Law and Economics Commons^™

Products Liability--Some Observations About Allocation Of Risks, Page Keeton

Michigan Law Review

Virtually all of the activities of mankind involve the use of some product. Consequently, nearly all losses in the nature of physical damage to persons or things, and a great deal of the economic losses flowing from inferior or unfit products, are factually caused by characteristics or conditions of products, or at least occur during the use of products. Therefore, when fault, in the sense in which fault has been used in the Anglo-American law of torts (a usage which frequently results in the imposition of liability without personal fault), is abandoned as a basis for shifting or allocating losses, …

Antitrust And The Consumer Interest, Kenneth S. Carlston, James M. Treece

Michigan Law Review

Public control of business in the United States has proceeded, in most sectors of the economy, on the assumption that free, open competition in the market should be the primary regulator. It is felt that consumer welfare will be maximized by such an organization of the economy. Courts, governmental agencies, and, to a certain extent, private agencies have performed the role of ensuring that free markets are not displaced by other, less desirable alternatives.

Boycotts And Restrictive Marketing Arrangements, Richard M. Buxbaum

Michigan Law Review

It is currently a common if still relatively unheralded practice for a "fired" dealer to bring an antitrust action against his former manufacturer-supplier (and perhaps other dealers), alleging that his termination was the result of a boycott. Boycotts-collective efforts to obtain the exclusion of a party from a market-are illegal per se under section 1 of the Sherman Act. Thus, questions concerning the justification for the boycott or the significance of the offender's market position do not arise.

Kaiser: Planung I-Recht Und Politik Der Planung In Wirtschaft Und Gesellschaft, Hugo J. Hahn

Michigan Law Review

A Review of Planung I-Recht und Politik der Planung in Wirtschaft und Gesellschaft edited by Joseph H. Kaiser

Oppenheim: Unfair Trade Practices, Cases And Comments, Glen E. Weston

Michigan Law Review

A Review of Unfair Trade Practices, Cases and Comments by S. Chesterfield Oppenheim

The Relativity Of Economic Evidence In Merger Cases-Emerging Decisions Force The Issue, Betty Bock

Michigan Law Review

The following discussion explores the interaction between law and economics as these two disciplines relate to the issues which arise under section 7 of the Clayton Act, as amended in 1950, and examines the correlative problems implicit in the working arrangements between lawyers and economists when they are asked to counsel an enforcement agency or an acquiring or acquired company concerning the potential competitive consequences of a merger.

Unitization Of Oil And Gas Reservoirs: A Reply To Professor Merrill, George W. Hazlett

Michigan Law Review

In "Compulsory Oil and Gas Unitization," Professor Maurice H. Merrill launched an attack on unitization of oil and gas reservoirs in the form of a sharply critical review of the decision by the United States Court of Appeals for the Seventh Circuit in favor of the defendant in Peter Fox Brewing Co. v. Sohio Petroleum Co. Terming his review the "hypothetical judgment" of a mythical court of justice, Professor Merrill stated that, if the questions involved were determined improperly, "the effect of the precedent, if we allow it to go unexamined, may be most unfortunate." On the other hand, …

The Economic Treatment Of Automobile Injuries, Alfred F. Conard

Michigan Law Review

The automobile has changed more than Americans' ways of transportation. It has changed their ways of housing, of working and playing, of eating, living, and loving. It has also added to their ways of suffering and dying.

The suffering and dying have called forth two kinds of treatment. The better recognized kind is medical treatment, which staves off death and minimizes pain and disability among the living. The less recognized kind of treatment is economic-the restoration to the injury victim or to his dependents of some part of the economic wellbeing that has been snatched away from them by loss …

Latin-American Land Reform: The Uses Of Confiscation, Kenneth L. Karst

Michigan Law Review

This article examines the legislative techniques for taking land, showing their confiscatory operation. For many lawyers, the analysis would then be easily completed: confiscation is wrongful and must be condemned. Rejecting the implicit absolutism of that conclusion, this article inquires into the justifications that can be pleaded on behalf of selective confiscation as an aid in solving some of Latin America's economic and social ills.

Non-Tariff Import Restrictions: Remedies Available In United States Law, Craig Mathews

Michigan Law Review

Since World War II, a fundamental objective of the foreign policy of the United States has been to strengthen political and economic relationships among free-world nations. An integral element of this policy has been the expansion of international trade on mutually beneficial terms. The legal and practical problems of reducing or eliminating restrictions on the international movement of commodities have therefore assumed a major importance.

International commodity transactions have traditionally been subject to a wide range of such restrictions. In the case of imports, the most familiar barriers are tariffs and formal quotas or embargoes imposed by national governments. In …

The Extraterritorial Effect Of Foreign Exchange Control Laws, F. David Trickey

Michigan Law Review

Article VIII section 2(b) of the International Monetary Fund Articles of Agreement makes "exchange contracts" which are contrary to approved foreign exchange regulations of members "unenforceable" and provides that member nations may further agree upon measures to enforce each other's foreign exchange laws. The recent New York Court of Appeals decision in Banco do Brasil, S.A. v. A. C. Israel Commodity Co. illustrates the serious shortcomings of IMF provisions for enforcing foreign exchange controls. The case also suggests that general conflict of laws rules can be used to effectuate the policies underlying exchange control laws.

Berle: The American Economic Republic, Henry G. Manne

Michigan Law Review

A Review of The American Economic Republic. By Adolf A. Berle

The Regulation Of Specialty Policies In Life Insurance, Spencer L. Kimball, Jon S. Hanson

Michigan Law Review

Every entrepreneur is vitally concerned with selling methods. Success depends upon sales. Sales depend upon desire for the product. Desire for most products, including life insurance, is not inherent but is created by the efforts of the entrepreneur. In the case of life insurance, an effective job of creating the desire, i.e., of selling, is usually necessary to convince a prospective insurance buyer that over a long period he should allocate a significant portion of his income to the purchase of an intangible such as life insurance.

Foreign Investment Protection: A Reasoned Approach, Earl Snyder

Michigan Law Review

The main purpose in protecting private foreign investment is to encourage capital to move to newly developing nations in spite of serious, existing non-business risks. These risks are (1) the political risk (outright and "creeping" expropriation), (2) the transfer risk ( currency controls and inconvertibility of funds), and (3) the calamity risk (insurrection, revolution, war, etc.). But why encourage this? Why should an affluent, powerful nation seek, in effect, to transport overseas some of its affluence and power? Why--in the case of the United States-should encouragement be given to that which may, according to some, tend to tip still more …

The Antidumping Act: Its Administration And Place In American Trade Policy, James A. Kohn

Michigan Law Review

It has now been forty years since the present Antidumping Act was passed. During that period certain administrative interpretations and procedures have developed. This discussion will not attempt a general exposition of the act, but rather will examine key terms which are not defined by the act itself, the administrative decisions interpreting these terms, and the soundness of these decisions when tested against the purposes of the act. In analyzing these decisions, not only the factors that influenced the original passage of the act must be considered, but also the events which have occurred since the passage of the act …

British Antitrust In Action, Michael Conant

Michigan Law Review

The Restrictive Trade Practices Act of 1956 was the first positive anti-monopoly statute in the United Kingdom since the Statute of Monopolies in 1623. Now that the statute has been in effect four years there are sufficient decisions and consent orders to make possible a report on its operation. Since most American readers are unfamiliar with the legal and economic background of the Restrictive Trade Practices Act, the prior common law in this area and the 1948 monopolies investigation statute will be summarized first. This summary is followed by an analysis of the structure of the 1956 Act, of the …

Stein And Nicholson: American Enterprises In The European Common Market: A Legal Profile, Volume 1, James N. Hyde

Michigan Law Review

A Review of American Enterprises in the European Common Market: A Legal Profile, Volume 1. Edited by Eric Stein and Thomas L. Nicholson.

Stein & Nicholson: American Enterprise In The European Common Market: A Legal Profile. Vol. Ii, Sigmund Timberg

Michigan Law Review

A Review of American Enterprise in the European Common Market: A Legal Profile. Vol. II. Volume Two. Edited by Eric Stein and Thomas L. Nicholson.

International Control Of The Safety Of Nuclear-Powered Merchant Ships, William H. Berman, Lee M. Hydeman

Michigan Law Review

In recent years we have witnessed the transition of nuclear-powered ships from an imaginative dream to an engineering reality. This vast step from the drawing board to successful operation on the high-seas has taken place in a remarkably short span of time. Nevertheless, in the :flush of enthusiasm over the technological achievement, we must not lose sight of the fact that the promise of nuclear power for the propulsion of ships will not have been fulfilled until nuclear vessels are operating safely and economically over the maritime trade routes of the world. It would be unrealistic to assume that further …

Forming A Subsidiary In The European Common Market, Alfred F. Conard

Michigan Law Review

The appearance of a new market which is open to free enterprise and contains almost as many customers as the United States has opened immense opportunities to American enterprises, with their unique experience in mass production and mass marketing. General counsel for large American enterprises are confronted with a new need for some understanding of the problems of organizing subsidiary companies in this new market. The present article is written to supply an introduction to the legal factors which bear on solutions of these problems.

Antitrust Law - Suggested Resale Price Policy - Limitations Of Use Of The Colgate Doctrine, Stanley Zax

Michigan Law Review

The United States Government brought a civil action charging that Parke, Davis & Co., a large pharmaceutical manufacturer, violated sections 1 and 3 of the Sherman Act by combining and conspiring with wholesalers and/or retailers to maintain the resale price of its products. Parke Davis, in marketing its products through both wholesale and retail channels of distribution, announced in its catalogues a suggested policy of resale prices at the wholesale and retail levels. In an effort to promote adherence to this policy, Parke Davis representatives visited wholesalers and retailers separately in non-fair trade areas. The wholesalers were informed that Parke …

Comparative Negligence And Automobile Liability Insurance, Cornelius J. Peck

Michigan Law Review

The purpose of this article is not to re-plow the ground of history, case law, and statutory developments which has been so competently tilled by others. Nor is the purpose to give a detailed consideration of each of the practical matters mentioned above. Instead, the focus of this article is on the relationship between comparative negligence and automobile liability insurance. Insurance rates and accident statistics, rather than rules of law and cases, are the primary materials. Such a consideration of the subject it might be hoped would give a positive and substantiated answer to the frequently debated but never documented …

Hunt: Law And Locomotives: The Impact Of The Railroad On Wisconsin Law In The Nineteenth Century, Alan N. Polasky

Michigan Law Review

A Review of Law and Locomotives: The Impact of the Railroad on Wisconsin Law in the Nineteenth Century. By Robert S. Hunt.

Regulation Of Business - Sherman Act - Expansion Of Per Se Doctrine Over Tying Agreements, Max H. Bergman S.Ed.

Michigan Law Review

Through congressional grant defendant's predecessor acquired approximately forty million acres of land, consisting of every alternate section in a twenty to forty mile wide belt on each side of its railroad track from Lake Superior to Puget Sound. Defendant sold about thirty-seven million acres of its holdings and leased the balance. Many of the sales contracts and most of the leases, together covering several million acres of land, contained "preferential routing" clauses which compelled the grantee or lessee to ship all commodities produced or manufactured on the land over defendant's lines, unless competitors' rates were lower or, in some instances, …

Vaughan: The United States Patent System, Arthur M. Smith

Michigan Law Review

A Review of The United States Patent System. By Floyd L. Vaughan.

Regulation Of Business - Sherman Act - Effect Of Trade-Mark On Scope Of Relevant Market, Robert H. Kapp S. Ed.

Michigan Law Review

Defendants are American corporations marketing trade-marked toilet goods obtained from their French affiliates. In each case the French company transferred to the American company trademark rights covering imported products. Pursuant to section 526 of the Tariff Act of 1930 defendants filed with the Bureau of Customs certificates of registration of these trade-marks for the purpose of preventing the competitive importation of products bearing the same trade-marks. In an action by the government charging that utilization of section 526 by each defendant constitutes an attempt to monopolize and a monopolization of the importation and sale of these trade-marked commodities in violation …

Simes & Smith: The Law Of Future Interests, Bertel M. Sparks

Michigan Law Review

A Review of The Law of Future Interests. 4 vols. By Lewis M. Simes and Allan F. Smith.

Edwards: Big Business And The Policy Of Competition, Carl H. Fulda

Michigan Law Review

A Review of Big Business and the Policy of Competition By Corwin D. Edwards.

Constitutional Law - Eminent Domain - Condemnation Of Riparian Lands Under The Commerce Power, George F. Lynch S.Ed.

Michigan Law Review

The power of the United States to regulate commerce comprehends a right to control navigation and the means of navigation. To the extent necessary for the enjoyment of this power the government may condemn riparian property. The federal power of eminent domain is limited by the mandate of the Fifth Amendment which requires just compensation for private property taken for a public use. Usually, the standard of just compensation is the market value of the property, taking into consideration the most profitable uses for which the property is suited and likely to be used at the time of the taking, …

Vaughan: The United States Patent System. Legal And Economic Conflicts In American Patent History, Bernard F. Garvey

Michigan Law Review

A Review of The United States Patent System. Legal and Economic Conflicts in American Patent History. By Floyd L. Vaughan.