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Articles 1 - 2 of 2
Full-Text Articles in Law and Economics
The Sec’S Climate Disclosure Rule: Critiquing The Critics, George S. Georgiev
The Sec’S Climate Disclosure Rule: Critiquing The Critics, George S. Georgiev
Faculty Articles
Climate change is an existential phenomenon, which entails a wide variety of physical risks as well as sizeable but underappreciated economic risks. In March 2022, the U.S. Securities and Exchange Commission (SEC) moved to address some of the information gaps related to the effects of climate change on firms by proposing a rule that requires public companies to report detailed and standardized information about important climate-related matters for the benefit of investors and markets. Though the rule proposal was welcomed by many market participants, it was also met with a level of opposition that was unusual in both its intensity …
Economic Efficiency Versus Public Choice: The Case Of Property Rights In Road Traffic Management, Jonathan R. Nash
Economic Efficiency Versus Public Choice: The Case Of Property Rights In Road Traffic Management, Jonathan R. Nash
Faculty Articles
This Article argues, using the case of responses to traffic congestion, that public choice theory provides a greater explanation for the emergence of property rights than does economic efficiency. The traditional solution to traffic congestion is to provide new roadway capacity, but that is not an efficient response in that it does not lead to internalization of costs and may actually exacerbate congestion problems by inducing travel that would not have taken place but for the new construction. By contrast, congestion charges, which impose tolls designed to internalize the costs of driving, offer an efficient way to address the problem …