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Aligned Incentives: Envisioning Syzygy, Karl T. Muth
Aligned Incentives: Envisioning Syzygy, Karl T. Muth
Karl T Muth
In the wake of the failure of AIG, this paper deals with the question of whether incentive alignment is truly the problem with contemporary insurance products (as many in the media and the economics community have alleged) by examining two hypothetical types of insurance where incentives are extraordinarily well-aligned.
Fire With Fire: Heterodox Law & Economics, Karl T. Muth
Fire With Fire: Heterodox Law & Economics, Karl T. Muth
Karl T Muth
This Article first examines, from a historical perspective, the evolution of the law-and-economics movement. It then critically examines the application of economic principles the legal analysis, paying particular attention to how the political process has shaped the law-and-economics scholarship. Finally, it concludes that the principles of law-and-economics, while fundamentally sound, are often misapplied, too narrowly interpreted, and aggregated into a single viewpoint that is politically convenient rather than academically honest.