Law and Economics Commons^™

Waging The War Against Unpaid Labor: A Call To Revoke Fact Sheet #71 In Light Of Recent Unpaid Internship Litigation, Rachel P. Willer

University of Richmond Law Review

Part I of this comment provides an overview of prevailing agency and judicial interpretations of unpaid internships. Part II describes recent internship litigation and the trend towards courts abandoning the Wage and Hour Division's six-factor test in favor of a more expansive primary beneficiary test. Part III suggests that Fact Sheet #71 is an outdated model that is inapplicable to contemporary internships. The Wage and Hour Division's six-factor test lacks the "force of law" and should not warrant un- due judicial deference. Alternatively, the primary beneficiary test, articulated in the Second Circuit's holding in Glatt v. Fox Searchlight Pictures, Inc." …

The Economics Of The Political Parties: A Comparison Of Economic Performance Under Conservatives And Liberals, Austin Fischer

Honors Program Projects

A topic that has long been a subject of debate is which party in America’s two-party political system has better economic policies. Democrats tout strong economic records, boasting of their tried and true Keynesian principles. Republicans point to the accomplishments of recent presidents in combating recessions with supply-side ideals. This project attempts to look at the actual performance of the economy under Republican and Democratic presidents since 1950, and come to an unbiased conclusion on whose policies really do work better.

This project looks at GDP growth, inflation, unemployment, disposable income, and budget deficits to determine which party’s policies help …

The Complicated Economics Of Prison Reform, John F. Pfaff

Michigan Law Review

Two recent books on prison growth directly address the relationship between penal change and economic conditions: Hadar Aviram’s Cheap on Crime and Marie Gottschalk’s Caught. Aviram’s is the more optimistic of the two accounts, arguing that there is at least some potential in an economic-based reform effort. Gottschalk, on the other hand, fears not only that economic-based efforts could fail to lead to significant reforms, but that they could actually make prison life worse for inmates if states cut funding and support without cutting populations. Both books make many provocative points, but both also suffer from some surprising omissions. …

Taking On Water: Local Government, Eminent Domain, And The Foreclosure Crisis, Brian Cullin

University of Baltimore Journal of Land and Development

The 2008 Financial Crisis and the ensuing Great Recession sent shockwaves throughout the U.S. and global economy, wreaking havoc from Wall Street to Main Street. The Crisis harkened economic contraction, high unemployment, and elevated rates of home foreclosure. While the financial industry recovered, spelling an end to one crisis, another continues - the Foreclosure Crisis. The rate of home foreclosure, already ominously on the rise before 2008 and growing in intensity and breadth in the aftermath of the Financial Crisis, provides the foundation for this paper. This article examines an innovative public-private partnership between a private firm, Mortgage Resolution Partners …

Land Use For Economic Development In Tough Financial Times, John R. Nolon

Elisabeth Haub School of Law Faculty Publications

The recession hit cities hard. Basic municipal staffs and services are being cut, debt is being restructured, capital projects delayed, and other cost cutting measures reported. The Congressional Budget Office reports that by November of last year there were 241,000 fewer municipal employees than there were three years earlier when the recession began. In its most recent report from city finance officers, the National League of Cities states that city spending cutbacks since 2009 are the largest since the survey was first taken, over twenty-five years ago. Despite this serious trend, municipalities have not defaulted in debt payment and there …

The Chapter 13 Alternative: A Legislative Solution To Undersecured Home Mortgages, Hon. Samuel L. Bufford

University of Richmond Law Review

No abstract provided.

The Immediate And Lasting Impacts Of The 2008 Economic Collapse--Lehman Brothers, General Motors, And The Secured Credit Markets, Edward J. Estrada

University of Richmond Law Review

This article analyzes the early days of the credit crisis as well as two of the largest casualties of that period-Lehman Brothers and General Motors. In addition, by focusing on the bankruptcy proceedings of these two entities as well as other judicial decisions rendered since the financial crisis began, it examines the role that courts have played in the crisis.

Breathing New Life Into Old Technological Infrastructure: Broadband Internet As A Means Of Jump-Starting The Economy And Connecting The Country, Elizabeth Chernow

Legislation and Policy Brief

This paper examines the current structure of universal service and the FCC’s Universal Service Fund, recent pushes to expand the definition of and funding for universal service to include broadband access, and how broadband internet can contribute to saving the ailing economy. This paper concludes by calling for the inclusion of broadband internet in the Universal Service Fund.

Our Not-So-Great Depression, Craig Green

Michigan Law Review

A Failure of Capitalism by Richard Posner is not a great book, and it does not pretend to be one. Posner summarizes the economic crisis of 2008-09 and considers proposals to reduce current suffering and avoid future recurrence (p. xvi). But when the book's final edits were made in February 2009, it was still too soon for authoritative solutions or full accounts of what had happened. Instead, Posner wrote a conspicuously contemporary-and thus incomplete-description of the crisis as it looked to him at the time (p. xvii). Now one year later, readers may need a reminder about the value of …

The Road Not Taken: Rethinking Securities Regulation And The Case For Federal Merit Review, Daniel J. Morrissey

University of Richmond Law Review

No abstract provided.

The Currency Of White Women's Hair In A Down Economy, Bridget J. Crawford

Elisabeth Haub School of Law Faculty Publications

This short essay is a reflection on the relationship between the economy and women’s hair. I suggest that examining women’s spending on hair care products during uncertain financial conditions provides insight into the gendered aspects of the economy. As the economy has declined, sales of home hair-care products targeted toward white women have increased. Major news outlets report on salon customers trying to stretch out the time between their regular $250 hair salon treatments. Certain women turn to home hair dyes to maintain conforming appearances. In popular culture, to have white skin and gray hair is to be old (unemployable …

Black Tuesday And Graying The Legitimacy Line For Governmental Intervention: When Tomorrow Is Just A Future Yesterday, Donald J. Kochan

Donald J. Kochan

Black Tuesday in October 1929 marked a major crisis in American history. As we face current economic woes, it is appropriate to recall not only the event but also reflect on how it altered the legal landscape and the change it precipitated in the acceptance of governmental intervention into the marketplace. Perceived or real crises can cause us to dance between free markets and regulatory power. Much like the events of 1929, current financial concerns have led to new, unprecedented governmental intervention into the private sector. This Article seeks caution, on the basis of history, arguing that fear and crisis …

State Finance In Times Of Crisis, Brian Galle, Jonathan Klick

All Faculty Scholarship

As recent events illustrate, state finances are pro-cyclical: during recessions, state revenues crash, worsening the effects of economic downturns. This problem is well-known, yet persistent. We argue here that, in light of predictable federalism and political economy dynamics, states will be unable to change this situation on their own. Additionally, we note that many possible federal remedies may result in worse problems, such as creating moral hazard that would induce states to take on excessively risky policy, both fiscal and otherwise. Thus, we argue that policy makers should consider so-called “automatic” stabilizers, such as are found in the federal tax …

Contractual And Other Considerations Affecting Producers, Pipelines And Distributors During Current Period Of Market Demand Constraints [Outline], Michael J. Manning

Natural Gas Symposium: Contract Solutions for the Future of Regulatory Environment (March 24-25)

6 pages.