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Fracking, the Separation of Powers, Economic Welfare, and the Role of the Public (Or Mirabile Dictu! An Obama-Appointed Federal Judge Who Believes in the Separation of Powers)

An interesting thing happened on June 21st.  Scott Skavdahl, a federal district court judge appointed by President Barack Obama, invalidated the “Fracking Rule” adopted by the Interior Department’s Bureau of Land Management (BLM).  Even more interesting, however, was the fact that, in so holding, the judge relied heavily on a rather dusty, moth-eaten eighteenth century ... Fracking, the Separation of Powers, Economic Welfare, and the Role of the Public (Or Mirabile Dictu! An Obama-Appointed Federal Judge Who Believes in the Separation of Powers)

Brexit, Competition, and Economic Welfare

A key issue raised by the United Kingdom’s (UK) withdrawal from the European Union (EU) – popularly referred to as Brexit – is its implications for competition and economic welfare.  The competition issue is rather complex.  Various potentially significant UK competition policy reforms flowing from Brexit that immediately suggest themselves are briefly summarized below.  (These ... Brexit, Competition, and Economic Welfare

Robust Patent and Copyright Systems Promote a Strong U.S. Economy โ€“ and Are Consistent with Originalist Understandings of the Constitution

In a Heritage Foundation Legal Memorandum released today, I explore both the “constitutionalist” as well as utilitarian, economic-welfare-oriented justifications for robust U.S. patent and copyright systems.  The Memorandum explains: Intellectual property (IP) is increasingly important to the American private economy, and a discussion of the appropriate public policy toward IP is timely, particularly given the ... Robust Patent and Copyright Systems Promote a Strong U.S. Economy โ€“ and Are Consistent with Originalist Understandings of the Constitution

Welcome guest blogger David Olson

I’m delighted to announce that David Olson will be guest blogging at Truth on the Market this summer. David is an Associate Professor at Boston College Law School. He teaches antitrust, patents, and intellectual property law. Professor Olson’s writing has been cited in Supreme Court and other legal opinions. Olson came to Boston College from Stanford ... Welcome guest blogger David Olson

U.S. Food and Drug Administration (FDA) Reforms Needed to Promote Path-Breaking Biopharmaceutical Innovation

Yesterday the Heritage Foundation published a Legal Memorandum, in which I explain the need for the reform of U.S. Food and Drug Administration (FDA) regulation, in order to promote path-breaking biopharmaceutical innovation.  Highlights of this Legal Memorandum are set forth below. In recent decades, U.S. and foreign biopharmaceutical companies (makers of drugs that are based ... U.S. Food and Drug Administration (FDA) Reforms Needed to Promote Path-Breaking Biopharmaceutical Innovation

Senate Bill Provides Remedy for Regulatory Abuse Keeping Generics Off the Market

I’d like to begin by discussing Geoff’s post on the pending legislative proposals designed to combat strategic abuse of drug safety regulations to prevent generic competition. Specifically, I’d like to address the economic incentive structure that is in effect in this highly regulated market. Like many others, I first noticed the abuse of drug safety ... Senate Bill Provides Remedy for Regulatory Abuse Keeping Generics Off the Market

Will the Supreme Courtโ€™s Halo Electronics Decision Have a Desirable Halo Effect, Reducing Incentives to Infringe Patents?

The U.S. Supreme Court’s unanimous June 13 decision (per Chief Justice John Roberts) in Halo Electronics v. Pulse Electronics, overturning the Federal Circuit’s convoluted Seagate test for enhanced damages, is good news for patent holders.  By reducing the incentives for intentional patent infringement (due to the near impossibility of obtaining punitive damages relief under Seagate), ... Will the Supreme Courtโ€™s Halo Electronics Decision Have a Desirable Halo Effect, Reducing Incentives to Infringe Patents?

Senator Lee’s prescription for regulatory failure in the generic drug market

Brand drug manufacturers are no strangers to antitrust accusations when it comes to their complicated relationship with generic competitors — most obviously with respect to reverse payment settlements. But the massive and massively complex regulatory scheme under which drugs are regulated has provided other opportunities for regulatory legerdemain with potentially anticompetitive effect, as well. In ... Senator Lee’s prescription for regulatory failure in the generic drug market

Legatum Institute Publishes an Eye-Opening Case Study on the Benefits of Eliminating Anticompetitive Market Distortions (ACMDs) in India

In a recent Truth on the Market blog posting, I summarized the discussion at a May 17 Heritage Foundation program on the problem of anticompetitive market distortions (ACMDs), featuring Shanker Singham of the Legatum Institute (a market-oriented London think tank) and me.  The program highlighted the topic of anticompetitive government-imposed laws and regulations (which Singham ... Legatum Institute Publishes an Eye-Opening Case Study on the Benefits of Eliminating Anticompetitive Market Distortions (ACMDs) in India

The Constitutionally-Challenged Consumer Financial Protection Bureau (CFPB) Now Directly Challenges the Lawful and Welfare-Enhancing Pay-Day Lending Industry

The Consumer Financial Protection Bureau (CFPB) is, to say the least, a controversial agency.  As documented by such experts as Scalia Law School Professor Todd Zywicki, the CFPB imposes enormous costs on consumers and financial service providers through costly and unwarranted command-and-control regulation.  Furthermore, as I explained in a February 2016 Heritage Foundation legal memorandum, ... The Constitutionally-Challenged Consumer Financial Protection Bureau (CFPB) Now Directly Challenges the Lawful and Welfare-Enhancing Pay-Day Lending Industry

Combatting Foreign Theft of U.S. IP Theft by Strengthening Section 337 of the Tariff Act โ€“ and Making it an โ€œIP Onlyโ€ Statute

Public policies that rely on free-market forces and avoid government interventions that distort terms of international trade benefit producers, consumers, and national economies alike.  The  full benefits of international trade will not be realized, however, if sales and purchase decisions are distorted by anticompetitive behavior or other illegitimate commercial conduct (such as theft, fraud, or ... Combatting Foreign Theft of U.S. IP Theft by Strengthening Section 337 of the Tariff Act โ€“ and Making it an โ€œIP Onlyโ€ Statute

The FCC’s proposed broadband privacy rules: The harmful effects of regulating without evidence or analysis

Last week the International Center for Law & Economics filed comments on the FCC’s Broadband Privacy NPRM. ICLE was joined in its comments by the following scholars of law & economics: Babette E. Boliek, Associate Professor of Law, Pepperdine School of Law Adam Candeub, Professor of Law, Michigan State University College of Law Justin (Gus) Hurwitz, Assistant Professor of ... The FCC’s proposed broadband privacy rules: The harmful effects of regulating without evidence or analysis