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Articles 1 - 3 of 3
Full-Text Articles in Law
What (If Anything) Can Economics Say About Equity?, Daniel A. Farber
What (If Anything) Can Economics Say About Equity?, Daniel A. Farber
Daniel A Farber
Does economics have anything to teach us about the meaning of fairness? The leading practitioners of law and economics disagree. Judge Richard Posner argues that economics is largely irrelevant to distributive issues. Posner maintains that the most useful economic measure of social welfare is cost-benefit analysis (which he calls wealth maximization). But, he observes, this economic measure "ratifies and perfects an essentially arbitrary distribution of wealth." Given an ethically acceptable initial assignment of wealth, rules based on economic efficiency may have some claim to be considered fair. On the critical issue of distributional equity, however, Posner apparently believes that economics …
Public Choice Revisited, Daniel A. Farber, Philip P. Frickey
Public Choice Revisited, Daniel A. Farber, Philip P. Frickey
Daniel A Farber
Although not the first book on public choice_ for a legal audience, Max Stearns's Public Choice and Public Law is the first full-scale textbook for law school use. An ambitious undertaking by a rising young scholar, the book provides law students with a comprehensive introduction to public choice. Public choice - essentially, the application of economic reasoning to political institutions - has become a significant aspect of public law scholarship. Indeed, in his Foreword, Saul Levmore hails public choice as "[t]he most exciting intellectual development in law schools in the last decade" (p. xi). Be that as it may, the …
Regulatory Review In Anti-Regulatory Times, Daniel A. Farber
Regulatory Review In Anti-Regulatory Times, Daniel A. Farber
Daniel A Farber
This article investigates the role of cost-benefit analysis during an antiregulatory period. The period since 2016 has seen several new developments, including the first vigorous use by Congress of its power to overturn recently issued regulations and the creation of novel deregulatory mechanisms layered on top of cost-benefit analysis. This period also contains important examples of sharply reversed CBAs, in which regulations that were said to have large net benefits under Obama are instead said to have net costs under Trump. The Trump Administration’s regulatory review initiatives focus heavily on costs, with limited attention to benefits. Case studies of three …