Law and Economics Commons^™

One Size Does Not Fit All: A Framework For Tailoring Intellectual Property Rights, Michael W. Carroll

Scholarly Articles in Law Reviews & Journals

The United States and its trading partners have adopted cultural and innovation policies under which the government grants one-size-fits-all patents and copyrights to inventors and authors. On a global basis, the reasons for doing so vary, but in the United States granting intellectual property rights has been justified as the principal means of promoting innovation and cultural progress. Until recently, however, few have questioned the wisdom of using such blunt policy instruments to promote progress in a wide range of industries in which the economics of innovation varies considerably.

Provisionally accepting the assumptions of the traditional economic case for intellectual …

An Economic Justification For Open Access To Essential Medicine Patents In Developing Countries, Sean Flynn, Aidan Hollis, Mike Palmedo

Scholarly Articles in Law Reviews & Journals

This paper offers an economic rationale for compulsory licensing of needed medicines in developing countries. The patent system is based on a trade-off between the “deadweight losses” caused by market power and the incentive to innovate created by increased profits from monopoly pricing during the period of the patent. However, markets for essential medicines under patent in developing countries with high income inequality are characterized by highly convex demand curves, producing large deadweight losses relative to potential profits when monopoly firms exercise profit-maximizing pricing strategies. As a result, these markets are systematically ill-suited to exclusive marketing rights, a problem which …

Exiling The Poor: The Clash Of Redevelopment And Fair Housing In Post-Katrina New Orleans, Anita Sinha, Judith Browne-Dianis

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Narrowing The Accountability Gap: Toward A New Foreign Investor Accountability Mechanism, David Hunter, Natalie L. Bridgeman

Scholarly Articles in Law Reviews & Journals

An ever-increasing number of standards, guidelines, principles, norms, and best practices have been adopted to address the environmental and social impacts of multinational enterprises (MNEs). This increase in standards and norms corresponds to a rise in MNE sensitivity to the environmental and social impacts that their activities have on local communities in developing countries. These standards and norms are considered voluntary by definition because they are typically not state-sponsored or the product of public regulation. They fill a normative gap located between the state-centered focus of international law and the often inadequate or unenforced standards of the developing country hosts …

Domestic Bonds, Credit Derivatives, And The Next Transformation Of Sovereign Debt, Anna Gelpern

Scholarly Articles in Law Reviews & Journals

Not long ago, financial markets in most poor and middle-income countries were shallow to nonexistent, and closed to foreigners. Governments often had to rely on risky borrowing abroad; the private sector had even fewer options. But between 1995 and 2005, domestic debt in the emerging markets grew from $1 trillion to $4 trillion. In Mexico, domestic debt went from just over 20% of the total government debt stock in 1995 to nearly 80% in 2007. Foreign and local investors are buying. Over the same period, derivative contracts to transfer emerging market credit risk surpassed the market capitalization of the benchmark …

Immigrant Remittances, Ezra Rosser

Scholarly Articles in Law Reviews & Journals

Remittances, the sending of money from immigrants back to their home countries, are the newest anti-poverty, development activity of the poor to be applauded by international institutions and economists. Exceeding foreign aid and private investment to many developing countries, remittances are being hailed as a new, untapped resource with powerful poverty alleviation and potential development attributes. After presenting the poverty, developmental, and economic characteristics of this new transnational connection between immigrants and their loved ones, as well as the dangerous effects of excessive remittance regulation, the author argues that remittances should be understood as an anti-poverty tool, but not as …

Transatlanticisms: Constitutional Asymmetry And Selective Reception Of U.S. Law And Economics In The Formation Of European Private Law, Fernanda Nicola

Scholarly Articles in Law Reviews & Journals

The recurrent claim made by judges, scholars, and lawyers shaping the debate on European private law is that there is a constitutional asymmetry in the European Union (EU). The asymmetry lies in the fact that European Community competences mostly encompass market and economic matters at the expense of social issues, while Member States have full jurisdiction over social matters but only limited jurisdiction over economic matters. Thus, the European constitutional structure leads to a market/technocratic orientation in its supranational institutions, as opposed to the social/political orientation of Member State governments. The pervasiveness of this claim allows jurists critiquing European adjudication …

Empirically Evaluating Claims About Investment Treaty Arbitration, Susan Franck

Scholarly Articles in Law Reviews & Journals

With the blossoming of empirical legal scholarship, there is an increased appreciation for the insights it offers issues of international importance. One area that can benefit from such inquiry is the resolution of disputes from investment treaties, which affects international relations, implicates international legality of domestic government conduct, and puts millions of taxpayer dollars at risk. While suggesting there has been a "litigation explosion", commentators make untested assertions about investment treaty disputes. Little empirical work transparently explores this area, however. As the first research that explains its methodology and results, this article is a modest attempt to evaluate claims about …

Market Definition: An Analytical Overview, Jonathan Baker

Scholarly Articles in Law Reviews & Journals

This essay surveys important issues in antitrust market definition. It identifies settings in which market definition is useful, and evaluates methods of defining markets. It considers whether markets should be defined with respect to demand substitution only or whether supply substitution also should count. It addresses practical issues in defining markets, including the probative value of various types of evidence, how much buyer substitution is too much, application of the market definition algorithm of the Horizontal Merger Guidelines, the Cellophane fallacy, and the advantages and disadvantages of defining submarkets. It also evaluates several controversial approaches to market definition, including price …

Beyond Schumpeter Vs. Arrow: How Antitrust Fosters Innovation, Jonathan Baker

Scholarly Articles in Law Reviews & Journals

The relationship between competition and innovation is the subject of a familiar controversy in economics, between the Schumpeterian view that monopolies favor innovation and the opposite view, often associated with Kenneth Arrow, that competition favors innovation. Taking their cue from this debate, some commentators reserve judgment as to whether antitrust enforcement is good for innovation. Such misgivings are unnecessary. The modern economic learning about the connection between competition and innovation helps clarify the types of firm conduct and industry settings where antitrust interventions are most likely to foster innovation. Measured against this standard, contemporary competition policy holds up well. Today's …

Training Law Students To Be International Transactional Lawyers - Using An Extended Simulation To Educate Law Students About Business Transactions, Daniel D. Bradlow, Jay Finkelstein

Scholarly Articles in Law Reviews & Journals

The article describes an innovative approach to educating law students about the legal issues and the role of lawyers in negotiating international business transactions. It is based on our experiences in developing and teaching a course that is built around a semester-long simulation exercise and taught in counterpart classes at two law schools. The students in these classes represent the opposing parties and negotiate a cross-border business transaction involving a joint venture agreement, a licensing agreement and a long-term supply contract. The students, who attend either the American University Washington College of Law or the Centre for Energy Mineral and …

Trade As Guarantor Of Peace, Liberty And Security? The Role Of Peace In The Bretton Woods Institutions, Padideh Ala'i

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Introduction To Symposium On Integrating New Economic Learning With Antitrust Doctrine, Jonathan Baker

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Roundtable With Former Directors Of The Bureau Of Economics, Jonathan Baker

Presentations

The roundtable commemorates the 100th anniversary of the FTC's predecessor agency, the Bureau of Corporations. It was sponsored by the FTC's Bureau of Economics (BE) and focused on BE history and contributions of BE and economic analysis to antitrust and consumer protection enforcement, and to research and economic knowledge and policy. BE was featured because the original functions of the Bureau of Corporations were to collect information, to conduct industry and policy research, to prepare reports at the request of the Congress and the President. The panelists for the roundtable consisted of former BE Directors and Acting Directors from the …

Competitive Price Discrimination: The Exercise Of Market Power Without Anticompetitive Effects (Comment On Klein And Wiley), Jonathan Baker

Scholarly Articles in Law Reviews & Journals

A firm that discriminates in prices faces a downward sloping demand curve, and thus could potentially raise price by reducing output. For this reason, evidence of price discrimination is relevant to assessing the possibility of market power, as antitrust law has long recognized. But price discrimination can be beneficial as well as harmful, and can reasonably be termed competitive if entry is easy. Hence a demonstration that entry is easy rebuts the inference of anticompetitive effect when price discrimination is the basis for proof of market power, breaking the link between market power and anticompetitive effect. Klein and Wiley's proposal …

Responding To Developments In Economics And The Courts: Entry In The Merger Guidelines, Jonathan Baker

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Re-Valuing Lawyering For Middle-Income Clients, Susan Carle

Scholarly Articles in Law Reviews & Journals

No abstract provided.

On Long-Haul Lawyering, Susan Bennett

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Notes On Pki And Digital Negotiability: Would The Cybercourier Carry Luggage, Walter Effross

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Three Roles For The Private Equity Market In Foreign Investments: Comment On Mailander's "Seraching For Liquidity", Kenneth Anderson

Scholarly Articles in Law Reviews & Journals

Christopher J. Mailander's discussion of the private equity market identifies what is, by most measures, the central concern of equity investors in foreign enterprises-how to get out of a foreign investment after getting in it.' His strategy for resolving this problem is to make available the liquidity necessary for an investor to exit a foreign investment by tapping the United States capital markets. This can be accomplished, according to Mailander, through the use of American Depositary Receipts (ADRs) on the private equity markets and through the private equity markets themselves. It seems evident that the capital markets have adopted this …

The Problem With Baker Hughes And Syufy: On The Role Of Entry In Merger Analysis, Jonathan Baker

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Unilateral Competitive Effects Theories In Merger Analysis, Jonathan Baker

Scholarly Articles in Law Reviews & Journals

No abstract provided.

The Factional Foundations Of Competition Policy In America 1888-1992, James May

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Bankruptcy In Russia: The Evolution Of A Comprehensive Russian Bankruptcy Code, Paul Williams, Paul Wade

Scholarly Articles in Law Reviews & Journals

This article traces the development of the current bankruptcy code, with it origins in the early economic laws of perestroika; explains key provisions of the current law; and comments on the prospects for its effective implementation. The intent of this article is to provide a balanced understanding of the Russian bankruptcy code useful both to the study of the emergence of a market-based economy in Russia and as a bankruptcy primer for individuals or corporations conducting business in Russia.

State Succession And The International Financial Institutions: Political Criteria V. Protection Of Outstanding Financial Obligations, Paul Williams

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Equal Protection And The Wealth Primary, Jamin B. Raskin, John Bonifaz

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Two Sherman Act Section 1 Dilemmas: Parallel Pricing, The Oligopoly Problem, And Contemporary Economic Theory, Jonathan Baker

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Recent Developments In Economics That Challenge Chicago School Views, Jonathan Baker

Scholarly Articles in Law Reviews & Journals

No abstract provided.