Keeping Republics Republican,
2011
Florida State University College of Law
Keeping Republics Republican, Rob Atkinson
Scholarly Publications
No abstract provided.
The Great American Housing Bubble : The Road To Collapse,
2011
University of Denver
The Great American Housing Bubble : The Road To Collapse, Robert M. Hardaway
Sturm College of Law: Faculty Scholarship
In the aftermath of the American housing collapse in 2008, many ask why. The Great American Housing Bubble: The Road to Collapse asks a different and more fundamental question - how the bubble was created in the first place. To answer that question, it examines the causes, both political and economic, of the American housing bubble created between 1940 and 2007. Those causes encompass everything from federal income tax subsidies for housing to local exclusionary policies, banking, accounting, real estate appraisal, and credit agency rating practices and policies. The book also takes into account the impact of greed, government regulation, …
The Flawed Probabilistic Foundation Of Law & Economics,
2011
Brooklyn Law School
The Flawed Probabilistic Foundation Of Law & Economics, Alex Stein
Faculty Scholarship
No abstract provided.
The Functionalism Of Legal Origins,
2011
Duke Law School
The Functionalism Of Legal Origins, Ralf Michaels
Faculty Scholarship
This article, written on request for the centennial issue of Ius Commune Europaeum, connects the economic literature on legal origins (La Porta et al) and the World Bank's Doing Business reports with discussions in comparative law about the functional method. It finds that a number of parallels and similarities exist, and that much of the criticism that has been voiced against functionalism should apply, mutates mutants, also to these more recent projects. The attraction that these projects have derive not, it is argued, from their methodological sophistication, but instead from "the strange lure of economics" and from the ostentatious objectivity …
Economics, Behavioral Biology, And Law,
2011
Indiana University Maurer School of Law
Economics, Behavioral Biology, And Law, Jeffrey E. Stake, Owen D. Jones, Erin O'Hara O'Connor
Articles by Maurer Faculty
This article compares the relevance to law of two unexpectedly similar fields: economics and behavioral biology. It first examines the assumptions, core concepts, methodological tenets, and emphases of the two fields. It then compares the interdisciplinary fields of law and economics, on one hand, with law and behavioral biology, on the other-highlighting not only important similarities but also important differences. The article subsequently explores ways that biological perspectives on human behavior may, among other things, improve economic models and the behavioral insights they generate. The article concludes that although there are important differences between the two fields, the overlaps between …
Small-Donor Public Financing In The Post-Citizens United Era, 44 J. Marshall L. Rev. 619 (2011),
2011
UIC School of Law
Small-Donor Public Financing In The Post-Citizens United Era, 44 J. Marshall L. Rev. 619 (2011), Monica Youn
UIC Law Review
No abstract provided.
Russia's Lack Of American-Style Agency Priciples: A Primary Cause Of Corporate Governance Problems Today,
2011
University of South Carolina
Russia's Lack Of American-Style Agency Priciples: A Primary Cause Of Corporate Governance Problems Today, C. Keith Marshall Jr.
South Carolina Journal of International Law and Business
No abstract provided.
Review Of Seeds Of Destruction: Why The Path To Economic Ruin Runs Through Washington, And How To Reclaim American Prosperity,
2011
University of Michigan Law School
Review Of Seeds Of Destruction: Why The Path To Economic Ruin Runs Through Washington, And How To Reclaim American Prosperity, Michael S. Barr
Reviews
The United States has just gone through the worst financial crisis since the Great Depression. Our financial system came to brink of collapse, saved only by a massive intervention by the federal government. Although officially the Great Recession is now over, high unemployment and slow growth persist. Deficits that were ballooning in the 2000s with the weight of tax cuts, increased health care expenditures, and defense spending related to Iraq and Afghanistan, even before the financial crisis, have continued to climb, as lower tax receipts, automatic stabilizers, and fiscal stimulus kicked into gear.
Controlling Health Care Costs Through Public, Transparent Processes: The Conflict Between The Morally Right And The Socially Feasible,
2011
University of Nevada, Las Vegas -- William S. Boyd School of Law
Controlling Health Care Costs Through Public, Transparent Processes: The Conflict Between The Morally Right And The Socially Feasible, David Orentlicher
Scholarly Works
No abstract provided.
Consumer Protection Initiatives In The Eu Mortgage Market: A Behavioral Economics Based Critique And Proposal, 25 Temp. Int'l & Comp. L.J. 1 (2011),
2011
John Marshall Law School
Consumer Protection Initiatives In The Eu Mortgage Market: A Behavioral Economics Based Critique And Proposal, 25 Temp. Int'l & Comp. L.J. 1 (2011), Debra Pogrund Stark, Jessica M. Choplin
UIC Law Open Access Faculty Scholarship
No abstract provided.
Can Joe The Plumber Support Redistribution? Law, Social Preferences, And Sustainable Policy Design,
2011
Columbia Law School
Can Joe The Plumber Support Redistribution? Law, Social Preferences, And Sustainable Policy Design, Gillian Lester
Faculty Scholarship
How does one win popular support for laws designed specifically to redistribute economic wealth? One can hardly gainsay that this is a – perhaps the – defining issue for domestic policy in the age of President Obama. Even as the recent financial crisis has exposed the need for a reliable social safety net, attempts to respond through the political and legislative arenas have triggered increasingly hostile responses among conservatives, populists, Massachusetts voters, and incipient tea partiers. The puzzle of how to attract and preserve public support for law reform aimed at redistribution – of both income and risk – is …
After Frustration: Three Cheers For Chandler V. Webster,
2011
Columbia Law School
After Frustration: Three Cheers For Chandler V. Webster, Victor P. Goldberg
Faculty Scholarship
Performance of a contract can be excused by a number of circumstances, notably impossibility, impracticability, and frustration. When performance is excused there remains the question of how to treat any payments or expenditures that were made prior to the occurrence of the contract-frustrating event. In Chandler v. Webster, the English courts decided over a century ago that the parties should be left where they were at the time of the frustrating event. Forty years later that holding was overturned so that now recovery might be had both for restitution of payments made prior to the event and for expenditures …
The Unaffordable Health Care Act - A Reponse To Professors Bagley And Horwitz,
2011
University of Michigan Law School
The Unaffordable Health Care Act - A Reponse To Professors Bagley And Horwitz, Douglas A. Kahn, Jeffrey H. Kahn
Articles
The Patient Protection and Affordable Care Act of 2010 has stirred considerable controversy. In the public debate over the program, many of its proponents have defended it by focusing on what is sometimes called the “free-rider” problem. In a prior article, we contended that the free-rider problem has been greatly exaggerated and was not a significant factor in the congressional decision to adopt the Act. We maintained that the free-rider issue is a red herring advanced to trigger an emotional attraction to the Act and distract attention from the actual issues that favor and disfavor its adoption. In a recently …
Free Rider: A Justification For Mandatory Medical Insurance Under Health Care Reform?,
2011
University of Michigan Law School
Free Rider: A Justification For Mandatory Medical Insurance Under Health Care Reform?, Douglas A. Kahn, Jeffrey H. Kahn
Articles
Section 1501 of the Patient Protection and Affordable Care Act added section 5000A to the Internal Revenue Code to require most individuals in the United States, beginning in the year 2014, to purchase an established minimum level of medical insurance. This requirement, which is enforced by a penalty imposed on those who fail to comply, is sometimes referred to as the “individual mandate.” The individual mandate is one element of a vast change to the provision of medical care that Congress implemented in 2010. The individual mandate has proved to be controversial and has been the subject of a number …
The Politics And Policy Of The Estate Tax – Past, Present, And Future,
2011
Columbia Law School
The Politics And Policy Of The Estate Tax – Past, Present, And Future, Michael J. Graetz
Faculty Scholarship
This paper is an edited transcript of the Lloyd Leva Plaine Distinguished Lecture, delivered at the University of Miami’s Heckerling Estate Planning Institute on January 11, 2011. It reviews the history of the estate tax, discusses the politics of its bizarre repeal for the year 2010 only, and outlines the forces that led to reinstatement of the tax for 2011 and 2012 with a $5 million exemption and 35 percent top rate. The paper makes clear that the coalition pushing for repeal of the estate tax will continue to work to eliminate it and also explores potential broader implications of …
Markets And Morality,
2011
Columbia Law School
Markets And Morality, Jagdish N. Bhagwati
Faculty Scholarship
The paper addresses two issues. First, economics has evolved both as a positive science and, from moral philosophy, also as a normative discipline. Advancing the public good requires that public policy walk on both these legs. Second, the criticism has been forcefully made that markets undermine morality. This contention is refuted in several ways.
Making Coasean Property More Coasean,
2011
Columbia Law School
Making Coasean Property More Coasean, Thomas W. Merrill, Henry E. Smith
Faculty Scholarship
In his pioneering work on transaction costs, Ronald Coase presupposed a picture of property as a bundle of government-prescribed use rights. Not only is this picture not essential to Coase’s purpose, but its limitations emerge when we apply Coase’s central insights to analyze the structure of property itself. This leads to the Coase corollary: in a world of zero transaction costs, the nature of property does not matter to allocative efficiency. However, as with the Coase theorem, the real implication is for our world of positive transaction costs: we need to subject the notion of property to a comparative institutional …
Maximizing Autonomy In The Shadow Of Great Powers: The Political Economy Of Sovereign Wealth Funds,
2011
Columbia Law Review
Maximizing Autonomy In The Shadow Of Great Powers: The Political Economy Of Sovereign Wealth Funds, Kyle Hatton, Katharina Pistor
Faculty Scholarship
Sovereign wealth funds ("SWFs") have received a great deal of attention since they appeared as critical investors during the global financial crisis. Reactions have ranged from fears of state intervention and mercantilism to hopes that SWFs will emerge as model long-term investors that will take on risky investments in green technology and infrastructure that few private investors are willing to touch. In this paper we argue that both of these reactions overlook the fact that SWFs are deeply embedded in the political economy of their respective sovereign sponsors. This paper focuses on four political entities that sponsor some of the …
A New Experiment On Rational Behavior,
2011
Claremont McKenna College
A New Experiment On Rational Behavior, Myles R. Macdonald
CMC Senior Theses
Behavioral economics is widely recognized as a rising field in economics, one whose discoveries and implications are not yet completed or understood. At the same time, economic theory plays an enormous role in our governmental and legal system. In particular, the Coase Theorem and its implications have affected nearly every area in the field of law and economics. This paper proposes a experimental test of Coasean bargaining in situations using two competitive players whose payoffs depend on minimizing their costs of mitigating the externality. A rational player’s action can be predicted ahead of time, and the rationality of the game’s …
Health Inflation, Wealth Inflation, And The Discounting Of Human Life,
2011
University of Missouri School of Law
Health Inflation, Wealth Inflation, And The Discounting Of Human Life, Ben L. Trachtenberg
Faculty Publications
This article presents two new arguments against “discounting” future human lives during cost-benefit analysis, arguing that even absent ethical objections to the disparate treatment of present and future humanity, the economic calculations of cost-benefit analysis itself - if properly calculated - counsel against discounting lives at anything close to current rates. In other words, even if society sets aside all concerns with the discounting of future generations in principle, current discounting of future human lives cannot be justified even on the discounters’ own terms. First, because cost-benefit analysis has thus far ignored evidence of rising health care expenditures, it underestimates …
