Law and Economics Commons^™

The Socio-Economic Aspects Of Geographical Indications Of Origin, Irene Calboli, Daniel Gervais

Research Collection Yong Pung How School Of Law

No abstract provided.

Book Review: Foreign Commerce And The Antitrust Laws. By Wilbur L. Fugate. Boston: Little, Brown & Co., 2d Ed. 1973. Pp Xxv, 491. $35.00., Paul P. Harbrecht

Georgia Journal of International & Comparative Law

No abstract provided.

Charter On Economic Rights And Duties Of States: A Solution To The Development Aid Problem?, Joseph C. Vanzant

Georgia Journal of International & Comparative Law

No abstract provided.

Trading With Socialist Partners, Josef Rohlik

Georgia Journal of International & Comparative Law

No abstract provided.

Who's Preparing For The Pecuniary Downside Of The Merger? Economy: The Imperative In The Reunification Of North And South Korea, Paul Stewart Kim

The Journal of Business, Entrepreneurship & the Law

This Comment views the North and South Korea's reunification process in light of economic principles and policies. This Comment broadly summarizes the role/need of foreign investors in North Korea for the preparation of the reunification. First, this Comment briefly reviews the History of North and South Korea. Second, this Comment scrutinizes North Korea-its economic history, current economy, and predicted future. Third, this Comment will link economy and reunification, will explain why reunification is more than political, and will describe why the past­proposed plan on reunification economy and why it has not succeeded. Reunification has exceedingly difficult issues arising out of …

Adding Insult To Death: Why Punitive Damages Should Not Be Imposed Against A Deceased Tortfeasor's Estate In Ohio, Alec A. Beech

Akron Law Review

A majority of jurisdictions in the United States have determined, either statutorily or judicially, that punitive damages cannot be imposed against deceased tortfeasors. However, a recent Ohio appellate court held to the contrary. In Whetstone v. Binner, the Ohio Fifth District Court of Appeals adopted the minority view when it held that punitive damages could be imposed against a decedent’s estate. This Comment takes the position that Whetstone was incorrectly decided. Specifically, this Comment argues that the longstanding purposes of punitive damages are not furthered when such damages are imposed against estates and that Ohio law supports this conclusion.

Socio-Economics: Challenging Mainstream Economic Models And Policies, Stefan J. Padfield

Akron Law Review

At a time when many people are questioning the ability of our current system to provide economic justice, the Socio-Economic perspective is particularly relevant to finding new solutions and ways forward. In this relatively short conclusion to the Akron Law Review’s publication, Law and Socio-Economics: A Symposium, I have separated the Symposium articles into three groups for review: (1) those that can be read as challenging mainstream economic models, (2) those that can be read as challenging mainstream policy conclusions, and (3) those that provide a good example of both. My reviews essentially take the form of providing a …

Why Working But Poor? The Need For Inclusive Capitalism, Robert Ashford

Akron Law Review

This Article addresses two questions: (1) What other solutions beyond those already tried can and should be employed to reduce poverty? and (2) What can legal scholars, lawyers, law schools, legal clinics, and law students do to reduce poverty? The answer to the first question is to establish an “inclusive capitalism” by democratizing “capital acquisition with the earnings of capital” based on the principles of binary economics. This democratization requires extending to poor and middle­class people competitive access to the same government­supported institutions of corporate finance, banking, insurance, reinsurance, and favorable tax and monetary policies that are presently available primarily …

Result Inequality In Family Law, Margaret F. Brinig

Akron Law Review

To the extent that family law is governed by statute, all families are treated as though they are the same. This is of course consistent with the equal protection guarantees of the U.S. Constitution as well as those of the states. However, in our pluralistic society, all families are not alike. At birth, some children are born to wealthy, married parents who will always put the children’s interests first and will never engage in domestic violence. Many laws benefit these children, while, according to some academics, they either further disadvantage other children or at best ignore their needs.

This Article …

The General Theory Of Second Best And Economic-Efficiency Analysis: The Theory, Its Negative Corollaries, The Appropriate Response To It, And A Coda On The Economic Efficiency Of Reducing Poverty And Income/Wealth Inequality, Richard S. Markovits

Akron Law Review

A great deal of Law & Economics scholarship focuses on the economic efficiency of a legal doctrine, judicial decision, statute, regulation, or proposed change in the law. This Article argues that virtually all such research is flawed (1) by its failure to consider the impact of the “law” it is analyzing on many of the categories of economic inefficiency whose magnitudes the “law” affects and (2) by its assumption that any “law” that reduces the number or magnitude of the (Pareto) imperfections in the economy (types of imperfections one of whose exemplars would cause economic inefficiency if it were the …

"The General Theory Of Second Best" - An Overview, Robert Ashford

Akron Law Review

The following introductory note provides a brief overview of the General Theory of Second Best. This theory is discussed in much greater detail in the essay that follows entitled, The General Theory of Second Best and Economic-Efficiency Analysis: The Theory, its Negative Corollaries, the Appropriate Response to It, and a Coda on the Economic Efficiency of Reducing Poverty and Income/Wealth Inequality written by Professor of law and economics Richard Markovits. This theory, which regrettably is generally ignored in law and economics literature, explains how there is no reason to believe that policy decisions considered in isolation that move a particular …

A Socio-Economic Approach To Antitrust: Unpacking Competition, Consumer Surplus, And Allocative Efficiency, Jeffrey L. Harrison

Akron Law Review

The primary function of socio-economics is to ask questions and broaden the discussion. I have attempted to do that by unpacking and contextualizing the two economic goals of antitrust law - maximizing consumer surplus and allocative efficiency. I have avoided what I believe is today's faith-based approach as exemplified by the Supreme Court. That approach has now gone beyond economics and seems to reveal, in its most benign form, a deep distrust of government.

At its most basic and obvious level the two antitrust goals cede to those with income - earned or not - the right to determine how …

Economic Ideology And The Rise Of The Firm As A Criminal Enterprise, William K. Black, June Carbone

Akron Law Review

Over the last 50 years, the institutions, ideology, nature, and power of firms in the United States have been radically transformed. Neoclassical economics has led that transformation, supplying an ideology that justified a dramatic increase in top executive compensation while dismantling the mechanisms that produced personal accountability tied to anything but relatively short term shifts in share prices. Yet, alongside the rise of the corporation, from the time of Adam Smith forward, has been concern that the separation of ownership and control creates opportunities to use the corporation as a “weapon” of fraud, and with the return of global financial …

Homeschooling's Harms: Lessons From Economics, George Shepherd

Akron Law Review

For more than two centuries, supporters of school choice programs, such as homeschooling, have attempted to invoke economic analysis. They have argued that school choice will cause public schools to improve because the public schools will no longer be monopolies; the new competition will discipline the public schools to improve. The argument is incorrect, as shown by both economic theory and empirical analysis. Economic theory indicates that, because of special characteristics of the market for education, competition will harm public schools, not help them. Likewise, empirical economic analysis confirms that competition will tend to harm public schools. Indeed, earlier school-choice …

The Socio-Economics Of The Federal Estate Tax: Why Do So Many People Hate (Or Love) This Centenarian?, Richard Gershon

Akron Law Review

The federal estate tax has faced many detractors during its almost 100 years of existence. While the tax affects only a very small percentage of estates, many have called for its repeal. This Essay discusses the socio-economic reasons why the estate tax should be maintained. The tax is an important source of revenue, and it helps to rectify the growing issue of wealth and income inequality in the United States.

What Does The Minimum Wage Have To Do With Reproductive Rights?, Terry O'Neill

Akron Law Review

In January of this year, I had the honor of delivering remarks at the AALS Section on Socio-Economics annual luncheon. The subject of my talk, What does the minimum wage have to do with reproductive rights?, undoubtedly struck many in the audience as attempting the impossible— linking two issues that, while each important and timely, are entirely separate. Surely, the argument goes, a woman’s right to choose abortion simply does not occupy the same analytical or policy space as a worker’s right to fair wages and terms of employment.

In this Essay, however, I will sketch out my reasons for …

Values And The Law: 2010 Aals Annual Meeting Luncheon Keynote Address, The Honorable Guido Calabresi

Akron Law Review

Why is the transformative role of law so important? Why is it such an important part of what we do? Why is what law does so crucial, not just in changing rules of law, but in changing underlying values? Law changes values in ways that may be awful or may be glorious or may be prosaic. But everything we do in law does this. One of the reasons this is so is the blessing and curse of human beings . . . we are so adaptable. It is the secret, I think, of our survival, but it is also a …

Introduction To Socio-Economics: An Ethical Foundation For Law-Related Economic Analysis, Robert Ashford

Akron Law Review

This introductory Article to the Symposium Issue on Law and Socio-Economics (1) briefly explains the origin of the term “socio-economics,” (2) recounts the history of its formal introduction into legal education in 1997, (3) sets forth its underlying principles as a specific methodological approach to law-related economic analysis, (4) describes in greater detail some of its most important features, (5) compares the socio-economic approach to the narrower, neoclassical economic approach that dominates scholarship in “law and economics,” (6) explains the special connection between socio-economic principles and the ethical responsibilities of lawyers related to competence, candor, and the lawyer’s role as …

Commitment And Entrenchment In Corporate Governance, K.J. Martijn Cremers, Saura Masconale, Simone M. Sepe

Northwestern University Law Review

Over the past twenty years, a growing number of empirical studies have provided evidence that governance arrangements protecting incumbents from removal promote managerial entrenchment, reducing firm value. As a result of these studies, “good” corporate governance is widely understood today as being about stronger shareholder rights.

This Article rebuts this view, presenting new empirical evidence that challenges the results of prior studies and developing a novel theoretical account of what really matters in corporate governance. Employing a unique dataset that spans from 1978 to 2008, we document that protective arrangements that require shareholder approval—such as staggered boards and supermajority requirements …

Taxing Sales Of Depreciable Assets, James R. Hines Jr.

Michigan Business & Entrepreneurial Law Review

Investors in depreciable assets used in a trade or business claim depreciation deductions following investment, and upon sale or other disposition of their assets are taxed on gain or loss equal to differences between amounts realized and adjusted basis. The taxation of these realized gains and losses is asymmetric: losses are deductible against ordinary income, whereas a portion of the gain on sales of personal property, and virtually all gains on sales of real property, are taxed at more favorable capital gain tax rates. Evidence from U.S. tax returns in 2012 indicates that the aggregate annual magnitude of the tax …

Legal Aspects Of Convertibility, Dr. Rainer Geiger

Georgia Journal of International & Comparative Law

No abstract provided.

The Standard Investment Agreement: Text And Comments, Philippe Kahn

Georgia Journal of International & Comparative Law

No abstract provided.

Conference Summary: Problems And Prospects Of Trade With Eastern Europe And China, Chesterfield H. Smith, William C. Mott, William J. Casey, Philip M. Landrum, Jacobus T. Severiens, Dean Rusk, Evgeniy V. Bugrov, Andrzej B. Burzynski, Gabriel M. Wilner, Peter M. Flanigan, Benjamin Busch, Victor Hoa Li, Graham Metson, Donald Clark, Reg Murphy, Charles Hodgkins, C.C. Van Den Heuvel, Jeremy Russell, David Winter

Georgia Journal of International & Comparative Law

No abstract provided.

Book Review: International Tax Planning. By Barry Spitz. London, England: Butterworth & Co. Ltd., 1972. Pp. Xxiii, 159. $12.15 (U.S.)., Donald O. Clark

Georgia Journal of International & Comparative Law

No abstract provided.

Complexity Analysis: A Preliminary Step Toward A General Systems Theory Of International Law, James L. Hildebrand

Georgia Journal of International & Comparative Law

No abstract provided.

Regulating Foreign-Based Institutions For Collective Investment: The German Statute, The American Experience, And The Oecd Standard Rules, Charles B. Robson Jr.

Georgia Journal of International & Comparative Law

No abstract provided.

Why Law Now Needs To Control Rather Than Follow Neo-Classical Economics, John William Draper

Pace Environmental Law Review

This article argues that neo-classical economics places an emphasis on short-term gain over precaution, and in doing so, places the lives of a myriad of individual humans—and even the species itself—at risk. Given the foreseeable risks, if humanity wants to survive longer, we need to rethink our economic principles and priorities and the relationship between economics and law.

I begin with a most brief overview of the various sources of risk to the human species and its life support system. Then I will move on to look at how neo-classical economics interacts with significant risk.

Replacing Havoc: Creating Rules For Sovereign Default, Edward J. Kelley

Cleveland State Law Review

Sovereign debt is an ongoing threat to a State’s economic stability and its citizens’ standard of living. A single occurrence of default begins a cycle in which it becomes increasingly more difficult for an indebted State to pay its debts and ensure the survival of its citizens. Because central banking systems and direct spending are often inadequate methods to boost an indebted State’s economy, a more expansive solution to sovereign debt is required. The initial solution to the growing problem of sovereign debt is an international treaty that will allow the world economy to establish monitoring mechanisms to prevent debt …

Not Complicit, But Inadequate: Looking At The Concurrent Rise Of Human Rights And Neoliberalism, Sonia Lawrence

Articles & Book Chapters

No abstract provided.

Incentive Regulation, New Business Models, And The Transformation Of The Electric Power Industry, Inara Scott

Michigan Journal of Environmental & Administrative Law

The electric utility sector is in the midst of paradigmatic change. Market forces include decreased load growth, technological advances in distributed energy resources, pressures for decarbonization, and demands for increased efficiency and new utility services. Meanwhile, as the utility monopoly is undermined and profits slow, financial analysts signal increasing risk to potential utility investors. Suggestions for transforming the existing regulatory structure abound. At the broadest level, such proposals reflect an established divide between energy policy, which traditionally focuses on economics and markets, and environmental law, which is based in the protection of natural resources and ecosystems. To marry the two …