Category Archives: Economics

Follow the money

Posted in Bayesian Reasoning, Economics, Law, Politics, Questions Rarely Asked | Leave a comment

The Empirical Economics Debate

In the 1930s and 1940s, academic economists were engaged in the so-called “socialist calculation debate,” a theoretical quarrel that was not fully resolved until the fall of the Berlin Wall in 1989. (Until then, some economists seriously believed that a … Continue reading

Posted in Academia, Economics, History, Questions Rarely Asked | Leave a comment

Simple Rules (United Airlines edition)

We are big fans of Richard Epstein’s book Simple Rules for a Complex World (Harvard University Press, 1995) for many reasons. Consider aviation. In place of this convoluted academic analysis, we would advocate for the following simple rule: carriers may … Continue reading

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How much is Tom Brady’s jersey really worth?

Half a mil or $119.99? That is, should the value of Tom Brady’s stolen Super Bowl LI jersey be its replacement value, i.e. what it would cost his team to buy him a new #12 jersey ($119.99, plus tax, according to the … Continue reading

Posted in Current Affairs, Economics, Law, Probability | Leave a comment

Markets and morality (final post, for now)

Note: This is the last installment of our series of blog posts reviewing Nathan B. Oman’s new book The Dignity of Commerce. Nate Oman concludes his beautiful book on The Dignity of the Commerce by drawing a fundamental distinction between … Continue reading

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Exit, voice, and boilerplate

Note: This is the fifth of six blog posts on Nate Oman’s new book The Dignity of Commerce: Markets and the Moral Foundation of Contract Law. Now that we have surveyed Professor Oman’s chapter on contract remedies (see our 3/21 … Continue reading

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Self-correcting contracts?

Note: This is the fourth of six blog posts in which we review Nate Oman’s new book The Dignity of Commerce: Markets and the Moral Foundation of Contract Law. After tackling the legal doctrine of consideration in Chapter 5 (see … Continue reading

Posted in Economics, Ethics, Law, Literature, Philosophy | 1 Comment