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Economics and the Interpretation and Application of U.S. and E.U. Antitrust Law: Volume II
by Richard S. MarkovitsVolume 2 uses the economic and legal concepts/theories of Volume 1 to (1) analyze the U.S. and E.U. antitrust legality of mergers, joint ventures, and the pricing-technique and contractual/sales-policy distributor-control surrogates for vertical integration and (2) assess related positions of scholars and U.S. and E.U. antitrust officials. Its analysis of horizontal mergers (1) delineates non-market-oriented protocols for determining whether they manifest specific anticompetitive intent, would lessen competition, or are rendered lawful by the efficiencies they would generate, (2) criticizes the U.S. courts’ traditional market-share/market-concentration protocol, the HHI-oriented protocols of the 1992 U.S. DOJ/FTC Guidelines and the European Commission (EC) Guidelines, and the various non-market-oriented protocols the DOJ/FTC have increasingly been using, (3) argues that, although the 2010 U.S. Guidelines and DOJ/FTC officials discuss market definition as if it matters, those Guidelines actually reject market-oriented approaches, and (4) reviews the relevant U.S. and E.U. case-law. Its analysis of conglomerate mergers (1) shows that they can perform the same legitimate and competition-increasing functions as horizontal mergers and can yield illegitimate profits and lessen competition by increasing contrived oligopolistic pricing and retaliation barriers to investment, (2) analyzes the determinants of all these effects, and (3) assesses limit-price theory, the toe-hold-merger doctrine, and U.S. and E.U. case-law. Its analysis of vertical conduct (1) examines the legitimate functions of each type of such conduct, (2) delineates the conditions under which each manifests specific anticompetitive intent and/or lessens competition, and (3) assesses related U.S. and E.U. case-law and DOJ/FTC and EC positions. Its analysis of joint ventures (1) explains that they violate U.S. law only when they manifest specific anticompetitive intent while they violate E.U. law either for this reason or because they lessen competition, (2) discusses the meaning of an “ancillary restraint” and demonstrates that whether a joint-venture agreement would be illegal if it imposed no restraints and whether any restraints imposed are ancillary can be determined only through case-by-case analysis, (3) explains why scholars and officials overestimate the economic efficiency of R&D joint ventures, and (4) discusses related U.S. and E.U. case-law and DOJ/FTC and EC positions. The study’s Conclusion (1) reviews how its analyses justify its innovative conceptual systems and (2) compares U.S. and E.U. antitrust law as written and as applied.
Economics and the Interpretation and Application of U.S. and E.U. Antitrust Law: Volume I
by Richard S. MarkovitsThis volume (1) defines the specific-anticompetitive-intent, lessening-competition, distorting-competition, and exploitative-abuse tests of illegality promulgated by U.S. and/or E.U. antitrust law, (2) compares the efficiency defenses promulgated by U.S. and E.U. antitrust law, (3) compares the conduct-coverage of the various U.S. and E.U. antitrust laws, (4) defines price competition and quality-or-variety-increasing-investment (QV-investment) competition and explains why they should be analyzed separately, (5) defines the components of individualized-pricing and across-the-board-pricing sellers’ price minus marginal cost gaps and analyses each’s determinants, (6) defines the determinants of the intensity of QV-investment competition and explains how they determine that intensity, (7) demonstrates that definitions of both classical and antitrust markets are inevitably arbitrary, not just at their periphery but comprehensively, (8) criticizes the various protocols for market definition recommended/used by scholars, the U.S. antitrust agencies, the European Commission, and U.S. and E.U. courts, (9) explains that a firm’s economic (market) power or dominance depends on its power over both price and QV investment and demonstrates that, even if markets could be defined non-arbitrarily, a firm’s economic power could not be predicted from its market share, (10) articulates a definition of “oligopolistic conduct” that some economists have implicitly used–conduct whose perpetrator-perceived ex ante profitability depended critically on the perpetrator’s belief that its rivals’ responses would be affected by their belief that it could react to their responses, distinguishes two types of such conduct–contrived and natural–by whether it entails anticompetitive threats and/or offers, explains why this distinction is critical under U.S. but not E.U. antitrust law, analyzes the profitability of each kind of oligopolistic conduct, examines these analyses’ implications for each’s antitrust legality, and criticizes related U.S. and E.U. case-law and doctrine and scholarly positions (e.g., on the evidence that establishes the illegal oligopolistic character of pricing), and (11) executes parallel analyses of predatory conduct--e.g., criticizes various arguments for the inevitable unprofitability of predatory pricing, the various tests that economists/U.S. courts advocate using/use to determine whether pricing is predatory, and two analyses by economists of the conditions under which QV investment and systems rivalry are predatory and examines the conditions under which production-process research, plant-modernization, and long-term full-requirements contracts are predatory.
Economics and the Law: From Posner to Postmodernism and Beyond - Second Edition
by Nicholas Mercuro Steven G. MedemaThis is an expanded second edition of Nicholas Mercuro and Steven Medema's influential book Economics and the Law, whose publication in 1998 marked the most comprehensive overview of the various schools of thought in the burgeoning field of Law and Economics. Each of these competing yet complementary traditions has both redefined the study of law and exposed the key economic implications of the legal environment. The book remains true to the scope and aims of the first edition, but also takes account of the field's evolution. At the book's core is an expanded discussion of the Chicago school, Public Choice Theory, Institutional Law and Economics, and New Institutional Economics. A new chapter explores the Law and Economics literature on social norms, today an integral part of each of the schools of thought. The chapter on the New Haven and Modern Civic Republican approaches has likewise been expanded. These chapters are complemented by a discussion of the Austrian school of Law and Economics. Each chapter now includes an "At Work" section presenting applications of that particular school of thought. By providing readers with a concise, noncritical description of the broad contours of each school, this book illuminates the fundamental insights of a field with important implications not only for economics and the law, but also for political science, philosophy, public administration, and sociology.
Economics as a Moral Science (Virtues and Economics #1)
by Peter Rona Laszlo ZsolnaiThe book is reclaiming economics as a moral science. It argues that ethics is a relevant and inseparable aspect of all levels of economic activity, from individual and organizational to societal and global. Taking ethical considerations into account is needed in explaining and predicting the behavior of economic agents as well as in evaluating and designing economic policies and mechanisms. The unique feature of the book is that it not only analyzes ethics and economics on an abstract level, but puts behavioral, institutional and systemic issues together for a robust and human view of economic functioning. It sees economic “facts” as interwoven with human intentionality and ethical content, a domain where utility calculations and moral considerations co-determine the behavior of economic agents and the outcomes of their activities. The book employs the personalist approach that sees human persons – endowed with free will and conscience – as the basic agents of economic life and defines human flourishing as the final end of economic activities. The book demonstrates that economics can gain a lot in meaning and also in analytical power by reuniting itself with ethics.
Economics, Capitalism, and Corporations: Contradictions of Corporate Law, Economics, and the Theory of the Firm (The Economics of Legal Relationships)
by Wm. Dennis HuberThis book is a continuation of Corporate Law and the Theory of the Firm: Reconstructing Corporations, Shareholders, Directors, Owners, and Investors. The author extends his analysis of contract law, property law, agency law, trust law, and corporate statutory law and applies that analysis to defy conventional concepts and theories in economics, finance, investment, and accounting and expose the artificial boundaries established by decades of research founded on indefensible assumptions and fallacious conclusions. Using the Humpty Dumpty principle, where words mean what the authors want them to mean, economists have created "strange new worlds" where contract law, property law, agency law, and corporate statutory law no longer apply. The author dismantles the theory of the firm by proving the theory of the firm wilfully and intentionally ignores fundamental contract law, property law, agency law, and corporate statutory law. Contrary to the theory of the firm, shareholders do not own corporations, directors are not agents of shareholders, and shareholders are not investors in corporations. The author proves that by property law and corporate law, capital is not privately owned by capitalists but by corporations. Entire economic and social systems have been constructed that have no basis in law. With the advent of publicly traded corporations, the capital is there, but both capitalists and capitalism have been rendered extinct. This book will appeal to researchers and graduate and upper-level undergraduate students in economics, finance, accounting, law, and sociology, as well as legal scholars, attorneys and accountants.
Economics for Environmental Professionals
by Frank R. SpellmanEnvironmental professionals are often called upon to find solutions to environmental degradation problems or to lead the way in planning to prevent them. Because they come mainly from the environmental and science disciplines, most environmental professionals have limited training in the fundamentals of economics. This book is designed to provide t
Economics for Environmental Studies: A Strategic Guide to Micro- and Macroeconomics (Springer Texts in Business and Economics)
by Alfred Endres Volker RadkeThis textbook provides a concise introduction to micro- and macroeconomics and demonstrates how economic tools and approaches can be used to analyze environmental issues. Written in an accessible style without compromising depth of the analysis, central issues in the public policy debate on environmental problems and environmental policy are discussed and analyzed from an economics perspective. The book is meant as an introductory (and in some parts intermediate) text for undergraduate students in environmental sciences without a background in economics. It also serves as a companion for economists interested in a presentation of the micro and macro foundations of environmental economics, in a nutshell.The second edition has been revised, updated and extended in may ways, for instance by adding a microeconomic section on environmental technical change, a discussion of the significance of technical change for a sustainable development and a considerably extended macroeconomic section on economic growth.
Economics for Environmental Studies: A Strategic Guide to Micro- and Macroeconomics (Springer Texts in Business and Economics)
by Alfred Endres Volker RadkeAn understanding of fundamental economic concepts is essential for students in environmental studies programs around the world. The present textbook addresses their needs, providing a concise introduction to micro- and macroeconomics and demonstrating how these economic tools and approaches can be used to analyze environmental issues. Written in an accessible style without compromising depth of the analysis, central issues in the public policy debate on environmental problems and environmental policy are discussed and analyzed from an economics perspective.The book is meant both as an introductory text for undergraduate students in environmental sciences without a background in economics, and as a companion for economists interested in a presentation of the micro and macro foundations of environmental economics, in a nutshell.
Economics for Environmental Studies: A Strategic Guide to Micro- and Macroeconomics
by Volker Radke Alfred EndresAn understanding of fundamental economic concepts is essential for students in environmental studies programs around the world. The present textbook addresses their needs, providing a concise introduction to micro- and macroeconomics and demonstrating how these economic tools and approaches can be used to analyze environmental issues. Written in an accessible style without compromising depth of the analysis, central issues in the public policy debate on environmental problems and environmental policy are discussed and analyzed from an economics perspective. The book is meant both as an introductory text for undergraduate students in environmental sciences without a background in economics, and as a companion for economists interested in a presentation of the micro and macro foundations of environmental economics, in a nutshell.
Economics for Lawyers
by Richard A. IppolitoWhether dealing with contracts, tort actions, or government regulations, lawyers are more likely to be successful if they are conversant in economics. Economics for Lawyers provides the essential tools to understand the economic basis of law. Through rigorous analysis illustrated with simple graphs and a wide range of legal examples, Richard Ippolito focuses on a few key concepts and shows how they play out in numerous applications. There are everyday problems: What is the social cost of legislation enforcing below-market prices, minimum wages, milk regulation, and noncompetitive pricing? Why are matinee movies cheaper than nighttime showings? And then there are broader questions: What is the patent system's role in the market for intellectual property rights? How does one think about externalities like airport noise? Is the free market, a regulated solution, or tort law the best way to deliver the "efficient amount of harm" in the workplace? What is the best approach to the question of economic compensation due to a person falsely imprisoned? Along the way, readers learn what economists mean when they talk about sorting, signaling, reputational assets, lemons markets, moral hazard, and adverse selection. They will learn a new vocabulary and a whole new way of thinking about the world they live in, and will be more productive in their professions.
Economics, Governance, And Politics In The Wine Market
by Davide Gaeta Paola CorsinoviThe global wine industry is a continually modifying market impacted by financing, culture, and politics. Economics, Governance, and Politics in the Wine Market analyzes recent developments in European Agriculture policies on wine legislation and market trend orientation between political power and market structure.
Economics in Christian Perspective: Theory, Policy and Life Choices
by Victor V. Claar Robin J. KlayUnemployment. Environmental damage. Poverty. Economists Victor Claar and Robin Klay critically engage mainstream economic theory and policy recommendations to provide guidance for faithfully and responsibly addressing these and other important economic issues. Affirming that a just and prosperous society depends for its continued success on maintaining the right balance of power among three principal spheres--democratic governments, market-organized economies, and strong moral and cultural institutions--Claar and Klay demonstrate how Christian principles and values guide and undergird a flourishing and just economy. This text is for use in any course needing a survey of the principles of economics.
Economics in Legal Reasoning (Palgrave Studies in Institutions, Economics and Law)
by Péter Cserne Fabrizio EspositoThis Palgrave Pivot is the first book in the field of Law & Economics looking at the relationship between economics and law in legal reasoning. The book constitutes a reference point for the economic analysis of legal institutions, as legal reasoning remains the dimension of legal systems least explored by economists.Despite their differences, economics and legal reasoning interact in many interesting ways. This book offers a fast track to these interactions. Both supporters and critics of Law & Economics will be exposed to a yet-to-be developed area of interaction between the disciplines.This book will be of interest to economists, legal scholars, and Law and Economics specialists, and can be used as teaching material in courses on Law & Economics and legal reasoning as well.
Economics, Law and Individual Rights (The\economics Of Legal Relationships Ser.)
by Hugo M. Mialon Paul H. RubinThis is the first book to examine individual rights from an economic perspective, collecting together leading articles in this emerging area of interest and showing the vibrant and expanding scholarship that relates them. Areas covered includeThe implications of constitutional protections of individual rights and freedoms, including freedom of spee
The Economics of Auditing: Foundations and Unanswered Questions (Routledge New Works in Accounting History)
by Dan A. SimunicThe financial information provided to governments, creditors, investors etc. by businesses has been verified by auditors since ancient times. In its modern form, the independent public accounting profession has its roots in 19th century Scotland. A distinctive feature of this profession is that it consists of private for-profit businesses – operating as sole practitioners, partnerships, but mostly as large accounting firms. The question naturally arises – why should users of financial information provided by private for-profit firms place trust in the verification of that information by other private for-profit firms? This is the interesting and complex economic issue that underlies research in what has come to be called ‘the economics of auditing’. The author is one of the first researchers in this area. This book traces the development of this important stream of research that applies economic analysis to the study of financial statement audits by professional public accounting firms. It offers a narrative commentary, along with a series of previously unpublished papers that the author presented during the 1970’s, at Accounting Research workshops at the University of Chicago, as part of his dissertation research, that ultimately led to one of the bedrock papers in the field. It provides an explanation and discussion of the economic, regulatory, and research environment at that time. The book concludes with a discussion of important but currently “unanswered questions” in the field that flow from the author’s thesis research but remain unresolved. It will be of significant interest to advanced students and academics who are engaged in developing their own research programs, as well as to any researcher who is working in the area of the ‘economics of auditing’.
The Economics of Bank Bankruptcy Law
by Razvan Vlahu Matej MarinčThis book shows that a special bank bankruptcy regime is desirable for the efficient restructuring and/or liquidation of distressed banks. It explores in detail both the principal features of corporate bankruptcy law and the specific characteristics of banks including the importance of public confidence, negative externalities of bank failures, fragmented regulatory framework, bank opaqueness, and the related asset-substitution problem and liquidity provision. These features distinguish banks from other corporations and are largely neglected in corporate bankruptcy law. The authors, an assistant professor for money and finance and a research economist at the Dutch Central Bank, propose changes in both prudential regulation and reorganization policies that should allow regulators and banking authorities to better mitigate disruptions in the financial system and minimize the social costs of bank failures. Their recommendations are complemented by a discussion of bank failures from the 2007-2009 financial crisis.
The Economics of Brexit: Revisited
by Philip B. Whyman Alina I. PetrescuThe Economics of Brexit – Revisited builds upon and extends the analysis contained within the authors' previous book, The Economics of Brexit: A Cost-Benefit Analysis of the UK's Economic Relationship with the EU, which arguably represented the most comprehensive and systematic evaluation of the UK’s economic relationship with the EU. The Economics of Brexit – Revisited continues where the previous volume left off, given that the UK has now formally withdrawn from the EU, and therefore the focus of the evidence presented concerns the potential economic implications arising from Brexit and considering the options available to those negotiating the UK's future economic relationship both regionally and globally. The Economics of Brexit – Revisited seeks to provide greater clarity to a range of issues that have been hotly debated over the past few years, ranging from the trade and fiscal implications of Brexit, to the economic impact of regulation and migration. The significance of different Brexit options are discussed in detail, including the significance of demands for regulatory harmonisation (the 'level playing field'), along with their implications for UK trade with the EU and the rest of the world. A wide range of economic analyses are evaluated to determine their relative methodological strengths and weaknesses, and ultimately whether their conclusions are sufficiently robust to engender confidence. Finally, noting that a key determinant of the effectiveness of any post-Brexit economic strategy depends upon the degree of flexibility created for economic policy, the book provides an extended examination of the potential relating to different economic policy options available to the UK government, depending upon the form of final trade settlement that is agreed with the EU. These policy options include more active forms of macroeconomic management, combined with industrial and procurement policy. The Economics of Brexit – Revisited therefore seeks to combine evaluation of the available evidence indicating the economic impact of Brexit, together with consideration of policy trade-offs that lie at the heart of the choices surrounding Brexit, and how these might be resolved.The Economics of Brexit – Revisited therefore maintains its position as the most comprehensive analysis of the economics of Brexit in the market today.
The Economics of Central Banking
by Livio StraccaThis book offers a comprehensive analysis of central banks, and aims to demystify them for the general public, which is the only way to have a rational debate about them and ultimately to make them truly accountable. The book originates from the author’s graduate lectures on Central Banking at the University of Frankfurt J.W. Goethe. It contains an overview of all the key questions surrounding central banks and their role in the economy. It leads the reader from the more established concepts (including monetary theory and historical experience), necessary to have a good grasp of modern central banking, to the more open and problematic questions, which are being debated within academic and financial market circles. This structure enables readers without specific knowledge of central banks or monetary economics to understand the current challenges. The book has three defining characteristics, which set it apart from competing titles: first, it is pitched at the general public and uses simple and entertaining language. Second, it is rooted in, and makes frequent reference to, recent academic research, based on content for a graduate level course. Third, the author thinks 'out of the box' in order to describe the possible evolution of central banks (including the prospect of their disappearance), and not only the status quo.
The Economics of Counterfeit Trade
by Peggy E Chaudhry Alan ZimmermanWalk down any main street in Shanghai, Paris or New York and you will see evidence of the counterfeit goods trade. Everyone has seen or heard of fake Prada bags or Omega watches. But how large is the counterfeit market? It appears that the same numbers have been quoted repeatedly in sources ranging from serious academic journals to the BBC to the Sydney Morning Herald. This is the first book to fully examine the size of the counterfeit market. Many authors have proposed actions to combat counterfeiting. Chaudhry and Zimmerman are the first to take a global look at the intellectual property environment using a research-based approach. This book also gives international business managers practical, tested tools they can use to combat piracy. These recommendations are based on the successful experience of managers wrestling with these problems every day. The book is based on solid research but written in an accessible style.
The Economics of Innocent Fraud: Truth for Our Time
by John Kenneth GalbraithThe primary aspect of the "fraud" of the American economy that Galbraith (emeritus, economics, Harvard U.) criticizes is the false pretense of shareholder control over corporations, when in fact all real power has shifted to corporate managers. Contradicting conventional wisdom, or "approved belief" in his words, he denies the distinction between the private and public sectors, describing how the managerial class has unprecedented power in the economy's public sector, including major influence over important policies of war or peace. In the end, the continuing references to an impersonal market are "a not wholly innocent fraud."
The Economics of Intellectual Property and Openness: The Tragedy of Intangible Abundance (Routledge Focus on Economics and Finance)
by Bartłomiej BigaThis book focuses on the economic aspects of intellectual property (IP). It includes considerations of the wider category of intangible assets. However, the primary focus is devoted to patents which the author argues are the most vivid example of the Tragedy of Intangible Abundance (TIA). TIA touches upon a key issue in the contemporary economy. On the one hand, there is an enormous supply of IP, yet, on the other hand, such an abundance does not necessarily solve existing issues but rather creates new ones as well. This book elaborates on the reasons for the emergence of TIA and its consequences. The author uses clear metaphors to explain very complex issues. The book provides a valuable and interdisciplinary analysis of the field and offers practical solutions. It is based on the data collected by the author during the qualitative research he conducted among a group of start-ups. It presents guidance on determining which instrument is the most efficient for a particular situation. It also provides arguments for decision-makers and their advisors as to why a more open approach towards intellectual property would be more beneficial under many circumstances in the contemporary economy. While universal issues are addressed, the author distinguishes the European perspective too. The book is written in a clear and concise style and covers all of the crucial aspects of IP management. It will find an audience among scholars of economics and business.
The Economics of International Trade and the Environment
by Amitrajeet A. Batabyal Hamid BeladiIssues related to environmental protection and trade liberalization have moved to the forefront of international policy agendas. The Economics of International Trade and the Environment explores - from an economic standpoint - many of the questions that are germane in increasing our knowledge of environmental policy in the presence of international
Economics of Outdoor Recreation: Economics Of Outdoor Recreation (RFF Forests, Lands, and Recreation Set)
by Marion Clawson Jack L. KnetschThis book is one of the first to supply the means for evaluating recreational resources in economic terms. Originally published in 1967.
The Economics of Prevailing Wage Laws (Alternative Voices in Contemporary Economics)
by Peter PhilipsPrevailing wage laws affecting the construction industry in the United States exist at the Federal and State levels. These laws require that construction workers employed by contractors on government works be paid at least the wage rates and fringe benefits 'prevailing' for similar work where government contract work is performed. The federal law (Davis-Bacon Act) was passed in 1931. By 1969 four fifth of States had enacted prevailing wage legislation. In the 1970s, facing fiscal crises, States considered repealing their laws in an effort to reduce construction costs, and since 1979 nine States have repealed their laws. These repeals at State level along with unsuccessful attempts to repeal the Davis-Bacon Act have pushed prevailing wages to the forefront of public policy and controversy. This book, for the first time, brings together scholarly research in the economics of prevailing wages placed in historical and institutional context.
The Economics of Race in the United States
by Brendan O'FlahertyBrendan O'Flaherty brings the tools of economic analysis-incentives, equilibrium, optimization, and more-to bear on contentious issues of race in the United States. In areas ranging from quality of health care and education, to employment opportunities and housing, to levels of wealth and crime, he shows how racial differences among blacks, whites, Hispanics, and Asian Americans remain a powerful determinant in the lives of twenty-first-century Americans. More capacious than standard texts, The Economics of Race in the United States discusses important aspects of history and culture and explores race as a social and biological construct to make a compelling argument for why race must play a major role in economic and public policy. People are not color-blind, and so policies cannot be color-blind either.<P><P> Because his book addresses many topics, not just a single area such as labor or housing, surprising threads of connection emerge in the course of O'Flaherty's analysis. For example, eliminating discrimination in the workplace will not equalize earnings as long as educational achievement varies by race-and educational achievement will vary by race as long as housing and marriage markets vary by race. No single engine of racial equality in one area of social and economic life is strong enough to pull the entire train by itself. Progress in one place is often constrained by diminishing marginal returns in another. Good policies can make a difference, and only careful analysis can figure out which policies those are.