Law and Economics Commons^™

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.

Commentary: Implications Of Professor Scherer's Research For The Future Of Antitrust, Robert H. Lande

All Faculty Scholarship

One way to test the accuracy of Professor Scherer's research is to compare it to the best previous work in the area. Prior to his current article the best analysis of the state of economic thinking and knowledge during antitrust's formative period was presented twelve years ago by—Professor Scherer. This was a skeletal precurser to the well-documented version that he now presents, but his overall conclusions are identical. During the twelve years since his conclusions were presented in the Yale Law Journal no one has demonstrated that his research is in any way faulty or misleading, even though many have …

Environmental Faust Succumbs To Temptations Of Economic Mephistopheles, Or, Value By Any Other Name Is Preference, Carol M. Rose

Michigan Law Review

A Review of The Economy of the Earth: Philosophy, Law, and the Environment by Mark Sagoff

Coase Defends Coase: Why Lawyers Listen And Economists Do Not, Stewart Schwab

Michigan Law Review

A Review of The Firm The Market and The Law by Ronald Coase

Aldo Leopold And Western Water Law: Thinking Perpendicular To The Prior Appropriation Doctrine, Charles F. Wilkinson

Publications

No abstract provided.

Recent Developments In Economics That Challenge Chicago School Views, Jonathan Baker

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Foreword: The Economics Of Contract Law, Michael J. Meurer

Faculty Scholarship

The articles in this issue are samples from the burgeoning economics of contract law. They demonstrate that lawyers a can bring economic models to bear on quite specific issues of co offer normative guidance regarding the structure of efficient The success of the symposium and the quality of the articles of this field will continue to flourish. The articles cover a fairly narrow range of contract law issues. The second through sixth articles all address topics involving remedies. Two of these loo at the optimal remedies to be provided by contract law, and the other three are concerned with remedies …

The Unimportance Of Being Efficient: An Economic Analysis Of Stock Market Pricing And Securities Regulation, Lynn A. Stout

Michigan Law Review

Part I of this article describes how perceptions that market efficiency is an important regulatory objective have influenced the development of securities law. For illustration, Part I examines the role of market efficiency goals in recent debates on the scope of insider trading liability, on trading in stock index futures, and on mandatory disclosure of merger negotiations. Part II then evaluates the notion that more efficient stock markets necessarily produce more optimal resource allocation. A closer look at the economic consequences of stock prices suggests that the principal function of stock prices is not resource allocation but rather the redistribution …

Free Speech And The "Acid Bath": An Evaluation And Critique Of Judge Richard Posner's Economic Interpretation Of The First Amendment, Peter J. Hammer

Michigan Law Review

Part I of this Note introduces the mechanics of the model Judge Posner has developed to determine whether restrictions upon speech should be upheld. Part II evaluates and critiques Posner's method from an internal perspective. This is first done by examining the theoretical foundations and assumptions of his economic perspective. This part then turns to testing the output and conclusions of the model to determine how successfully the theory can be turned into practice. Part III constitutes an external critique of Posner's model. This part addresses the question of whether the first amendment should be thought of in economic terms. …

Explaining Tort Law: The Economic Theory Of Landes And Posner, Peter C. Carstensen

Michigan Law Review

A Review of The Economic Structure of Tort Law by William M. Landes and Richard A. Posner

The Economics Of Accidents, Michelle J. White

Michigan Law Review

A Review of Economic Analysis of Accident Law by Steven Shavell

A Micro-Microeconomic Approach To Antitrust Law: Games Managers Play, Harry S. Gerla

Michigan Law Review

If we are to gain an accurate perspective on the impact of antitrust laws and policies on the behavior of firms in the real world, we must adopt a micro-microeconomic approach which focuses not on how rational, profit-maximizing firms will theoretically behave, but upon how late twentieth-century American managers and executives actually behave. This article attempts to begin that task.

Part I of this article examines the justifications for focusing on individual managers rather than profit-maximizing firms as the key actors in antitrust law. Part II looks at contemporary management mores and practices and develops some generalized "rules of the …

The Rhetoric Of Law And Economics, Donald N. Mccloskey

Michigan Law Review

Economics and law have contrasting rhetorics, which is one reason perhaps why economics has become influential in law. It is a new way of arguing, and lawyers are on the watch for new ways of arguing.

These "rhetorics" are not always bad. "Rhetoric" here is not merely ornament and trickery, but all persuasion, from arithmetic to moral character. We humans must decide what arguments we find persuasive. The lawyer's appeal to stare decisis or the economist's claim to scientific status are rhetorical acts, good or bad. I want to argue that economics is a sweet science, but the rhetoric of …

Do The Doj Vertical Restraints Guidelines Provide Guidance?, Alan A. Fisher Ph.D., Frederick I. Johnson, Robert H. Lande

All Faculty Scholarship

Vertical restraints come in a glittering menu of exceptional variety, including resale price maintenance (RPM), tying, exclusive dealing, requirements contracts, "best efforts" clauses, full-line forcing, airtight and nonairtight exclusive territories, customer restrictions, areas of primary responsibility, profit-passover provisions, restrictions on locations of outlets, and dual distribution. Firms sometimes combine vertical restraints into packages. The great variety of individual and combined vertical restraints complicates the discovery of market effects. Indeed, identifying what restraint(s) a given firm is using at any particular time can be difficult.

Trademark Law, Economics And Grey-Market Policy, Lars H. Liebeler

Indiana Law Journal

No abstract provided.

Volatility And Market Inefficiency: A Commentary On The Effects Of Options, Futures, And Risk Arbitrage On The Stock Market , Thomas Lee Hazen

Washington and Lee Law Review

No abstract provided.

Road Signs And The Goals Of Justice, Joseph Sanders

Michigan Law Review

Review of Ideals, Beliefs, Attitudes, and the Law: Private Law Perspectives on a Public Law Problem by Guido Calabresi

Are We A Nation Of Tax Cheaters? New Econometric Evidence On Tax Compliance, Jeffrey A. Dubin, Michael J. Graetz, Louis L. Wilde

Faculty Scholarship

In 1982, then Commissioner of Internal Revenue Roscoe Egger reported to Congress that legal sector noncompliance with the Federal Income Tax statutes generated an "income tax gap" of $81 billion in 1981, up from $29 billion in 1973. He further projected a gap of $120 billion for 1985 (U.S. Congress, 1982). Perceptions of accelerating noncompliance inspired a crisis mentality within the Internal Revenue Service, Congress, and the tax bar.

The IRS responded in part by funding a major independent study of tax noncompliance via the National Academy of Sciences, and the American Bar Foundation initiated an investigation of its own …

Contingent Income Items And Cost Basis Corporate Acquisitions: Correlative Adjustments And Clearer Reflection Of Income, John W. Lee, Mark S. Bader

Faculty Publications

No abstract provided.

The Conservation Movement In A Corporate Age, Charles F. Wilkinson

Publications

No abstract provided.

Letter To Bruce Ackerman, Wendy J. Gordon

Scholarship Chronologically

I shall be heading back to Rutgers for classes shortly, and I'm sending you a draft of the "Copyright and Copy-privilege" piece in the hope of receiving some additional comments before I enter into the final "polishing" stages later this month. As you know from my last note, the suggestions you made have proved extremely useful -- the title is the least of it. Among other things, your suggestions for reorganization led, indirectly, to a way of unifying the piece on copyright and contract with another piece I've been working on, regarding copyright and tort. I'm very pleased with the …

Changing Patterns Of Water Use In The West: Pressures On The System, David H. Getches

Western Water: Expanding Uses/Finite Supplies (Summer Conference, June 2-4)

17 pages.

An Economic Analysis Of Antitrust Law's Natural Monopoly Cases, John Cirace

West Virginia Law Review

No abstract provided.

Egoism, Altruism, And Market Illusions: The Limits Of Law And Economics, Jeffrey L. Harrison

UF Law Faculty Publications

The primary objective of this Article is to question assumptions in order to show that the conventional economic approach to law and public policy has limited value. The arguments are founded on empirical evidence drawn from many fields of study. An underlying theme is that the current application of economic analysis to law should be regarded as an interim step toward the integration of law with the behavioral, natural, and social sciences.

Part I describes the two forms of the self-interest assumption more completely. This examination reveals that economics and the separate study of law and economics are caught in …

An Economic Analysis Of Royalty Terms In Patent Licenses, Michael J. Meurer

Faculty Scholarship

Efficient exploitation of a patent often requires patentees to license users of their inventions. The courts, on the other hand, have proscribed many forms of license agreements and discouraged patent licensing in general, thereby diminishing the efficacy of the patent system as a stimulus to R & D. This negative attitude is attributable to fears that licensing will be used to protect invalid patents and secure illegitimate extensions of monopoly power. Part I of this Note reviews judicial treatment of certain royalty terms in patent licenses, describing the restraints the courts have imposed on the freedom of patentees to license …

The Legalization Of American Society: Economic Regulation, Peter O. Steiner

Michigan Law Review

My central thesis is that regulation may be insightfully classified into three broad types of response to perceived market failure, and I will merely touch examples of each. The first is protection of competitive results. I shall focus on natural monopoly regulation, although anti-trust would do as well. The second is protection from competitive results, such as entry control and setting of minimum prices. The third is regulation of externalities such as pollution and accidents arising as byproducts of more usual production.

Title V Of The 2nd Lome Convention Between Eec And Acp States: A Critical Assessment Of The Industrial Cooperation As It Relates To Africa, Ndiva Kofele-Kale

Northwestern Journal of International Law & Business

On October 31, 1979, representatives from fifty-eight African-Caribbean-Pacific (ACP) and nine European Economic Community (EEC) States signed the second Lome Convetion. This agreement will govern the technical, commercial, and financial relations between the two groups of countries from March 1, 1980 through February 28, 1985. Lome II is the fifth in a series of conventions concluded between the EEC countries and the developing nations of Africa, the Caribbean, and the Pacific. Like its predecessors, Lome II was designed to "establish a model for relations between developed and developing states," and lay the foundation for a "New International Economic Order." Toward …

United States International Competitiveness And Trade Policies For The 1980s, Dan Quayle

Northwestern Journal of International Law & Business

A new wave of protectionism is upon us and its undertow, if not the wave itself, constitutes a serious threat to the Western alliance. This "neo-protectionism" differs from familiar past practices relying heavily on higher tariffs; it is more often charactierized by the use of more subtle ploys such as dumping, subsidization, and the erection of difficult marketing requirements for foreign traders.

Economic Liberties And The Constitution, Michigan Law Review

Michigan Law Review

A Review of Economic Liberties and the Constitution by Bernard H. Siegan

Economic Theory And Environmental Law, Mark Sagoff

Michigan Law Review

In Part I of this essay, I argue that environmental legislation, at least during the past twenty years, fails to make economic "common sense," that is, it fails to maximize the satisfaction of consumer demand over the long run. Laws like the Endangered Species Act flout this conception of economic efficiency. This is how most Americans would have it: most Americans reject the notion that the natural environment should be made over to serve the wants of the self-interested consumer. Part II describes the way that economists have attempted to take account of citizen or community-regarding preferences. I suggest that …