Law and Economics Commons^™

The Intangible Divide: Why Do So Few Firms Invest In Innovation?, James Bessen, Xiupeng Wang

Faculty Scholarship

Investments in software, R&D, and advertising have grown rapidly, now approaching half of U.S. private nonresidential investment. Yet just a few hundred firms account for almost all this growth. Most firms, including many large ones, regularly invest little in capitalized software and R&D, and this "intangible divide" has surprisingly deepened as intangible prices have fallen relative to other assets. Using comprehensive US Census microdata, we document these patterns and explore a variety of factors associated with intangible investment. We find that firms invest significantly less in innovation-related intangibles when their rivals invest more. One firm's investment can obsolesce rivals' investments, …

Regulating Crypto Intermediaries, Eric D. Chason

Faculty Publications

Early 2024 produced a dramatic rebound in cryptocurrency markets as Bitcoin hit an all-time high price in March 2024. This surge was fueled in large part by judicial and regulatory action. After years of denials and a high-profile defeat in court, the U.S. Securities and Exchange Commission (SEC) finally approved the first exchange-traded funds (ETFs) for Bitcoin in January 2024. Many believe that these approvals will lead to a greater shift of investment funds into crypto. Crypto regulation is not, however, ready for this shift. While ETFs have clear treatment under current law, other institutions lack the same clarity or …

Evolving Corporate Philanthropy, David I. Walker

Faculty Scholarship

With the rise of corporate ESG initiatives and public benefit corporations, corporate philanthropy is evolving from an emphasis on cash contributions (contributional philanthropy) to an emphasis on adjusting operations to advance the public good (operational philanthropy). All forms of corporate philanthropy are controversial, but this article evaluates the impact of this evolution on the relative benefits and concerns of corporate philanthropy, arguing that the shift in emphasis towards operational philanthropy increases the comparative advantage of corporate philanthropy, increases agency costs, both simplifies and complicates shareholder primacy concerns, and increases the difficulty of prescriptively regulating corporate philanthropy through the tax code …

Selected U.S. Government Statistical Agencies And Their Data, Bert Chapman

Libraries Faculty and Staff Presentations

Provides introductory and detailed overview of U.S. Government agencies statistics. Includes examples of how an individual U.S. law authorizes government agencies to compile statistics for particular congressional committees and the general public. Statistics cover topics such as demography, defense, foreign assistance, economic growth, criminal justice, energy, Social Security, and Medicare.

Law School News: Supporting Rhode Island's Aquaculture 9-23-2024, Andrew Clark, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.

The Legal Realists On Political Economy, Dan Priel

Articles & Book Chapters

Alongside the well-known jurisprudential ideas associated with legal realism, some scholars have highlighted the realists’ political-economic ideas. Best known among them has been Morton Horwitz, who has argued that the realists launched an “attack on the legitimacy of the market.” Other scholars challenged this view and argued that there was no significant connection between legal realism and political economic ideas. I offer a corrective to both views. I first consider the work of five legal realists (Karl Llewellyn, Adolf Berle, William O. Douglas, Jerome Frank, and Thurman Arnold) and show that all held views that were well within the political-economic …

Forging Future Frontiers: Pioneering Union Progress Through Training Centers, Ciara S. Alagao

Nevada Law Journal

No abstract provided.

Justifying Redistributive Regulations, Jack Lienke

University of Michigan Journal of Law Reform

Conventional cost-benefit analysis asks whether a regulation’s total benefits exceed its total costs but not whether those benefits and costs are distributed fairly across society. The traditional justification for this indifference to equity is that distributional concerns are most efficiently addressed through the tax-and-transfer system. Agencies issuing regulations, the story goes, should focus on growing the pie (i.e., increasing aggregate welfare). If the regulation that yields the largest pie also yields inequitably apportioned slices, Congress can correct the problem with taxes and transfers.

But Congress often asks agencies to fill in the details of its transfer programs with regulations, such …

Viscusi Circular A-4 Peer Review Comments, W. Kip Viscusi

Vanderbilt Law School Faculty Publications

This working paper provides commentary on my 2023 peer review panel comments on the 2023 Office of Management and Budget (OMB) Circular A-4. The Prologue section introduces my official peer review comments and indicates how the structure of my comments was tailored to the guidelines established by the OMB. The main section consists of my 2023 peer review comments as they were submitted to OMB. I recommended changes in the draft Circular A-4 to increase the discount rate from the 1.7% rate that OMB proposed, to report domestic benefits whenever global benefits are reported, to adopt a behavioral transfer test …

Is Distance From Innovation A Barrier To The Adoption Of Artificial Intelligence?, Jennifer Hunt, Iain Cockburn, James Bessen

Faculty Scholarship

Using our own data on Artificial Intelligence publications merged with Burning Glass vacancy data for 2007-2019, we investigate whether online vacancies for jobs requiring AI skills grow more slowly in U.S. locations farther from pre-2007 AI innovation hotspots. We find that a commuting zone which is an additional 200km (125 miles) from the closest AI hotspot has 17% lower growth in AI jobs’ share of vacancies. This is driven by distance from AI papers rather than AI patents. Distance reduces growth in AI research jobs as well as in jobs adapting AI to new industries, as evidenced by strong effects …

University Of The District Of Columbia Law Review, University Of The District Of Columbia Law Review

University of the District of Columbia Law Review

No abstract provided.

Returning Power To The Mashpee Wampanoag Tribe: Energy Policy And Tribal Autonomy, Nicolas Land-Kazlauskas

Capstone Collection

This policy brief addresses tribal autonomy, energy policy, and the resources of the Mashpee Wampanoag Tribe in Massachusetts. Tribal sovereignty has been a difficult and often painful area of discussion for many tribal communities. For generations, tribes have had to carefully navigate their interactions with colonial forces and the residues of colonialist legacies, especially tied to resource wealth and decision-making. Even with the best of efforts by the tribe, their actions often have not impacted the basic legal or economic situations on-the-ground. Their on-going relationships with states and companies continue to undermine tribal autonomy and sovereignty oftentimes simply because they …

The Law Of General Average, Luca Anderlini, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

Part of a ship's cargo is jettisoned in order to save the vessel and the remaining cargo from imminent peril. How should the loss be shared among the cargo owners? The law of general average, an ancient principle of maritime law, prescribes that the owners share the loss proportionally according to the respective values of their cargo. We analyze whether the law of general average is a truthful and efficient mechanism. That is, we investigate whether it induces truthful reporting of cargo values and yields a Pareto efficient allocation in equilibrium. We show that the law of general average is …

Changes In Revenues Associated With Antimicrobial Reimbursement Reforms In Germany, Matt Mcenany, Kevin Outterson

Faculty Scholarship

Policy declarations from the G7 and other high-level meetings call for increased incentives for antimicrobial research and development (R&D). Governments fund push incentives like CARB-X and GARDP, and G7 countries are now designing pull incentives—financial rewards given to manufacturers post-market authorization that are intended to encourage the creation and introduction of novel antimicrobials. Germany has declared previously at the G7 that it has developed a pull incentive that will increase revenues from sales of important new antimicrobials, principally by exempting them from some aspects of health technology benefit assessments and reference pricing, which should result in higher prices. This policy …

How Is Access To Legal Resources And Advocacy Foundational To Health Justice?, Yael Zakai Cannon

Georgetown Law Faculty Publications and Other Works

Health justice as a movement incorporates research about how to more effectively leverage law, policy, and institutions to dismantle inequitable power distributions and accompanying patterns of marginalization that are root causes of health inequity. Legal advocacy is key to health justice because it addresses patients’ health-harming legal needs in housing, public benefits, employment, education, immigration, domestic violence, and other areas of law. In medical-legal partnerships, lawyers and clinicians are uniquely positioned to jointly identify and remove legal barriers to patients’ health, advocate for structural reform, and build community power.

Limits To Asset Manager Adaptation, Madison Condon

Faculty Scholarship

In Our Lives in Their Portfolios, Brett Christophers provides an account of the rise of ‘asset manager society’ – a world in which the infrastructures of public life are converted from public to private ownership. Here I use Christophers’ analysis to comment on growing calls for asset manager investment in climate adaptation. The asset manager business model requires ever-escalating returns, a poor fit with the now unavoidable losses that climate change promises to bring.

Can Human Rights Be Reconciled With Citizenship: Reconsidering Marx's Zur Judenfrage Today, David Ingram

Philosophy: Faculty Publications and Other Works

This essay critically re-examines Marx’s youthful analysis of the separation of church and state and his complex views about the function of rights in the modern state. I argue that Marx’s condemnation of Christian nationalism and endorsement of citizenship for Jews is consistent with his view that the modern, secular state cannot emancipate itself entirely from religiosity, as evidenced by the continuing legacy of nationalism and cultural identity politics today. Although Marx correctly follows Hegel in identifying modernity with a structural differentiation between civil society and state, I argue that he misunderstands the nature of this separation and, along with …

Dean Christiana Ochoa And 12 Maurer Alumni Named Indiana 250 Honorees, James Owsley Boyd

Keep Up With the Latest News from the Law School (blog)

What do Indiana Fever star Caitlin Clark, record-setting racecar driver and team owner Michael Andretti, Indianapolis Colts owner Jim Irsay, broadcasting icon Pat McAfee, and Indiana Law Dean Christiana Ochoa have in common?

All are among this year’s list of Indiana 250 honorees, recognizing some of the most influential and impactful leaders across the state, a list that also includes a number of Maurer School of Law alumni.

“The evolution of the Indiana 250 over time is one of our favorite things about it—and the reason we update the list annually,” said Nate Feltman, CEO and owner of IBJ Media. …

Whistle-Blowing And The Incentive To Hire, Jef De Mot, Murat C. Mungan

Faculty Scholarship

We consider a previously neglected cost of whistle-blower awards: employers may base their hiring decisions, on the margin, not on the productivity of an employee but rather on the probability that the employee will become a whistle-blower. We develop a three-stage model to examine how productivity losses due to distortions at the hiring stage influence optimal whistle-blower rewards. We characterize optimal rewards for whistle-blowing, and show that when rewards can be chosen according to either the benefits of the employer from offending or the productivity of the worker being hired, productivity-based rewards are superior to benefit-based rewards.

Do Private Actors Have Rights Under The Wto? The Motivation For And (Inadequate) Implementation Of Gatt Article X, Adeet Dobhal, Petros C. Mavroidis, Lucas Moreira Jiminez, Sunayana Sasmal, Robert Wolfe

Faculty Scholarship

General Agreement on Tariffs and Trade (GATT) Article X has been consistently overlooked in literature even though it is a unique provision in the GATT-regime: it acknowledges standing for private actors who can challenge trade-related administrative action by World Trade Organization (WTO) members. This provision is an unusual instantiation of the need to provide transparency for private actors about state policy. It is equally eccentric in seeming to provide a right for private actors to challenge governments, albeit only before domestic fora. How did the GATT end up with this provision? And are these apparent private rights meaningful in practice? …