Law Commons^™

Economic Theory And Environmental Law, Mark Sagoff

Michigan Law Review

In Part I of this essay, I argue that environmental legislation, at least during the past twenty years, fails to make economic "common sense," that is, it fails to maximize the satisfaction of consumer demand over the long run. Laws like the Endangered Species Act flout this conception of economic efficiency. This is how most Americans would have it: most Americans reject the notion that the natural environment should be made over to serve the wants of the self-interested consumer. Part II describes the way that economists have attempted to take account of citizen or community-regarding preferences. I suggest that …

Tax-Based Incomes Policy (Tip) As A Alternative To Wage And Price Controls, Steven R. Hunsicker

University of Michigan Journal of Law Reform

Part I of this article will evaluate the major arguments opposing such policies against the background of the recent American experience with wage and price controls. Part II, in light of the applicability of these arguments to TIPs, will consider whether some variant of TIP could realize the claimed benefits while minimizing the economic and administrative costs usually associated with wage and price controls.

Antitrust Law, Competition, And The Macroeconomy, Peter C. Carstensen

University of Michigan Journal of Law Reform

This article examines the links between antitrust law-one possible tool for dealing with economic ills-and macroeconomic structure. It analyzes the current policy and economic assumptions underlying the importance of antitrust enforcement in reaching a healthy, competitive economy and concludes that such enforcement does contribute to the increased effectiveness of macroeconomic tools.

Part I explores the current macroeconomic theories and their policy implications. Part II discusses the related concepts of market power and competition and concludes that dissipation of market power is preferable, but that the regulation of market power may yield significant social and economic benefits in the short run, …