Law and Economics Commons^™

The "Stern Review" And Its Critics: Implications For The Theory And Practice Of Benefit-Cost Analysis, Daniel H. Cole

Articles by Maurer Faculty

The UK's Treasury's "Stern Review: The Economics of Climate Change" (Oct. 2006) reached dramatically different conclusions and policy recommendations than most earlier economic analyses of climate change. It found that the costs of climate change, as well as the potential net benefits of greenhouse gas reductions, were much higher that previously estimated, and consequently recommended more rapid and extensive cuts in emissions than other economist analysts. The Stern Review estimated that a 1% annual investment of global GDP in mitigation could prevent a 5% (or more) reduction in annual global GDP from climate change harm, forever. A number of prominent …

Economic Analysis Of Labor And Employment Law In The New Economy, Kenneth G. Dau-Schmidt, Alan Hyde, Michael Risch, Jagdeep Bhandari, Richard Block

Articles by Maurer Faculty

No abstract provided.

Law, Markets And Democracy: A Role For Law In The Neo-Liberal State, Alfred C. Aman

Articles by Maurer Faculty

Especially after 1980, our belief in and our use of law to solve societal problems seemed to decline precipitously, well beyond the ebb and flow of political trends and tastes. Beginning in earnest in the 1980s, political discourse increasingly treated law and markets primarily in binary terms. You could have one or the other, but not both. More law meant less markets and vice versa. When it came to choosing between law or markets, the tide clearly had shifted. If injustices in the 1970s were greeted with the slogan "there ought to be a law", that approach to solving problems …

Lost In Translation: The Economic Analysis Of Law In The United States And Europe, Kenneth G. Dau-Schmidt, Carmen L. Brun

Articles by Maurer Faculty

In this Essay, we examine the reasons why the economic analysis of law has not flourished in European countries as it has in the United States. In particular, we focus on three European countries-the United Kingdom, Germany, and France. We argue that differences in culture, the legal system, and the academy have led to differing degrees of success of the law and economics movement in each country. We speculate that, although there is currently less interest in the economic analysis of the law in Europe than in the United States, European interest could dramatically increase if scholars adopt more communitarian …

Envisioning The Modern American Fiscal State: Progressive-Era Economists And The Intellectual Foundations Of The U.S. Income Tax, Ajay K. Mehrotra

Articles by Maurer Faculty

At the turn of the twentieth century, the U.S. system of public finance underwent a dramatic, structural transformation. The late nineteenth-century system of indirect taxes, associated mainly with the tariff, was eclipsed in the early decades of the twentieth century by a progressive income tax. This shift in U.S. tax policy marked the emergence of a new fiscal polity - one that was guided not simply by the functional and structural need for government revenue but by concerns for equity and economic and social justice. This Article explores the paradigm shift in legal and economic theories that undergirded this dramatic …

The Law And Economics Of Development And Environment: An Introduction To The Symposium, Daniel H. Cole

Articles by Maurer Faculty

No abstract provided.

Book Review. Taking Coase Seriously: Neil Komesar On Law's Limits, Daniel H. Cole

Articles by Maurer Faculty

No abstract provided.

Teaching In A Larger Social Context: Using Simulations To Demonstrate Socioeconomic Principles And Relevance To Law, Kenneth G. Dau-Schmidt, Jeffrey E. Stake

Articles by Maurer Faculty

A single action of an individual is highly influenced not only by personal interests and desires, but also by a complex network of social influences. Because of this vast outside social pressure within society, the legal ramifications of individual action must also be studied in a multidimensional way to incorporate these social values. One effective means to do so is to begin linking the socioeconomic paradigm into traditional legal study through the use of teaching simulations. This article brings forth a new method involving hand-on simulations and outlines its necessity within the legal sphere. Through these simulations, students are able …

High Velocity Labor Economics: A Review Essay Of Working In Silicon Valley: Economic And Legal Analysis Of A High-Velocity Labor Market, Kenneth G. Dau-Schmidt

Articles by Maurer Faculty

No abstract provided.

Models In Social Science: A Review Of Law And Public Policy: A Socioeconomic Approach, Kenneth G. Dau-Schmidt

Articles by Maurer Faculty

No abstract provided.

The Interplay Between Norms And Enforcement In Tax Compliance, Leandra Lederman

Articles by Maurer Faculty

What will increase individuals' compliance with the federal income tax? There are rich legal, economic, and sociological literatures examining this question. The traditional answer that increased enforcement will increase compliance is supported by both economic modeling and a number of experiments. However, studies show that appeals to normative beliefs about honesty in taxpaying play an important role as well.

A number of scholars have suggested that vigorous enforcement of the tax laws may be counterproductive because it may suggest that noncompliance is the norm. This article argues, in part, that enforcement and a compliance norm are not inconsistent but rather …

Conflict Of Economic Laws: From Sovereignty To Substance, Hannah Buxbaum

Articles by Maurer Faculty

This article examines how the globalization of economic markets, and attendant changes in international regulatory strategies, challenge the traditional framework of private international law. It examines a variety of developments in the areas of securities, antitrust, and bankruptcy law, analyzing the ways in which they undermine the conception of regulatory power as grounded in the territorial authority of sovereign states. Specifically, the article argues that these changes reflect a shift in conflicts jurisprudence away from the traditional jurisdiction-selecting model and toward a substance-based model, in which a state's economic policy interests can be protected simply through assurance that the substance …

Privatization And The Democracy Problem In Globalization: Making Markets More Accountable Through Administrative Law, Alfred C. Aman

Articles by Maurer Faculty

No abstract provided.

Can Evolutionary Science Contribute To Discussions Of Law?, Jeffrey E. Stake

Articles by Maurer Faculty

Evolutionary Theory can be helpful in understanding the law and determining what it should be. There are two ways in which the evolutionary perspective differs from an economic perspective on law. Not only does the evolutionary approach shift our attention from the world today to the environment of evolutionary adaptation, it shifts our focus from rational individuals to rational genes and from rational behaviors to rational design of mental architecture. Finally, the law of law's leverage makes predictions about the relative elasticities of demand for all sorts of behaviors, including those that did and did not exist in the environment …

Labor Law And Industrial Peace: A Comparative Analysis Of The United States, The United Kingdom, Germany, And Japan Under The Bargaining Model, Kenneth G. Dau-Schmidt

Articles by Maurer Faculty

In this Article, Professor Dau-Schmidt provides a comparative analysis of the labor laws of the United States, the United Kingdom, Germany, and Japan for the purposes of identifying which characteristics of a country's labor laws are likely to reduce strike incidence and intensity and promote industrial peace. To identify which characteristics of a country's law are likely to encourage industrial peace, Professor Dau-Schmidt presents game theory arguments based on his analysis of unions and collective bargaining. Dau-Schmidt then provides a simple empirical test as to the relative success of different countries' laws in advancing industrial peace by comparing data on …

When Is Command-And-Control Efficient? Institutions, Technology, And The Comparative Efficiency Of Alternative Regulatory Regimes For Environmental Protection, Daniel H. Cole, Peter Z. Grossman

Articles by Maurer Faculty

Contrary to the conventional wisdom among economists and legal scholars, command-and-control (CAC) environmental regulations are not inherently inefficient or invariably less efficient than alternative "economic" instruments (EI). In fact, CAC regimes can be and have been efficient (producing net social benefits), even more efficient in some cases that alternative EI regimes.

Standard economic accounts of CAC are insensitive to the historical, technological, and institutional contexts that can influence (and sometimes determine) the efficiency of alternative regulatory regimes. A regime that is nominally or relatively efficient in one set of circumstances may be nominally or relatively inefficient in another. In some …

On Game Theory And The Law, Kenneth G. Dau-Schmidt, Jeffrey E. Stake, Robert H. Heidt, Eric Rasmusen, Michael Alexeev

Articles by Maurer Faculty

No abstract provided.

Accounting For Sustainable Development, Daniel H. Cole

Articles by Maurer Faculty

No abstract provided.

Economics And Sociology: The Prospects For An Interdisciplinary Discourse Of Law, Kenneth G. Dau-Schmidt

Articles by Maurer Faculty

My purposes in this essay are two-fold. First, I provide some background on the disciplines of economics and sociology as a basis for the discussion at this Symposium and for my own discussion of the potential for an interdisciplinary discourse on law. In this regard, in the first section of the essay I provide a brief history of the relationship between the two disciplines, a brief outline of the basic characteristics of each disciplinary perspective, and a brief discussion of the emerging opportunities for useful exchange between the two disciplines. Second, I examine the prospects that the economic analysis of …

Criminal Penalties Under The Sherman Act: A Study Of Law And Economics, Kenneth G. Dau-Schmidt, Joseph Gallo, Charles Parker, Joseph Craycraft

Articles by Maurer Faculty

This paper presents an empirical analysis of criminal antitrust prosecutions undertaken by the Department of Justice during the period 1955-1993. The authors report data on the number of criminal cases, the type of offense alleged, whether the defendants were individuals or firms, the position individual defendants held in their firm, the Department of Justice's won/lost record and the nature and amount of any sanctions imposed. A brief discussion of whether the reported sanctions have been adequate to promote efficient deterrence is also presented.

A Bargaining Analysis Of American Labor Law And The Search For Bargaining Equity And Industrial Peace, Kenneth G. Dau-Schmidt

Articles by Maurer Faculty

No abstract provided.

A Redrafted Section I Of The Sherman Act, Robert H. Heidt

Articles by Maurer Faculty

No abstract provided.

Status And Incentive Aspects Of Judicial Decisions, Jeffrey E. Stake

Articles by Maurer Faculty

No abstract provided.

Cleaning Up Krakow: Poland's Ecological Crisis And The Political Economy Of International Environmental Assistance, Daniel H. Cole

Articles by Maurer Faculty

No abstract provided.

Relaxing Traditional Economic Assumptions And Values: Toward A New Disciplinary Discourse On Law, Kenneth G. Dau-Schmidt

Articles by Maurer Faculty

Economics has been viewed traditionally as a discipline removed from other, "softer", fields of social analysis. Professor R. Malloy has fought to remove these barriers and encourage interdisciplinary dialogue. In a field previously dominated by normative values of majority power holders, a multidisciplinary approach allows for a more extensive examination of social trends and the question of innate human "rights". By relaxing the assumptions of traditional neoclassical economic analysis, one can gain a theoretical perspective that includes insights from multiple disciplines. This article reinforces Malloy's conceptualization of new social analysis, hoping to further this new interdisciplinary cooperation.

An Economic Analysis Of The Criminal Law As A Preference-Shaping Policy, Kenneth G. Dau-Schmidt

Articles by Maurer Faculty

In this Article I provide an economic analysis of criminal law as a preference-shaping policy. I argue that in addition to creating disincentives for criminal activity, criminal punishment is intended to promote various social norms of individual behavior by shaping the preferences of criminals and the population at large. By taking into account this preference-shaping function, I explain many of the characteristics of criminal law that have heretofore escaped the logic of the economic model. It is also the preference-shaping function and the prerequisite ordering of preferences that distinguish criminal law from tort law. My analysis suggests that society will …

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, …

Comments On Commercial Speech, Constitutionalism, Collective Choice, Kenneth G. Dau-Schmidt

Articles by Maurer Faculty

No abstract provided.

Toward An Economic Understanding Of Touch And Concern, Jeffrey E. Stake

Articles by Maurer Faculty

No abstract provided.

The Politics Of The Coase Theorem And Its Relationship To Modern Legal Thought, Donald H. Gjerdingen

Articles by Maurer Faculty

No abstract provided.