Law and Economics Commons^™

Who Benefits From Corporate Tax Cuts?: Evidence From Banks And Credit Unions Around The Tcja, Edward Fox, Benjamin David Pyle

Faculty Scholarship

The TCJA of 2017 made large changes to the taxation of corporate and pass-through businesses in the U.S. Understanding the effects of these changes is complicated by the difficulty of finding control firms whose taxation was not altered by the Act. We study the effect of the TCJA on small and medium size banks using credit unions—which compete with these banks for deposits and in making loans—as a novel control group. Credit unions were not taxed both before and after the Act. Using a difference-in-difference framework, we find that an important fraction of the incidence of the tax cut goes …

Can Moral Framing Drive Insurance Enrollment In The Us?, Wendy Netter Epstein, Christopher Robertson, David Yokum, Hansoo Ko, Kevin Wilson, Monica Ramos, Katherine Kettering, Margaret Houtz

Faculty Scholarship

To encourage health insurance uptake, marketers and policymakers have focused on consumers' economic self-interest, attempting to show that insurance is a good deal or to sweeten the deal, with subsidies or penalties. Still, some consumers see insurance as a bad deal, either because they rationally exploit private risk information (“adverse selection”), or irrationally misperceive the value due to cognitive biases (e.g., optimism). As a result, about 30 million Americans remain uninsured, including many who could afford it. At the same time, polling suggests that Americans view health insurance through a moral lens, seeking to protect those with pre-existing conditions especially. …

Subjective Beliefs About Contract Enforceability, Jj Prescott, Evan Starr

Law & Economics Working Papers

This article assesses the content, role, and adaptability of subjective beliefs about contract enforceability in the context of postemployment covenants not to compete (“noncompetes”). We show that employees tend to believe that their noncompetes are enforceable, even when they are not. We provide evidence for both supply- and demand-side stories that explain employees’ persistently inaccurate beliefs. Moreover, we show that believing that unenforceable noncompetes are enforceable likely causes employees to forgo better job options and to perceive that their employer is more likely to take legal action against them if they choose to compete. Finally, we use an information experiment …

Protecting The Sovereign's Money Monopoly, Gary B. Gordon, Jeffery Zhang

Law & Economics Working Papers

Sovereign states have had a monopoly over the production of circulating currencies for well over a century. Governments, not private entities, issue circulating currencies. Indeed, in 1986, Milton Friedman and Anna Schwartz declared that “[t]he question of government monopoly of hand-to-hand currency is likely to remain a largely dead issue.” The advent of stablecoins—privately issued digital money that are pegged to fiat currencies like the U.S. dollar or the Euro—raises the question of the money monopoly from the grave.

Why did sovereign money monopolies come into existence in the 19th and 20th centuries? Should circulating private money coexist once again …

The Farcical Samaritan’S Dilemma, André Douglas Pond Cummings

Journal of Civil Rights and Economic Development

(Excerpt)

This article explores one of the foundational pillar theories of Law and Economics and specifically Public Choice Theory as espoused by Nobel Laureate James M. Buchanan: the “Samaritan’s Dilemma.” Using the Biblical parable of the Good Samaritan, Buchanan imagines a “dilemma” faced by the Good Samaritan when encountering a beaten and bloodied man left to die on the road to Jericho. Using Game Theory, Buchanan constructs a moral quandary that the man from Samaria must necessarily resolve within himself in deciding ultimately whether to lend aid to the beaten man left to die.

Law and Economics, born in the …

Foreword: Racial Capitalism As Legal Analysis, Jay Hedges

Journal of Civil Rights and Economic Development

(Excerpt)

In 2010, the Journal of Legal Commentary was renamed the Journal of Civil Rights & Economic Development (JCRED) to reflect its status as the official journal of the Ron Brown Center for Civil Rights here at St. John’s University School of Law. From then on, the Journal has been dedicated to exploring issues of social, racial, and economic justice in the law. Thus, JCRED is situated to be a publication that breaches the divide that has held so much power over legal scholarship through the years. That divide is the segregation of issues of Public Law and Private Law, …

Upaya Pemerintah Terhadap Perlindungan Ekspresi Budaya Tradisional Batik Motif Parang Sebagai Warisan Budaya Dunia, Raden Zulfikar Supinarko Putra

"Dharmasisya” Jurnal Program Magister Hukum FHUI

Abstract

Batik is not just a design on a piece of cloth, more than that, batik is a soul that blends in the procession of Indonesian society. Since the baby has been carried with a batik cloth, weddings wear batik cloth until when they die they will be covered with batik cloth too usually. This fact become a consideration for UNESCO to establish Indonesian Batik as a Masterpieces of the Oral and Intangible Heritage of Humanity in the Fourth Session of The Intergovernmental Committee. This research uses a normative legal research method that is descriptive and analytical using a statutory …

Perbedaan Akad Wakalah Bil Ujrah Dan Akad Qard Terhadap Permasalahan Akad Pembelian Barang Dalam Kehidupan Sehari-Hari, Zendy Sellyfio Ardiana

"Dharmasisya” Jurnal Program Magister Hukum FHUI

Abstract

The wakalah bil ujrah and qard contract are contracts that often cause difficulties in implementing the purchase of goods in everyday life, both in safekeeping for purchasing goods and for buying and selling in general. Where if it is wrong in its application, it can cause income in a sale and purchase to be haraam due to an error in understanding the contract used and not describing benefit as the core of maqashid al-sharia which has an important role in determining Islamic law. The purpose of this paper is to find out how the solution to the application of …

Tinjauan Yuridis Dalam Penyelesaian Pelanggaran Ham Berat Melalui Komisi Kebenaran Dan Rekonsiliasi Di Afrika Selatan Dan Indonesia, Tshana Erfandi

"Dharmasisya” Jurnal Program Magister Hukum FHUI

Abstract

Several countries are currently developing a solution to the problem by establishing a particular commission. The commission works outside the courts, parliament and executive. In Indonesia, In Indonesia. The People's Consultative Assembly set a stipulation regarding the establishment of the National Center for Truth and Reconciliation: (NCTR) in 2000. This stipulation has the intent and purpose for national unity to identify existing problems, determine the conditions that must be made in order to achieve national reconciliation and establish policy direction as a guide to carry out the consolidation of unity of a nation. Whereas in South Africa, the National …

Implementasi Aturan Perseroan Perorangan Pada Pemegang Saham Pasangan Suami Istri Tanpa Perjanjian Pisah Harta, Putra Fajar Utama

"Dharmasisya” Jurnal Program Magister Hukum FHUI

Abstract:

Along with the very significant development of investment in Indonesia, a regulation is needed that can filter out the types of investment that are not of good quality entering to Indonesia, so that it can affect competitiveness. President Joko Widodo in his inaugural speech after being re-inaugurated as President, said that he would make an act that would revise several laws at once, this concept is called the Omnibus law. This act later became known as Undang-undang Cipta Kerja, and it is hoped that this law will change the climate for doing business in Indonesia. One of the impact …

Evolusi Kebijakan Bank Indonesia Dalam Penyelesaian Permasalahan Likuiditas Pada Bank Umum Syariah, Mustafa Aqib Bintoro

"Dharmasisya” Jurnal Program Magister Hukum FHUI

Abstract

Indonesia is a country with a banking system that adheres to a dual banking system, where banks can be operated conventionally or shariah. As one of the authorities in the financial system, including Islamic banking, The Bank of Indonesia has the authority to carry out the functions of lenders of the last resort under Law No. 23 of 1999. In its implementation, the function of lenders of the last resort often faces legal problems because it is vulnerable to be considered a loss of state. As a result, The Bank of Indonesia's policy has often undergone changes that are …

Tinjauan Hukum Peran Direktorat Jenderal Administrasi Hukum Umum Terhadap Beneficial Owner Pada Perseroan Terbatas Dalam Tindak Pidana Pencucian Uang, Mochamad Lutfi Suryana

"Dharmasisya” Jurnal Program Magister Hukum FHUI

Abstract

Money laundering is an attempt to disguise or obscure dirty money, the perpetrator of the crime of money laundering continues to try to disguise and hide assets and financial transactions by utilizing publicly listed companies as a means of committing the crime of money laundering. The state in particular through several agencies such as the Ministry of Finance, the Directorate General of Taxes, the Ministry of Law and Human Rights, the Directorate General of General Legal Administration, the Financial Services Authority (OJK), the Financial Transaction Analysis Reporting Center (PPATK), the Corruption Eradication Commission (KPK) are increasingly encourage openness to …

Reforming Age Cutoffs, Govind C. Persad

Sturm College of Law: Faculty Scholarship

This Article examines the use of minimum age cutoffs to define eligibility for social insurance, public benefits, and other governmental programs. These cutoffs are frequently used but rarely examined in detail. In Part I, I examine and catalogue policies that employ minimum age cutoffs. These include not only Medicare and Social Security but also other policies such as access to pensions and retirement benefits, eligibility for favorable tax treatment, and eligibility for discounts on governmentally provided goods and services. In Part II, I examine different rationales underlying eligibility and discuss the imperfect fit between these rationales and the use of …

Expanding Civil Rights To Combat Digital Discrimination On The Basis Of Poverty, Michele E. Gilman

All Faculty Scholarship

Low-income people suffer from digital discrimination on the basis of their socio-economic status. Automated decision-making systems, often powered by machine learning and artificial intelligence, shape the opportunities of those experiencing poverty because they serve as gatekeepers to the necessities of modern life. Yet in the existing legal regime, it is perfectly legal to discriminate against people because they are poor. Poverty is not a protected characteristic, unlike race, gender, disability, religion or certain other identities. This lack of legal protection has accelerated digital discrimination against the poor, fueled by the scope, speed, and scale of big data networks. This Article …

Rattlesnakes, Debt, And Arpa § 1005: The Existential Crisis Of American Black Farmers, Maia Foster, P. J. Austin

Duke Law Journal Online

No abstract provided.

Criminal Enforcement Of Section 2 Of The Sherman Act: An Empirical Assessment, Daniel A. Crane

Law & Economics Working Papers

The Biden Justice Department has announced that it may begin to bring criminal monopolization cases under Section 2 of the Sherman Act, a practice that the Department has not employed in almost half a century. The Department's leadership has justified this idea by asserting that it used to be common practice for the Antitrust Division to bring such cases. This Article presents the findings of an empirical study of all of the Justice Department's antitrust case filings. It finds that the Justice Depart brought 175 criminal monopolization cases between 1903 and 1977, but that only 20 of these involved unilateral …

Session 4: Plunging Into Deep Water: An Immersion In Fintech, Defi (Decentralized Finance), & Web3, Joseph M. Vincent

SITIE Symposiums

This panel featured entrepreneurs providing their expert insight into the background, workings, and expected developments of the FinTech industry. Moderated by Adjunct Professor of Law Joseph M. Vincent, the panel features Ron Oliveira, Kory Hoang, and Jonathan Blanco.

The panelists provided insight on topics regarding: (1) the fundamental changes in financial services since the advent of FinTech; (2) background on the Stablecoin industry including a background of what Stablecoin is, and why it has been under recent scrutiny; and (3) the NFT market and the direction the NFT space is heading. In a Q&A session, the panelists also offered their …

Session 3: Deep Innovation Dive In Health Equity: Truveta (“Saving Lives With Data”), Steve Tapia, Dave Heiner

SITIE Symposiums

This session is a “deep dive” into health equity and research via a moderated discussion with Truveta, a new data partnership company poised for research breakthroughs in the healthcare sector. In it, Dave Heiner, General Counsel and Chief Policy Officer for Truveta, discusses the company’s healthcare-centered mission and the key role that data plays in the healthcare field.

Session 2: Diversity Perspectives: In-House Counsel, Debbie Akhbari

SITIE Symposiums

This expert panel addressed diversity perspectives in the legal field. Moderated by Debbie Akhbari, six panelists shared their stories. The panelists were Leticia Hernández, Bernadette Lopez, Elida Moran, Catherine Romero, Rachel Seals, and Katina Thornock. Each panelist's stories have been broken into its own section in the summary of proceedings.

Many diverse candidates have incorrect assumptions made about them, resulting in doors being closed by those in positions of power. This panel shared their personal stories and encouraged students and newer attorneys to keep “knocking on those doors” and for those in positions of power to open those doors. Through …

Session 1: Innovation In Legal Services, Steven W. Bender, Michael Cherry, Matthew Spencer

SITIE Symposiums

This panel featured two “disrupters” who detailed their experiences innovating in the legal services space. The first panelist spoke about data-driven regulatory reform and the other spoke as an entrepreneur whose product introduces artificial intelligence (AI) into the legal recruiting process. Two additional panelists provided commentary regarding the second panelist’s presentation.

The panel provided insight on the topics of: (1) the legal regulatory process at large; (2) how a data-driven and feedback-oriented sandbox provides an alternative regulatory process; (3) the legal hiring and recruiting process and (4) how AI allows law firms to consider alternative hiring metrics when assessing candidates …

Introduction To The 5th Annual Innovation And Technology Law Conference, Annette Clark

SITIE Symposiums

Seattle University School of Law’s then dean, now Dean Emerita, Annette Clark, opens the 5^th annual Innovation and Technology Law Conference, co-sponsored by the Seattle Journal of Technology, Environmental, and Innovation Law (SJTEIL) at Seattle University School of Law. Annette Clark has been involved with the planning and organization of the Innovation and Technology Law Conference since the conference’s inception. The theme of the 5^th annual 2022 conference is “deep innovation dives.”

Annette Clark explains that “This conference is part of our continuing efforts at Seattle [University] Law to expand educational opportunities for our students and community in …

5th Annual Innovation And Technology Law Conference: Deep Innovation Dives, Steven W. Bender

SITIE Symposiums

Steven W. Bender, Seattle University School of Law Professor and organizer of the SITIE Symposium series, details the history of the SITIE symposiums and the 2022 proceedings. He discusses how this year's symposium builds on themes and issues raised in previous symposiums and looks ahead to the 2023 SITIE symposium.

Is Corporate Law Nonpartisan?, Ofer Eldar, Gabriel V. Rauterberg

Law & Economics Working Papers

Only rarely does the United States Supreme Court hear a case with fundamental implications for corporate law. In Carney v. Adams, however, the Supreme Court had the opportunity to address whether the State of Delaware’s requirement of partisan balance for its judiciary violates the First Amendment. Although the Court disposed of the case on other grounds, Justice Sotomayor acknowledged that the issue “will likely be raised again.” The stakes are high because most large businesses are incorporated in Delaware and thus are governed by its corporate law. Former Governors and Chief Justices of Delaware lined up to defend the state’s …

Patent Law’S Externality Asymmetry, Peter Lee

Cardozo Law Review

Technologies such as social media, autonomous vehicles, and “big data” analytics generate enormous benefits for society, but they also create substantial harms. Many of these effects take the form of externalities—external benefits and harms that a decisionmaker (such as an inventor) imposes on third parties without charge or compensation. Considering negative externalities, for example, social media networks spread misinformation throughout the electorate, autonomous vehicles threaten the jobs of millions of professional drivers, and predictive policing based on big data can lead to unreasonable searches and seizures. Externalities can cause inefficient resource allocation, and the classic remedy is to “internalize” externalities …

Laws And Norms With (Un)Observable Actions, Claude Fluet, Murat C. Mungan

Faculty Scholarship

We analyze the interactions between social norms, the prevalence of acts, and policies when people cannot directly observe actors’ behavior and must rely on noisy proxies. Norms provide ineffective incentives when acts are committed either very frequently or very infrequently, because noisy signals of behavior are then too weak to alter people’s beliefs about others’ behavior. This cuts against the dynamics of the ‘honor-stigma’ model (Bénabou and Tirole 2006; 2011), and leads to the opposite positive and normative conclusions with even modest errors. The review process through which public signals are provided is then an additional policy variable. When the …

Tax Harmony: The Promise And Pitfalls Of The Global Minimum Tax, Reuven S. Avi-Yonah, Young Ran (Christine) Kim

Law & Economics Working Papers

The rise of globalization has become a double-edged sword for countries seeking to implement a beneficial tax policy. On one hand, there are increased opportunities for attracting foreign capital and the benefits that increased jobs and tax revenue brings to a society. However, there is also much more tax competition among countries to attract foreign capital and investment. As tax competition has grown, effective corporate tax rates have continued to be cut, creating a “race-to-the-bottom” issue.

In 2021, 137 countries forming the OECD/G20 Inclusive Framework on BEPS passed a major milestone in reforming international tax by successfully introducing the framework …

Export Controls And Economic Sanctions, John Boscariol, J. Patrick Briscoe, Abigail Cotterill, Harry Dixon, Geoffrey Goodale, Sarah Oliai, Timothy O'Toole, Christopher Stagg, Lawrence Ward

The Year in Review

No abstract provided.

Draft Federal Legislation: Agricultural Economic Empowerment Zones, Samuel C. Kessler

Commonwealth Policy Papers

This draft federal legislation was modified from initial failed attempts to pass Qualified Opportunity Zones, and focused on most bipartisan parts of those attempts to then create a targeted policy of agricultural economic empowerment zones to incentivize sustainability, renewable energy, and upcycling value from biomass to improve local economic interdependence.

Members of the United States Congress and other national governments may make use of this bill draft freely.

Draft State Legislation: Agricultural Energy Net Metering & Power Purchasing, Samuel C. Kessler, Austin Gabhart

Commonwealth Policy Papers

This draft legislation was first authored by Commonwealth Policy Coalition Associates Samuel Kessler and Austin Gabhart in 2018, and is now published in 2022 to provide a method of creating improved Agricultural Net Metering and Power Purchase Agreements for agriculture-based energy developments. Shortly after this time, the Commonwealth of Virginia passed similar legislation directly dealing with renewable Net Metering and eventually Power Purchase Agreements in an agricultural context. Those especially in states which do not have Renewable Energy Portfolios which may or may not entail concerns with those portfolios and stakeholders in the nonrenewable industry are urged to consider implementation …

Draft State Legislation: "A Geographically Targeted Approach For A Preceptor Tax Incentive Using Primary Care Health Professional Shortage Areas (Hpsas)", Julia Mattingly

Commonwealth Policy Papers

This draft legislation was sponsored in the 2022 session of the KY General Assembly as HB 718.