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1989

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Full-Text Articles in Law

What Can Be Done About Stock Market Volatility, Tamar Frankel Nov 1989

What Can Be Done About Stock Market Volatility, Tamar Frankel

Faculty Scholarship

Volatility is as old as the financial markets. The bull market of 1986 and the crash that followed in 1987 were but the latest of periodic market gyrations that started with the South Sea Bubble and the Lombard Street run on commercial paper and have continued ever since.' Volatility in the financial markets would not be very important if market activity simply mirrored economic activity. Volatility would be much less important if the markets moved independently of the economy. But if we believe, as I do, that the markets and the economy are interdependent, and that their volatility is generally …


Common Myths In The Economic Analysis Of Law, Alex Y. Seita Nov 1989

Common Myths In The Economic Analysis Of Law, Alex Y. Seita

BYU Law Review

No abstract provided.


State Takeover Statutes Revisited, Richard A. Booth Oct 1989

State Takeover Statutes Revisited, Richard A. Booth

Michigan Law Review

I have a confession to make. The title of my article that appeared recently in this review, The Promise of State Takeover Statutes, was deliberately chosen for its shock value. Since few if any reflective works have supported state takeover statutes, it occurred to me that a title suggesting there was something positive in them might get someone's attention. Clearly it did. In a recent piece entitled Missing the Point About State Takeover Statutes, Professors Lyman Johnson and David Millon take issue with my title. I say that they take issue with my title because it does not …


Antitrust's Protected Classes, Herbert Hovenkamp Oct 1989

Antitrust's Protected Classes, Herbert Hovenkamp

Michigan Law Review

For purposes of argument, this essay assumes that efficiency ought to be the exclusive goal of antitrust enforcement. That premise is controversial. Nonetheless, several economic and legal theorists, primarily among the Chicago School of economics and antitrust scholarship, have developed an Optimal Deterrence Model based on this assumption. The Model is designed to achieve the optimum, or ideal, amount of antitrust enforcement. The Model's originators generally believe that there is too much antitrust enforcement, particularly enforcement initiated by private plaintiffs. I intend to show that, even if efficiency is the only antitrust policy goal, a broader array of lawsuits should …


An Economic Approach To The Determination Of Injury Under United States Antidumping And Countervailing Duty Law, Michael S. Knoll Oct 1989

An Economic Approach To The Determination Of Injury Under United States Antidumping And Countervailing Duty Law, Michael S. Knoll

All Faculty Scholarship

No abstract provided.


Economic Analysis In The Courts: Limits And Constraints, Larry L. Chubb Jul 1989

Economic Analysis In The Courts: Limits And Constraints, Larry L. Chubb

Indiana Law Journal

No abstract provided.


The New Economic Theory Of The Firm: Critical Perspectives From History, William W. Bratton Jul 1989

The New Economic Theory Of The Firm: Critical Perspectives From History, William W. Bratton

All Faculty Scholarship

No abstract provided.


The Politics Of Common Law In Theory And History, Ian Duncanson Jul 1989

The Politics Of Common Law In Theory And History, Ian Duncanson

Osgoode Hall Law Journal

This paper is concerned with the theme of law as an outsider, in theory and practice, and with its appearance as the cohesive force which intervenes to make social order possible. In the first part of the paper I look at two legal theories and at two examples of what I take to be liberal historiography. In the second part I discuss the English common law, and the implications of its close association with agrarian capitalism and City of London finance.


Models Of Market Behaviour And Competition Law: Exclusive Dealing, Marilyn Maccrimmon, Asha Sadanand Jul 1989

Models Of Market Behaviour And Competition Law: Exclusive Dealing, Marilyn Maccrimmon, Asha Sadanand

Osgoode Hall Law Journal

The paper arose out of the authors' belief that economic principles should, and probably will, play a larger role in the decisions of the new Competition Tribunal. The objective of the paper is to clarify some of the underlying assumptions and choices implicit in the regulation of competitive behaviour by examining the literature on economic analysis of market behaviour written by both economists and lawyers. The authors are especially concerned with the recent emphasis on strategic behaviour and its contrast to the Chicago school approach which recommends less interference with market behaviour. They examine the differences between the assumptions of …


A Colorado River Basin Authority: Opportunity For Sharing River Basin Management And Resources, David H. Getches Jun 1989

A Colorado River Basin Authority: Opportunity For Sharing River Basin Management And Resources, David H. Getches

Boundaries and Water: Allocation and Use of a Shared Resource (Summer Conference, June 5-7)

32 pages.

Contains references.


Within The Hundredth Meridian: Western States And Their River Basins In A Time Of Transition, John M. Volkman, Kai N. Lee Jun 1989

Within The Hundredth Meridian: Western States And Their River Basins In A Time Of Transition, John M. Volkman, Kai N. Lee

Boundaries and Water: Allocation and Use of a Shared Resource (Summer Conference, June 5-7)

29 pages.

Contains footnotes.


Montana’S Response To Interjurisdictional Marketing Challenges, Deborah Beaumont Schmidt Jun 1989

Montana’S Response To Interjurisdictional Marketing Challenges, Deborah Beaumont Schmidt

Boundaries and Water: Allocation and Use of a Shared Resource (Summer Conference, June 5-7)

20 pages.

Contains references.


Unique Legal Issues Raised By Long Distance Water Transfer Proposals: Etsi, The Columbia River, Nawapa, Ralph W. Johnson Jun 1989

Unique Legal Issues Raised By Long Distance Water Transfer Proposals: Etsi, The Columbia River, Nawapa, Ralph W. Johnson

Boundaries and Water: Allocation and Use of a Shared Resource (Summer Conference, June 5-7)

12 pages.

Contains references.


Marketing Of Indian Reserved Water Rights, Jeanne S. Whiteing Jun 1989

Marketing Of Indian Reserved Water Rights, Jeanne S. Whiteing

Boundaries and Water: Allocation and Use of a Shared Resource (Summer Conference, June 5-7)

10 pages.


Allocating Groundwater Among Nations, States And Tribes, Ann Berkley Rodgers, Carolyn J. Abeita Jun 1989

Allocating Groundwater Among Nations, States And Tribes, Ann Berkley Rodgers, Carolyn J. Abeita

Boundaries and Water: Allocation and Use of a Shared Resource (Summer Conference, June 5-7)

70 pages.


Agenda: Boundaries And Water: Allocation And Use Of A Shared Resource, University Of Colorado Boulder. Natural Resources Law Center Jun 1989

Agenda: Boundaries And Water: Allocation And Use Of A Shared Resource, University Of Colorado Boulder. Natural Resources Law Center

Boundaries and Water: Allocation and Use of a Shared Resource (Summer Conference, June 5-7)

Conference organizers and/or faculty included University of Colorado School of Law professors David H. Getches, Lawrence J. MacDonnell and Charles F. Wilkinson.

Boundaries and Water: Allocation and Use of a Shared Resource is the topic of the Center's annual summer program on water this June. Most of the major rivers in the western United States are shared between two or more states. Often tribal governments play an important role in water allocation and use decisions. International considerations also may be involved in some cases. These interjurisdictional issues extend to groundwater as well as surface water.

This conference will provide the …


Sugar Coated Bullets: Corruption And The New Economic Order In China, Mark Findlay, Thomas Chor-Wing Chiu Jun 1989

Sugar Coated Bullets: Corruption And The New Economic Order In China, Mark Findlay, Thomas Chor-Wing Chiu

Research Collection Yong Pung How School Of Law

The recent political debate concerning the influence of corruption on the “new economic order” in the People's Republic of China is unique not only for its detailed and public manifestations, but also because it works around the acceptance of some degree of corporate private ownership of the means of production within China. The concern for corruption in Chinese government and commerce is not, of itself, novel.We prefer in this paper briefly to focus on the economic and political environment from within which this concern has been generated, to comment on the significance for the Government of the PRC in associating …


Information Economics And Chemical Toxicity: Designing Laws To Produce And Use Data, Mary L. Lyndon Jun 1989

Information Economics And Chemical Toxicity: Designing Laws To Produce And Use Data, Mary L. Lyndon

Michigan Law Review

Just as laws may create entitlements to the use of information, they may also be written to distribute information and to encourage information production. This Article discusses the ways in which law affects the generation and distribution of information related to chemical exposure and toxicity. It describes the economic impact of recently enacted right-to-know laws and proposes that better and more abundant data could be produced if the law paid greater attention to basic economic principles that influence research and information systems.


Coase Defends Coase: Why Lawyers Listen And Economists Do Not, Stewart Schwab May 1989

Coase Defends Coase: Why Lawyers Listen And Economists Do Not, Stewart Schwab

Michigan Law Review

A Review of The Firm The Market and The Law by Ronald Coase


Environmental Faust Succumbs To Temptations Of Economic Mephistopheles, Or, Value By Any Other Name Is Preference, Carol M. Rose May 1989

Environmental Faust Succumbs To Temptations Of Economic Mephistopheles, Or, Value By Any Other Name Is Preference, Carol M. Rose

Michigan Law Review

A Review of The Economy of the Earth: Philosophy, Law, and the Environment by Mark Sagoff


Lender Liability: A Survey Of Common-Law Theories, Frances E. Freund Apr 1989

Lender Liability: A Survey Of Common-Law Theories, Frances E. Freund

Vanderbilt Law Review

Lender liability litigation has increased dramatically over the past several years. The increase in claims is hardly surprising when one considers recent multimillion dollar recoveries.' Such well-publicized verdicts against lenders serve to encourage borrowers to defend even routine collection claims by striking out at the lender.

Most often borrowers bring lender liability suits following commercial loan defaults. These suits are based on a number of common-law theories for liability including: breach of contract, breach of fiduciary duty,' and breach of good faith, as well as fraud, duress, interference, and negligence. Some suits also raise statutory claims under the bankruptcy laws, …


Inconsistent Standards Of Substantive Due Process In Economic Regulations: A Result Of The Federalist System Of Government, Keith L. Hendricks Mar 1989

Inconsistent Standards Of Substantive Due Process In Economic Regulations: A Result Of The Federalist System Of Government, Keith L. Hendricks

Brigham Young University Journal of Public Law

No abstract provided.


The Economics Of The Insurance Antitrust Suits: Toward An Exclusionary Theory, Peter Siegelman, Ian Ayres Jan 1989

The Economics Of The Insurance Antitrust Suits: Toward An Exclusionary Theory, Peter Siegelman, Ian Ayres

Faculty Articles and Papers

On March 22, 1988, the Attorneys General of eight states filed antitrust actions in state and federal courts' alleging that major insurance and reinsurance companies colluded to boycott specific types of insurance coverage in violation of section 1 of the Sherman Act. The suits suggest that this collusion was responsible for the unprecedented increase in premiums and concomitant erosion of coverage that has come to be known as "the insurance crisis."' The lawsuits have provoked fierce denials by insurance industry participants, including assertions that the suits, which came in an election year, were politically motivated.' The litigation is certain to …


Why Is There Taylor V. Caldwell - Thre Propositions About Impracticability, Robert Birmingham Jan 1989

Why Is There Taylor V. Caldwell - Thre Propositions About Impracticability, Robert Birmingham

Faculty Articles and Papers

No abstract provided.


Neoclassical Difficulties: Tort As Deterrence For Latent Injuries, Peter Siegelman, W.L.F. Felstiner Jan 1989

Neoclassical Difficulties: Tort As Deterrence For Latent Injuries, Peter Siegelman, W.L.F. Felstiner

Faculty Articles and Papers

Economists often claim that the tort system leads firms to provide consumers and workers with the socially optimal level of safety. Moreover, in the case of work-related hazards, employers are alleged to have another source of incentives to take precautions. If wages are sensitive to job-related risks, employers should spend money to reduce such risks when, by doing so, they can save more in wage costs than the costs of the precautions taken. Whatever their merits in other settings, in the case of latent injuries such as workplace exposure to asbestos neither tort nor market are likely to provide an …


Intellectual Property In International Trade: Opportunities And Risks Of A Gatt Connection, J. H. Reichman Jan 1989

Intellectual Property In International Trade: Opportunities And Risks Of A Gatt Connection, J. H. Reichman

Vanderbilt Journal of Transnational Law

Professor Reichman uncovers a paradox at the heart of the debate about bringing international intellectual property relations within a GATT Code of Conduct. On the one hand, the industrialized countries that subscribe to free-market principles at home want to impose a highly regulated market for intellectual goods on the rest of the world, one in which authors and inventors may "reap where they have sown." On the other hand, the developing countries that restrict free competition at home envision a totally unregulated world market for intellectual goods, one in which "competition is the lifeblood of commerce." To unravel this paradox, …


The Efficiency Of A Disgorgement As A Remedy For Breach Of Contract, Sidney Delong Jan 1989

The Efficiency Of A Disgorgement As A Remedy For Breach Of Contract, Sidney Delong

Faculty Articles

Economic analysis suggests that to give a contract promise a general remedy that would require a breaching promisor to disgorge any benefit of breach would hinder the efficient post-contractual reallocation of performance resources. This article explores certain situations in which disgorgement appears to be an efficient remedy for breach of contract, including cases in which the breaching party refuses to pay contract damages at the time of breach. A rule permitting promisees to recover as "prejudgment interest" the breacher's benefit from withholding payment of damages would, in theory, be efficient in allocating the risk of the breacher's credit worthiness to …


Foreword: The Economics Of Contract Law, Michael J. Meurer Jan 1989

Foreword: The Economics Of Contract Law, Michael J. Meurer

Faculty Scholarship

The articles in this issue are samples from the burgeoning economics of contract law. They demonstrate that lawyers a can bring economic models to bear on quite specific issues of co offer normative guidance regarding the structure of efficient The success of the symposium and the quality of the articles of this field will continue to flourish. The articles cover a fairly narrow range of contract law issues. The second through sixth articles all address topics involving remedies. Two of these loo at the optimal remedies to be provided by contract law, and the other three are concerned with remedies …


Populist And Economic V. Feudal: Approaches To Industry Self-Regulation In The United States And England, Robert H. Heidt Jan 1989

Populist And Economic V. Feudal: Approaches To Industry Self-Regulation In The United States And England, Robert H. Heidt

Articles by Maurer Faculty

English and American courts treat industry self-regulation very differently. American courts have been generally slow to acknowledge the legitimacy of self-regulation. Once they accept the need for some degree of self-regulation, however, the American courts, under the growing influence of the Chicago school, have become increasingly willing to uphold the regulation on the grounds of economic efficiency. The English courts have had less difficulty recognizing the legitimate role industry self-regulation plays. In determining the reasonableness of the regulatory scheme, however, the English courts adopt a protectionist approach which favours the status quo within the industry. These distinctions, the author argues, …


Risk-Utility Analysis And The Learned Hand Formula: A Hand That Helps Or A Hand That Hides?, Barbara Ann White Jan 1989

Risk-Utility Analysis And The Learned Hand Formula: A Hand That Helps Or A Hand That Hides?, Barbara Ann White

All Faculty Scholarship

Judicial inconsistencies in balancing costs against benefits in legal determinations, sometimes referred to as the Learned Hand Formula, indicate that the implications are not fully understood. The incorporation of more formal economic cost-benefit analysis by some courts has only served to increase the confusion and wariness about fostering such guidelines for social behavior.

This article's purpose is threefold. One is to demonstrate how the use of cost-benefit analysis necessarily imparts the moral and/or political values of the user into his or her decisions. While the cost-benefit technique is itself value-neutral, its application, as will be shown, requires that some moral …