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Bryan Caplan and the National Review on 100 Years of Milton Friedman
Here. The most interesting part is Caplan’s take on why it is Friedman stands apart from other free-market thinkers: Why does Friedman stand apart from my other idols? In the end, it’s the absence of obscurantism. Friedman makes his points as simply, clearly, and bluntly as possible. He never rambles on. He never hides behind ... Bryan Caplan and the National Review on 100 Years of Milton Friedman
Happy 10th Birthday Sarbanes-Oxley
There are many days that I wish Larry Ribstein were still here, and today is definitely one of those days. He would have had a lot to say about the tenth anniversary of SOX today. He and Henry Butler noted in their book “The Sarbanes-Oxley Debacle: What We’ve Learned; How to Fix It” that: “while ... Happy 10th Birthday Sarbanes-Oxley
Chicago Continues to Thwart Food Trucks
Food trucks must remain at least 200 feet away from restaurants under the new Chicago regulation (HT: Reason). It also appears food trucks must carry a GPS that will allow detection of violations (parking within 200 feet of a restaurant — apparently, any restaurant) which carry a fine of up to $2,000. Protection of restaurants ... Chicago Continues to Thwart Food Trucks
GMU Law & Economics Center Presents “Unlocking the Law: Building on the Work of Professor Larry Ribstein”
I’m very pleased to announce the George Mason Law & Economics Center is hosting a program focusing on our friend and colleague Larry Ribstein’s scholarship on the market for law. Henry Butler and Bruce Kobayashi have put together a really wonderful program of folks coming together not to celebrate Larry’s work — but to ... GMU Law & Economics Center Presents “Unlocking the Law: Building on the Work of Professor Larry Ribstein”
Antitrust Sanctions in The Economist
In light of Barclays and other recent events, The Economist focuses on increasing corporate fines in response to price-fixing violations. That some firms behave badly is nothing new, but the response of the authorities has changed recently. Take cartels. Internationally, fines rose by a factor of one thousand between the 1990s and 2000s. Data from ... Antitrust Sanctions in The Economist
Macey Throws Some Cold Water on the CFPB’s New Mortgage Disclosures
In the WSJ, Professor Macey takes measure of the CFPB’s new mortgage disclosures and finds them lacking: The CFPB is proposing to revise the old forms into a new Loan Estimate Form and Closing Disclosure Form. The old loan form had been five pages; according to the agency website, the new one is three. The ... Macey Throws Some Cold Water on the CFPB’s New Mortgage Disclosures
Off to the Mason LEC Economic Institute for Law Professors
Off to Estes Park for the return of the Mason Law and Economics Center Economic Institute for Law Professors (agenda here) and Law Institute for Economic Professors (agenda here). I will be team-teaching microeconomics in the Economics Institute with friend and co-author Mike Baye (Indiana) for the first few days — and then some vacation. ... Off to the Mason LEC Economic Institute for Law Professors
Why Roberts’ Tax Reasoning Ultimately Damns the Affordable Care Act (But Not in a Good Way)
There’s great irony in Chief Justice Roberts’ reasoning in the recent Affordable Care Act ruling. In reading the ACA to impose a tax for failure to carry health insurance, thereby assuring the Act’s constitutionality, Justice Roberts also doomed the Act to failure. Let me explain. As the government repeatedly stressed, the individual mandate (now interpreted as a disjunctive order either to carry health insurance ... Why Roberts’ Tax Reasoning Ultimately Damns the Affordable Care Act (But Not in a Good Way)
Some Skepticism About the Role of Behavioral Economics in the FTC’s Antitrust Analysis
Given the enthusiasm for application of behavioral economics to antitrust analysis from some corners of the Commission and the academy, I found this remark from Alison Oldale at the Federal Trade Commission interesting (Antitrust Source): Behavioral economists are clearly correct in saying that people and firms are not the perfect decision makers using perfect information ... Some Skepticism About the Role of Behavioral Economics in the FTC’s Antitrust Analysis
David Post on Issue Versus Outcome Voting in NFIB v. Sebelius
David Post has a really interesting post this morning on the Volokh Conspiracy about the implications of issue versus outcome voting in NFIB v. Sebelius. Post and Steve Salop’s 1992 Georgetown Law Journal article sets forth an analysis of issue versus outcome voting. The blog post works through that analysis in the context of the ... David Post on Issue Versus Outcome Voting in NFIB v. Sebelius
WSJ Mistake on Holding of Health Care Ruling
Here’s a Letter to the Editor I sent to the Wall Street Journal today: Dear Editor: Today’s front page article, “GOP’s New Health-Law Front,” states that the Supreme Court’s Affordable Care Act ruling “circumvented the issue of whether the law was proper under Congress’s constitutional right to regulate commerce among the states.” That is incorrect. ... WSJ Mistake on Holding of Health Care Ruling
Justice Roberts Disses Economists
I’ve got nothing to add on the substantive merits of today’s big decision – but the following line got my attention: To an economist, perhaps, there is no difference between activity and inactivity; both have measurable economic effects on commerce. But the distinction between doing something and doing nothing would not have been lost on the ... Justice Roberts Disses Economists
