Law and Economics Commons^™

Can Families Be Efficient? A Feminist Appraisal, Ann Laquer Estin

Michigan Journal of Gender & Law

This Article examines the convergence of feminist and law and economics theory on family law questions, particularly issues of marriage and divorce. Both feminist legal theory and law and economics analysis have come to occupy a significant place in the American legal academy, demonstrated by growing numbers of conferences, journals, casebooks and monographs, and electronic mail lists in each area. Not surprisingly, as the two fields have grown, they have begun to touch, to overlap, and occasionally to come into conflict. This process has been evident in the extensive literature on sex discrimination in employment and is increasingly apparent in …

On The Genealogy Of Moral Hazard, Tom Baker

All Faculty Scholarship

No abstract provided.

In Defence Of Exploitation, Justin Schwartz

Justin Schwartz

The concept of exploitation is thought to be central to Marx's Critique of capitalism. John Roemer, an analytical (then-) Marxist economist now at Yale, attacked this idea in a series of papers and books in the 1970s-1990s, arguing that Marxists should be concerned with inequality rather than exploitation -- with distribution rather than production, precisely the opposite of what Marx urged in The Critique of the Gotha Progam.

This paper expounds and criticizes Roemer's objections and his alternative inequality based theory of exploitation, while accepting some of his criticisms. It may be viewed as a companion paper to my What's …

Reinventing Labor Law: A Rejoinder, Tamara Lothian

Tamara Lothian

No abstract provided.

The Democratized Market Economy In Latin America (And Elsewhere): An Exercise In Institutional Thinking Within Law And Political Economy, Tamara Lothian

Tamara Lothian

No abstract provided.

The Criticism Of The Third-World Debt And The Revision Of Legal Doctrine, Tamara Lothian

Tamara Lothian

No abstract provided.

A Contractual Approach To Data Privacy, Stephanos Bibas

All Faculty Scholarship

No abstract provided.

Constitutional Design And Law: The Political Economy Of Cabinet And Congressional Government, Matthew S. R. Palmer

The Hon Justice Matthew Palmer

The dissertation takes a political economy approach to constitutional design and legislation in the Westminster (Cabinet) and US (Congressional) models of government. Part I develops the economics of comparative political organization by constructing a theoretical framework for analyzing constitutional design. Part II applies the framework to distinguish the essences of the Cabinet and Congressional systems of constitutional design in the contexts of US and Canadian federal government. Part III analyzes the effects of the different constitutional designs on the processes of legislating in each system and on the substantive characteristics of legislation in each system. The analysis is subjected to …

From Libertarianism To Egalitarianism, Justin Schwartz

Justin Schwartz

A standard natural rights argument for libertarianism is based on the labor theory of property: the idea that I own my self and my labor, and so if I "mix" my own labor with something previously unowned or to which I have a have a right, I come to own the thing with which I have mixed by labor. This initially intuitively attractive idea is at the basis of the theories of property and the role of government of John Locke and Robert Nozick. Locke saw and Nozick agreed that fairness to others requires a proviso: that I leave "enough …

Charles E. Lindblom, Richard Adelstein

Richard Adelstein

An intellectual biography and review of the work of Charles E. Lindblom.

Continuity And Change Redux: Market And State In American History, Richard Adelstein

Richard Adelstein

A review of Jonathan Hughes, The Government Habit Redux (1991).

"The Nation As An Economic Unit:" Keynes, Roosevelt, And The Managerial Ideal, Richard Adelstein

Richard Adelstein

The First New Deal as central economic planning, and the lost opportunity to reconstruct the federal government toward peaceful Keynesianism.

Deciding For Bigness, Richard Adelstein

Richard Adelstein

Antitrust as a constitutional constraint on the growth of firms.

The Role Of The Democratic And Republican Parties As Organizers Of Shadow Interest Groups, Jonathan R. Macey

Michigan Law Review

This article advances a new theory to explain the relationship between political parties and interest groups. Among the as yet unanswered questions that I resolve are: (1) why many politicians -both Republicans and Democrats - develop a reputation for "party loyalty" despite the parties' inability to employ any meaningful sanctions against politicians who deviate from the party line; (2) why candidates for public office run in contested primaries when running as an independent generally would be a less costly mechanism for getting on the ballot; (3) why the two major U.S. political parties continue to attract resources from contributors and …

Can Ignorance Be Bliss? Imperfect Information As A Positive Influence In Political Institutions, Michael A. Fitts

Michigan Law Review

In Parts I and II, I shall summarize the law-and-economics and civic virtue perspectives on the value of political information and their proposals for reforms in the political process that would stimulate greater political information. These two literatures are often viewed as distinct in their objectives: one seeking to improve means/ends rationality; the other seeking to improve goal formation - a function that I loosely describe as normative, ethical, or value-based. Nevertheless, they share some common practical approaches where information is concerned. In Part Ill, I shall discuss the instrumental advantages to limiting political information, focusing particularly on the role …

Social Irresponsibility, Actuarial Assumptions, And Wealth Redistribution: Lessons About Public Policy From A Prepaid Tuition Program, Jeffrey S. Lehman

Michigan Law Review

In this article, I shall try to illuminate the question of how governments, as opposed to private insurers, grapple with the problem of intergenerational social irresponsibility. I shall do so by analyzing and criticizing a single public program. That program, the Michigan Education Trust (MET), was the most widely publicized government action in the field of higher education finance during the 1980s. MET allows parents of young children to purchase contracts promising to cover the children's tuition at Michigan public colleges when they enroll up to eighteen years later.

In setting forth this case study, I also attempt to develop …

Risk And Design, James E. Krier

Articles

Risk springs from uncertainty,' uncertainty invites error, and, since error can be costly, we would prefer to avoid it (provided, of course, that avoidance is not more costly yet). While there is much in the Noll and Krier article2 about judgmental error under conditions of risk and uncertainty, there is little about ways to avoid it. So avoidance-more accurately, minimization-of error costs is the topic I want to address very briefly and partially here.

Regulating Regulators: The Legal Environment Of The State, David S. Cohen

Elisabeth Haub School of Law Faculty Publications

In this paper I focus on the ability of tort law to reduce primary costs, or losses associated with the number and seriousness of accidents. In one sense I will be analysing the state as if it were a private firm in which losses suffered by private individuals and firms are externalities. Several years ago Mark Spitzer wrote a paper on this topic in which he posited several models of state activity and analysed the incentive effects of liability rules in each case. In my view Spitzer's general conclusion - the rule which may be synthesized from all of the …

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 …

Islands Of Conscious Power: Louis D. Brandeis And The Modern Corporation, Richard Adelstein

Richard Adelstein

An intellectual portrait of Louis Brandeis and the contradictions in his philosophy and public life.

Mind And Hand: Economics And Engineering At The Massachusetts Institute Of Technology, Richard Adelstein

Richard Adelstein

The role of political economy in the curriculum of MIT, with special attention to the thought of Francis Amasa Walker.

Egoism, Altruism, And Market Illusions: The Limits Of Law And Economics, Jeffrey L. Harrison

UF Law Faculty Publications

The primary objective of this Article is to question assumptions in order to show that the conventional economic approach to law and public policy has limited value. The arguments are founded on empirical evidence drawn from many fields of study. An underlying theme is that the current application of economic analysis to law should be regarded as an interim step toward the integration of law with the behavioral, natural, and social sciences.

Part I describes the two forms of the self-interest assumption more completely. This examination reveals that economics and the separate study of law and economics are caught in …

The Political Consequences Of Labor Law Regimes: The Contractualist And Corporatist Models Compared, Tamara Lothian

Tamara Lothian

No abstract provided.

The Un-Easy Case For Technological Optimism, James E. Krier, Clayton P. Gillette

Articles

"Technological optimism" is a term of art, an article of faith, and a theory of politics. It is a view that pervades modem attitudes, yet gets little explicit attention. For a brief period the situation was otherwise. In the early 1970s, the optimistic outlook figured prominently in an important debate about nothing less than the future of the world. Technological optimism won. The outcome was unsurprising, given the nature of the argument. On one side of the debate was a group of self-proclaimed Malthusians who foresaw an impending period of stark scarcity unless relatively drastic remedial steps were quickly taken; …

Authority, Autonomy, And Choice: The Role Of Consent In The Moral And Political Visions Of Franz Kafka And Richard Posner, Robin West

Georgetown Law Faculty Publications and Other Works

In "The Ethical and Political Basis of Wealth Maximization" and two related articles, Professor (now Judge) Richard Posner argues that widely shared pro-autonomy moral values are furthered by wealth-maximizing market transfers, judicial decisions, and legal institutions advocated by members of the "law and economics" school of legal theory. Such transactions, decisions, and institutions are morally attractive, Posner argues, because they support autonomy; wealth-maximizing transfers are those to which all affected parties have given their consent. This Article argues that Posner's attempt to defend wealth-maximization on principles of consent rests on a simplistic and false psychological theory of human motivation. Posner's …

The Competition Of Technologies In Markets For Ideas: Copyright And Fair Use In Evolutionary Perspective (With Steven Peretz), Richard Adelstein

Richard Adelstein

A theory of intellectual goods as distinct from public or private goods, and the rationale for copyright that flows from it.

The Plea Bargain In England And America: A Comparative Institutional Approach, Richard Adelstein

Richard Adelstein

A comparative view of adjudication by guilty plea in the US and the UK.

Institutional Function And Evolution In The Criminal Process, Richard Adelstein

Richard Adelstein

An extended development of the foundations of the price exaction model of the criminal process.

The Moral Costs Of Crime: Prices, Information And Organization, Richard Adelstein

Richard Adelstein

More on price exaction, and punishments as conveyors of cost information in the criminal process.

Informational Paradox And The Pricing Of Crime: Capital Sentencing Standards In Economic Perspective, Richard Adelstein

Richard Adelstein

A further development of the price exaction model and an application to the problem of sentencing standards.