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Full-Text Articles in Law and Economics
A New Economic Theory Of Regulation: Rent Extraction Rather Than Rent Creation, Douglas Ginsburg
A New Economic Theory Of Regulation: Rent Extraction Rather Than Rent Creation, Douglas Ginsburg
Michigan Law Review
Once upon a time, people believed that the government regulated various indus tries in "the public interest." The idea was that certain conditions, such as "natural monopoly" or the ability to externalize significant costs, caus ed markets to fail and governments to step in to correct that failure. Econmnic regulation predicated upon market failure can be dated conveniently to the Interstate Commerce Act of 1887, in which the Congress established the Inters tate Commerce Commission to regulate railroads in the interests of shippers, principally farmers and small businesses. The legal notion of "affectation with the public interest" dates back much …
The Tentative Case Against Flexibility In Commercial Law, Omri Ben-Shahar
The Tentative Case Against Flexibility In Commercial Law, Omri Ben-Shahar
Articles
Well-rooted in modern commercial law is the idea that the law and the obligations that it enforces should reflect the empirical reality of the relationship between the contracting parties. The Uniform Commercial Code ("Code") champions this tradition by viewing the performance practices formed among the parties throughout their interaction as a primary source for interpreting and supplementing their explicit contracts. The generous recognition of waiver and modifications, as well as the binding force the Code accords to course of performance, course of dealings, and customary trade usages, effectively permits unwritten commercial practices to vary and to erode explicit contractual provisions.