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Declaring Victory or Premature Celebration?
Russell Korobkin (UCLA) provocatively declares the ultimate victory of behavioral law and economics over neoclassical economics: I am declaring victory in the battle for the methodological soul of the law and economics discipline. There is no need to continue to pursue the debate between behavioralists (that is, proponents of incorporating insights previously limited to the ... Declaring Victory or Premature Celebration?
Morgenson tries to rally a posse
Tom Kirkendall rightly criticizes a Gretchen Morgenson “newsitorial” in the NYT on the absence of criminal prosecutions from the financial meltdown. Even pairing Morgenson with a real reporter can’t hide the true nature of this diatribe, which picks up where Inside Job’s Charles Ferguson left off on Oscar night. Morgenson’s screed even trots out quotes ... Morgenson tries to rally a posse
Interior designers and lawyers
The WSJ and I have been discussing the myriad idiotic licensing laws that help strangle entrepreneurship in the US. Last up was cat groomers. Today it’s interior designers: Florida is one of only three states that require commercial interior designers to become licensed before they hang a single painting in an office building, school or ... Interior designers and lawyers
Unconscious Parallelism or Collusion? Libor Edition
News comes that the DOJ and SEC are “examining whether some of the world’s biggest banks colluded to manipulate a key interest rate before and during the financial crisis, affecting trillions of dollars in loans and derivatives, say people familiar with the situation.” The Wall Street Journal Reports that: The inquiry, led by the U.S. ... Unconscious Parallelism or Collusion? Libor Edition
Congress jerks the SEC’s leash
Last week I argued that the SEC’s considering relaxing the rule requiring 1934 act registration of stock classes with more than 499 shareholders was not what it seemed. I noted that while this might look like a move toward liberalization by permitting more Facebook-style markets, it actually furthered a trend toward closing US securities markets ... Congress jerks the SEC’s leash
Net Neutrality, the MetroPCS Complaint, and Low-Income Consumers
I blogged a bit about the MetroPCS net neutrality complaint a few weeks ago. The complaint, you may recall, targeted the MetroPCS menu of packages and pricing offered to its consumers. The idea that MetroPCS, about one-tenth the size of Verizon, has market power is nonsense. As my colleague Tom Hazlett explains, restrictions on MetroPCS ... Net Neutrality, the MetroPCS Complaint, and Low-Income Consumers
More on the Fighting Antitrust Agencies
One additional observation on the WSJ story Paul mentioned. Much has been written about the strained relationship between the FTC and DOJ in antitrust matters. There has, of course, never been a more descriptive and entertaining version of these tensions than the one offered by former Chairman and now Commissioner Kovacic who observed that the ... More on the Fighting Antitrust Agencies
Modes of mixing law and economics
Geoff Miller has a new must-read paper on the relationship between law and economics: Law and Economics versus Economic Analysis of Law. Here’s the abstract: This paper distinguishes law and economics – conceived as an equal partnership between two disciplines – and economic analysis of law, conceived as the application of economic reasoning to legal ... Modes of mixing law and economics
Municipal extortion and full employment for lawyers
Consider this a venting, especially as one of the few non-lawyers in our blogging group. Recently one of my lawyer friends posted a Facebook status as “Amending moving violations and saving clients on their insurance” at the local municipal court. This post reminded me of one of my less-than-enjoyable encounters with the Missouri traffic court ... Municipal extortion and full employment for lawyers
Manne and Wright on Search Neutrality
Josh and I have just completed a white paper on search neutrality/search bias and the regulation of search engines. The paper is this year’s first in the ICLE Antitrust & Consumer Protection White Paper Series: If Search Neutrality Is the Answer, What’s the Question? Geoffrey A. Manne (Lewis & Clark Law School and ICLE) and ... Manne and Wright on Search Neutrality
Scalping Next
So Alinea’s Grant Achatz has a new restaurant, Next, which is the talk of Chicago and the nation. You can buy transferable dining tickets which the NYT reports are being traded online up to $3,000. So now we see that even chefs can be like Hannah Montana. Alinea caps sales at two tables/customer given a ... Scalping Next
DOJ clears Google-ITA
The press release is here. Notably, the settlement obligates Google to continue product development and to license ITA software on commercially-reasonable terms, seemingly for 5 years. Frankly, I can’t imagine Google wouldn’t have done this anyway, so the settlement is not likely much of a binding constraint. Also notable is what the settlement doesn’t seem to ... DOJ clears Google-ITA
