitutional law. Directly they have disposed of claims amounting to a total of many billions of dollars. But their further implications, both for public and private law, are of even greater magnitude; it may be many years before these wider implications are more fully understood.

The Reckoning Of Damages In Fluctuating Exchange, Joseph H. Drake

Michigan Law Review

Not the least serious of the evil effects of the Great War has been the resultant collapse in value of the currencies of foreign countries and the consequent dislocation of exchanges. The case of Sirie v. Godfrey, decided in the Appellate Division of the Supreme Court of New York, presents clearly one of the legal problems arising out of this situation. Goods were bought by an American lady in Paris, in 1913 and 1914, at a cost of about 10,000 francs. These goods were delivered in due time but were not paid for. At the time the goods were …