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Full-Text Articles in Law
Workable Antitrust Policy, Frank H. Easterbrook
Workable Antitrust Policy, Frank H. Easterbrook
Michigan Law Review
One of the schools of thought in the economics of antitrust was called "workable competition." The adherents to this school believed that markets were prone to cartelization and that concentration was death on competition, but that occasionally competition might prove "workable." These scholars were suspicious of almost every industrial practice they saw. One of the manifestations of their work came to be known as the "structure-conduct-performance paradigm." The thesis was that you could tell whether competition was feasible from the structure of the market. If the top four firms had fifty percent or so of the sales, we should abandon …
Consumer Beware Chicago, Eleanor M. Fox
Consumer Beware Chicago, Eleanor M. Fox
Michigan Law Review
Professor Hovenkamp's article, Antitrust Policy After Chicago, reveals an important truth. Chicago School economics does not provide a superior roadmap to efficiency. I would take the critique one step further and assert: The main gap between Chicago and its critics is not even the design of the roadmap to efficiency. The main gap is social and political philosophy.
Rhetoric And Skepticism In Antitrust Argument, Herbert Hovenkamp
Rhetoric And Skepticism In Antitrust Argument, Herbert Hovenkamp
Michigan Law Review
In his essay on Workable Antitrust Policy Judge Easterbrook professes an extraordinary skepticism about economic models in general, and particularly about the ability of courts to use economic models to distinguish the competitive from the anticompetitive. But a profession of skepticism is itself a very powerful rhetorical device; it creates a perception of tough-mindedness, of refusal to yield real-world observations to analytic models or other abstractions, of extreme reluctance to accept any proposition that has not been clearly proven. Further, it is always very easy to be a skeptic, because every position ever taken except perhaps for a few tautologies …
Section 707(B) Of The Bankruptcy Code: A Roadmap With A Proposed Standard For Defining Substantial Abuse, David L. Balser
Section 707(B) Of The Bankruptcy Code: A Roadmap With A Proposed Standard For Defining Substantial Abuse, David L. Balser
University of Michigan Journal of Law Reform
This Note examines these questions and proposes a standard for determining "substantial abuse." Part I provides an overview of Chapter 7 of the Bankruptcy Code. Part II discusses the legislative history of section 707(b). Part III examines the jurisdictional and procedural questions raised by the section and attempts to define what Congress meant by "primarily consumer debts" and "on [a court's] own motion." Part IV proposes a two-part standard for determining "substantial abuse." This standard suggests that courts should find "substantial abuse" whenever a debtor acts in bad faith or is able to repay 100% of his debts over the …
Take-Or-Pay Provisions: Major Problems For The Natural Gas Industry Comment., David L. Roland
Take-Or-Pay Provisions: Major Problems For The Natural Gas Industry Comment., David L. Roland
St. Mary's Law Journal
A prompt solution to the take-or-pay problem is vital to the survival of the natural gas industry. Due to the increasingly turbulent and unpredictable natural gas market, most natural gas producers include a take-or-pay provision in their gas purchase contracts. Take-or-pay provisions require a pipeline company to either take an amount of natural gas from the producer or the company must pay for the specified amount. The market, however, has changed and the demand for natural gas declined. The demand can be partly attributed to the energy crisis of a decade ago. As a result of the crisis, consumers are …